Technical data sheet

Article 2 of Legislative Decree 118/2011 established the adoption of an integrated accounting system whereby the legislator requires Authorities to attach to the financial statements the Balance Sheet and Income Statement, drawn up in full compliance with the general principle of accrual accounting.

Financial and asset accounting, as indicated in accounting standard 4.3, complements financial accounting to record costs/charges and revenues/income arising from transactions carried out by Authorities in order to:

  • prepare the Income Statement to represent the “economic benefits” acquired and used during the fiscal year;
  • allow the preparation of the Balance Sheet to record, in particular, changes in assets;
  • enable the preparation of the consolidated financial statements of each public administration with its instrumental bodies, companies and subsidiaries;
  • prepare the internal information base necessary for the analytical determination of costs, and the external one to allow various stakeholders to obtain further information.

To support Authorities in this requirement, we have developed a system called BabylonWeb Financial and Asset Accounting which, regardless of the accounting software used by the Authority, makes it possible to produce the documents necessary to comply with legal obligations in the area of Financial and Asset Accounting.

Service Preparation of financial and asset accounting

We provide support services for the production of Financial and Asset Accounting in accordance with Annex 4.3 of Legislative Decree 118/2011.

The support activity provided includes several processing phases:

  1. Preliminary contact with the client to verify the closing schedule of financial accounting in order to plan the start of the service;
  2. Generation of financial and asset accounting entries for the fiscal year or for each financial plan;
  3. Verification of the documentation received from the Authority and possible requests for additions where necessary;
  4. Processing of year-end adjustment entries with evidence on an Excel sheet;
  5. Preparation of the reconciliation statement of residuals with related receivables and payables and production of a table showing changes in net assets from one year to another;
  6. Delivery of the Income Statement and Balance Sheet;
  7. Assistance with any changes and/or clarifications during the approval phase;
  8. Delivery of the Cost by Mission statement (Annex H to the Financial Report);
  9. Delivery of the Explanatory Notes containing the results of management, the evaluation criteria used, and the main activities carried out;
  10. Integration of financial and asset accounting data into the XBRL files of financial accounting for proper transmission to BDAP.

Throughout the entire processing, we implement progressive BDAP consistency and accuracy checks, developed on the basis of the experience gained from the numerous financial statements prepared from 2014 to today.
At the end of the service, we offer the possibility of direct support to illustrate and explain the operations that led to the achieved results.

Service Preparation of simplified financial statement

The Ministerial Decree of October 12, 2021 made the application of Financial and Asset Accounting optional for Authorities with a population of less than 5,000 inhabitants, requiring the preparation of a Simplified Financial Statement to be attached to the Report.
The assistance service we offer is developed in 2 stages:

  • 1. Data collection and verification
    Our specialists, once accounting is closed and inventory updated, will autonomously collect the necessary documentation (last approved Balance Sheet, Budget Statement, List of receivables and payables by 5th level) and/or in collaboration with the Authority (FCDE, summary statements related to cash availability, loans and shareholdings), verifying their completeness and, if necessary, requesting some additions.
  • 2. Preparation of the Balance Sheet
    Using appropriate utilities integrated in the BabylonWeb – Financial and Asset Accounting system, they will proceed to evaluate and submit, after preparing year-end adjustment entries, the active and passive balance sheet schedules provided in Annex 10 of Legislative Decree 118/2011.
    The service covers both mandatory and optional items. At the end, integration of the XBRL file to be submitted to BDAP is provided.

Gies, where the Authority deems it useful, can provide the necessary support for the reclassification, valuation, and complete revision of the inventory (in accordance with the criteria set out in accounting standard Annex 4/3 to Legislative Decree 118/2011).

Software BabylonWeb Economica Patrimoniale

Logo BabylonWeb economico patrimoniale

The Tool BabylonWeb Economica Patrimoniale is a module of the BabylonWeb Suite designed to interface with the main financial accounting programs used by Entities or to easily and intuitively acquire accounting transactions.
The module allows the development of ordinary entries linked to the transition matrix issued by Arconet and the management of all extraordinary entries necessary to fulfill the compliance requirements.

Along with the license, we provide the Entity with:

  • training and support, assisting step by step in the preparation of the Contabilità Economico Patrimoniale;
  • assistance and maintenance of the platform for the entire duration of the service and until full compliance with legal obligations regarding Contabilità Economico Patrimoniale.

Among the functionalities:

  • Performs automatic data checks and notifies of any imbalances.
  • Facilitates, with guided procedures, the drafting of the balance sheet, the income statement, the “Costs by mission” schedule, applying BDAP control criteria for consistency and accuracy.
  • Enables the automatic drafting of the Explanatory Notes and the completion of XBRL files for submission to BDAP.

When integrated with the BabylonWeb Inventario Beni module, it inherits all operations carried out during the update of the assets, ensuring verification of inventory register values against those reported in the balance sheet.
When combined with the BabylonWeb Bilancio Consolidato module, it becomes an integral part of the consolidated financial statement process by providing the scheme and data of the Parent Company.
For further analytical accounting processes, the program allows easy export to spreadsheets.