Riserve targate

Much debate took place in the last decades in respect of voluntary shareholders’ equity contributions, especially to companies in financial distress. Much of the discussions focuses to accounting problems and this paper discusses a recent practice, according to which such contributions are accounted for in a specific capital fund, called “labeled reserve”. Such labeled reserves are linked in some respect to a particular shareholder. In spite of a judgment of the Supreme Court upholding this practice, many questions are still open. This paper aims at answering all such questions, criticizing the traditional accounting of equity and patronizing a more flexible approach, open to a more realistic equilibrium of the interests of he stakeholders.