Rome, November 21, 2017 - 23.52
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General statement of State accounts

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The results of the financial year's management are summarised and described in the general statement of State accounts. Before the month of June, Minister of Economics and Finance introduces the Draft Bill of the general statement of accounts (accompanied by a preliminary note) for the period ending on the previous 31 December.

The general statement of State accounts consists of two sections:

a) the balance-sheet account

b) the general assets account.

The balance-sheet account presents the results of revenue- and expenditure management according to the same structure as that used for the forecast budget. It is constructed, for the purposes of assessment of public-sector policies, on the basis of a cross-classification according to duties/objectives and of basic forecast units, subdivided into chapters. This breakdown makes it possible to carry out an economic and financial assessment of the revenue and expenditure results in relationship to established objectives, to efficacy and efficiency indicators and to the goals of the principal expenditure laws. This delineation of the final data identifies the administrative and economic significance of the results recorded, with particular attention to the costs sustained and to the results achieved for each service, program and project regarding the targets and the Government's program guidelines. The balance-sheet account, following the same classification as that used in the forecast budget, therefore includes:

- the year's revenue, ascertained, collected or to be collected;

- the year's expenditures, committed, paid or to be paid;

- the management of asset and liability residuals from previous periods;

- the amounts paid into the Treasury and those paid out for each chapter of the balance sheet, divided into an assets and liabilities account and a residuals account;

- the total account of residual assets and liabilities passed on to the subsequent period.

Subject to the division of State assets into State property and other assets, in order to identify the assets available for economic use, a special classification has been introduced into the general assets account. In addition, in order to enable the economic management of assets, those referred to in Article 822 of the Civil Code, subject to legal restrictions, are assessed on the basis of economic criteria and included in the general statement of State accounts.

An accounting document containing the positive and negative components and the management profitability indices is annexed to the general assets account for the purposes of economic analysis of State asset management. In particular, in order to connect the economic result emerging from analytic cost-accounting with that of the financial management of expenditures as found in the general statement of State accounts, the additional and adjusting entries resulting from the various management accounting procedures must be identified.

The general assets account therefore includes:

- the financial and property assets and liabilities, including both the variations resulting from budget management and those arising for any other reason;

- exposition of the various points of concordance between the budget accounting and the assets accounting.


The general assets account must be accompanied by the profit and loss accounts of the central Treasury and of the banking institution providing the provincial treasury service, the accounts of the portfolio accountant and of the special treasurer for notes and coins in debit of the State, accompanied by annexes showing the general cash movement and the Treasury situation, including the Treasury debit and credit positions.

Supervision of application of the laws and provisions regarding the holding and economic use of State assets is carried out by the State General Accounting Department which, to this end, also avails itself of the data that the administrations concerned are obliged to submit. At the end of the financial year, each Minister compiles the balance-sheet account and the assets account regarding his or her administration. These accounts are submitted to the State General Accounting Department before the 30th of April following the end of the financial year. On the basis of the data received and of its own records, the State General Accounting Department draws up summary statements of the balance-sheet account concerning the variations made to the budget during the period, any variations made to residuals by means of special laws and the general results of budget management for the financial period to which the general statement refers. No later than 31 May, the Minister of Economics and Finance, through the State General Accounting Department, submits to the State Auditor's Department the general statement of accounts for the expired budgetary year. The latter, once it has certified the general statement, returns it to the Minister of the Minister of Economics and Finance for subsequent presentation to Parliament.