E-Statements: A Guide to Electronic Reporting of Financial Statements

29.11.2024

Starting from 1 October 2018, all entities obligated to keep accounting books must draw up their financial statements solely in electronic form. Electronic financial statements, also known as e-statements, are not only a legal obligation but also a modern tool that streamlines the whole process of financial reporting. In this article, we will discuss the rules of preparation of e-statements and the most important aspects connected with their submission.

What are e-Statements?

The e-statement is a form of an electronic financial report prepared by various entities, such as companies, organizations and public institutions. The purpose of the e-statement is to present the current financial status, financial performance and other crucial information required by law.

Every entity that keeps accounting books is obligated to draw up a financial statement. The electronic form of the statement facilitates the process of its submission, reduces the costs of printing and storage of documents, and provides a quick access to information for the interested parties such as investors, supervisory bodies and public authorities.

Who is obligated to prepare the e-Statement?

The obligation to draw up a financial statement in electronic form applies to:

Commercial companies,
Foundations and associations,
Other entities that keep accounting books.

All those entities must adjust their statements to relevant structural requirements, which allows certain institutions to process data automatically.

What is The form of e-Statement?

The financial statement must be prepared as an electronic document in one of the relevant logical structures:

Entities that apply the provisions of the Polish Accounting Act (PAA) draw up the statement as an XML (Extensible Markup Language) file according to the structure published by the Ministry of Finance in the Public Information Bulletin;
Entities that apply the International Accounting Standards (IAS) or the International Financial Reporting Standards (IFRS), which are issuers, will draw up the financial statement in ESEF (European Single Electronic Format);
Other entities that apply the IAS/IFRS and that are not issuers must prepare the statement in electronic form, but the decision on the format and the logical structure is up to them.

PLEASE NOTE! At the beginning of November 2024, new logical structures (version 1.3) were published on www.gov.pl which are applicable to financial statements prepared for financial years starting on 1 January 2024 and later. As a result, the current schemes must be used in order to draw up financial statements for the financial year started on 1 January 2024.

Simplifications from MDDP Outsourcing

The MDDP Outsourcing IT team has created advanced software intended to convert financial statements to the XML format. Thanks to this tool, the entire process is more intuitive and effective. What is more, we offer the service of comprehensive statement conversion, which may be of particular help to companies that want to avoid errors and make certain that their documents meet all the requirements.

You will find more information about our offer here: Software for electronic financial statements – MDDP Outsourcing

What are Key deadlines and rules concerning e-Statements?

Deadline to sign the e-statement: the financial statement must be signed within three months from the balance sheet date.
E-statement signature: the document must be signed with a qualified electronic signature or a certified signature by the person who was entrusted with the management of accounting books as well as all members of the management board. The first person to affix the signature is the person responsible for accounting books, then the statement is signed by the management board.
Place of submission: the electronic financial statement is filed in the Polish National Court Register (KRS) through the e-KRS system that allows for online submission of documents. In the case of entities that are not recorded in the National Court Register, the statement must be filed to the Head of the Polish National Tax Administration (KAS).
Submission deadline: documents must be filed within 15 days from the approval of the statement by the approving body e.g., the general meeting.
Formal requirements: E-statements must include all the required components specified in the Polish Accounting Act or the IAS/IFRS.

What are Key Advantages of electronic reporting?

Electronic reporting of financial statements has many advantages, including:

shorter document handling time: the automation of the process allows for faster processing and data analysis;
cost reduction: lower expenses because there is no need to print and store physical copies of the documents;
better transparency and availability: investors, regulatory authorities and other interested parties have an easier access to financial data.

Thanks to the introduction of e-statements, the entire process has become more effective, modernized, supporting the financial transparency and reducing the administrative burden imposed on companies.

author: Piotr Czarnecki, Junior Reporting Specialist, MDDP Outsourcing Warsaw

We invite you to read the remaining articles in the ‘Financial Report 2025’ series:

Do you need professional support in financial statements and reporting?
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E-Statements: Preparation and Submission Rules Electronic Financial Statements in Poland Electronic Reporting for Financial Transparency How to File E-Statements in Poland Polish Accounting Act E-Statement Requirements

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