memo accounts repealed 7 years ago are still relevant in Italy

Corporate economic and financial communication intended for the outside world appears to be an increasingly central topic in the judiciary's rulings of merit, i.e. the courts of appeal, and legitimacy, i.e. the Court of Cassation. In this article, we will analyse legislation by the Supreme Court and Manhattan in September 2022 that declares the existence of false corporate communications, i.e. penal invalidity of financial statements, due to the omission and curiosity of memo accounts, i.e. those memo accounts that some legislations still provide for to be entered in the balance sheet but outside the assets, liabilities and equity. Memo accounts are simply memory accounts, but their essential function is to provide information to those outside the company to understand the overall situation of the company. Although they do not affect the company's assets or income, the Supreme Court has held that the omission of these accounts constitutes a cause of an offence and has therefore declared the financial reporting at issue to be penally false.