{"id":105691,"date":"2025-11-07T15:14:40","date_gmt":"2025-11-07T14:14:40","guid":{"rendered":"https:\/\/www.fondazionepirelli.org\/?p=105691"},"modified":"2025-11-07T15:14:40","modified_gmt":"2025-11-07T14:14:40","slug":"telling-the-story-of-a-company-through-financial-statements","status":"publish","type":"post","link":"https:\/\/www.fondazionepirelli.org\/en\/corporate-culture\/insights\/telling-the-story-of-a-company-through-financial-statements\/","title":{"rendered":"Telling the story of a company through financial statements"},"content":{"rendered":"

The topic of explanatory notes and their effectiveness<\/em><\/p>

A company’s story is also told through its the financial statements, and not just with numbers. Transparency is therefore important, as is a history of careful commitment to production, with robust accounts and care for those who work in the company being protected. After all, the purpose of the ‘explanatory notes to the financial statements’ is expand upon the traditional financial statements and provide a qualitative overview of the company’s past and future performance. Antonio Accetturo, Audinga Baltrunaite, Gianmarco Cariola, Annalisa Frigo and Marco Gallo (all economists at the Bank of Italy) examined the meaning and effectiveness of these documents in an analysis that led to the publication of a study in the Topics for discussion series. \u2018Il valore delle parole: l’impatto dell’informazione non finanziaria sulla performance delle imprese<\/p>\n

(The value of words: the impact of non-financial information on the performance of companies) is the title of the analysis that aims to investigate the effects of explanatory notes on the valuation and perception of companies within the economic system. And this perception includes corporate reputation.<\/p>\n

In order to reduce administrative burdens, a simplified financial statement for micro-enterprises (micro-financial statements) was introduced in 2016, eliminating the obligation to submit explanatory notes. Accetturo and his colleagues carried out a detailed analysis of the before and after effects of the change and highlighted two outcomes. Firstly, the research points out that the adoption of micro-financial statements has not led to a significant decrease in costs incurred by companies.\u00a0 On the other hand, simplification has had a negative impact on companies’ ability to access external financing and has slowed the process of acquiring company shares by new shareholders, probably due to the reduction in available information. In other words, without explanatory notes, a company’s reputational narrative seems to have lost its effectiveness.\u00a0 It would almost seem that an important part of companies’ production culture has been lost amid excessive numbers and insufficient words.<\/p>

\u00a0<\/strong><\/p>\n

Il valore delle parole: l’impatto dell’informazione non finanziaria sulla performance delle imprese<\/strong><\/a><\/p>\n

Antonio Accetturo, Audinga Baltrunaite, Gianmarco Cariola, Annalisa Frigo and Marco Gallo<\/p>\n

Bank of Italy, Topics for Discussion, No 1498, October 2025<\/p>\n","protected":false},"excerpt":{"rendered":"

The topic of explanatory notes and their effectivenessA company’s story is also told through its the financial statements, and not just with numbers. Transparency is therefore important, as is a history of careful commitment to production, with robust accounts and care for those who work in the company being protected. After all, the purpose of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56,57],"tags":[],"class_list":["post-105691","post","type-post","status-publish","format-standard","hentry","category-corporate-culture","category-insights"],"acf":[],"yoast_head":"\nTelling the story of a company through financial statements - Fondazione Pirelli<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fondazionepirelli.org\/en\/corporate-culture\/insights\/telling-the-story-of-a-company-through-financial-statements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telling the story of a company through financial statements - Fondazione Pirelli\" \/>\n<meta property=\"og:description\" content=\"The topic of explanatory notes and their effectivenessA company’s story is also told through its the financial statements, and not just with numbers. 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