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A balance sheet date

The financial report shall be prepared as at the day of closing the books, which means in particular:

  • at last day of each financial year,
  • at the last day of the entity's operations,
  • at the date which precedes a change in legal status or the date of demerger, merger, division of entities.

     

Financial reporting and annual statements in Poland | MDDP Outsourcin | Publications
Elements of financial statements

Financial statements includes:

  • balance sheet,
  • profit and loss account,
  • notes to the financial statements.

 


Financial statements which are subject to annual audits also include:

  • cash flow statement,
  • statement of changes in equity.


Audit of financial statements

Examination of the financial statements by the auditor is mandatory for:

  • joint stock companies,
  • other entities which in the prior financial year for which the financial statement was prepared, met at least two of the following contitions:
    • the average annual number of employees, by fulltime equivalents, reached or exceeded a level of 50 persons;
    •  total assets as at the end of the financial year  reached or exceeded the Polish currency equivalent of EUR 2,500,000;
    •  net sales of products and goods for resale, plus income on financial transactions for the financial year reached or exceeded the Polish currency equivalent of EUR 5,000,000.

Other

Annual financial statements shall be prepared within three months since the balance sheet date. In the case of some entities an annual report shall be prepared together with the annual financial statements. Financial statements and an annual report shall be  prepared in the Polish language and the Polish currency.

Financial statements of consolidated entities
 

Elements of consolidated financial statement

The obligation to prepare consolidated financial statements relates to parent holding companies. Consolidated financial statements include the following:

  • a consolidated balance sheet,
  • a consolidated profit and loss account,
  • a consolidated cash flow statement,
  • a statement of changes in consolidated equity,
  • notes to the consolidated financial statements.

An annual reoport of the capital group shall be enclosed to the annual consolidated financial statements of the group.

Exemption from preparing consolidated financial statement

The Act provides the possibility to exempt an entity from preparation of consolidated financial statements. In particular, note the following condition relating to the level of employment, the balance sheet and income. A parent company is not obliged to prepare consolidated financial statements, if as at the balance sheet date of the financial year and as at the balance sheet date of prior financial year, the total data of the parent company and all of its subsidiaries at every level (before consolidation eliminations) meet at least two of the following criteria:

  • average annual number of employees, by fulltime equivalents, did not exceed 250 persons;
  • total assets did not exceed the Polish currency equivalent of EUR 7,500,000;
  • total net sales of products and goods for resale,  plus income on financial transactions did not exceed the Polish currency equivalent of EUR 15,000,000.


Deadlines of preparing financial statements and institutions to which financial statements shall be filed with
 

The most importantant deadlines are listed below.

  • preparing financial statement – 3 months since the balance sheet date,
  • approving financial statement – 6 months since the balance sheet date,
  • approving financial statement of foreign enterpreneur branch – date of approving financial statement of a parent company,
  • filing financial statement with the National Court Register – 15 days since the date of approving financial statement,
  • filing financial statement with the Tax Office – 10 days since the date of approving financial statement,
  • publishing financial statement – 15 days since approving financial statement.


Other reporting obligations

Except for preparing financial statements, polish law obliges selected units to additional reporting obligations, in particular preparing statistical reports to the National Bank of Poland and the Central Statistical Office.

Reports are filed with the National Bank of Poland and the Central Statistical Office via Internet.

Information (concluded in the Polish and English languages) on statistics to the National Bank of Poland http://nbp.pl/home.aspx?f=/statystyka/sprawozdawczosc/bilans_platn/spr_bil_platn.html

Information on the reporting to the Central Statistical Office www.stat.gov.pl

Source:  http://www.paiz.gov.pl/polish_law/bookkeeping_rules

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