Crime Against Humanity: the Holy GAAP, 11

Then for good measure the Banca d’Italia in its capacity as the control authority makes the same point in its turn:
“Official Journal of the Italian Republic, Part One, No 12, Saturday 14 January 2006, Ordinary Supplement to the Official Journal No 11 of 14 January 2006, General Series. Banca d’Italia, Provision 22 December 2005, Instructions for the drafting of the financial statement of companies and of the consolidated financial statement of banks and of parent finance companies of banking groups. – The bank balance sheet: patterns and compilation rules. Circular No 262 of 22 December 2005” As I said, as usual the various initial “Having regard to…” are a good starting point to investigate under which laws who does what: the Community legislator, the Italian legislator, the Italian central bank.
“Chapter 1. General Principles
1. Subjects to these provisions
These instructions shall apply to the banks registered in the register referred to in Art. 13 of the legislative decree of 1 September 1993, No 385 – setting out the Consolidated Law on banking and credit, hereinafter referred to as “T.U.B.” (T.U.B. is the Italian acronym for Testo Unico Bancario, banking consolidated law, author’s note) – and the financial entities referred to in Art. 1, paragraph 1, letter c), of the legislative decree of 27 January 1992, No 87 (hereinafter referred to as “decree 87/92”) (These are the finance parent companies of banking groups registered in the register referred to in the Art. 64 of the Consolidated Law.)
In particular: the Italian banks referred to in Art. 1 of T.U.B. as well as the finance parent companies of banking groups registered in the register referred to in the Art. 64 of the T.U.B. shall draw up for each financial year the financial statement and, where the conditions apply pursuant to the “decree 87/92”, the consolidated financial statement in accordance with the international accounting standards referred to in Art. 1 of legislative decree of 28 February 2005, No 38 (hereinafter “international accounting standards” and “IAS decree”) […] and according to the provisions contained in this dossier; […]”