Financial Statements

Comprehensive Support for Your Business

Preparing financial statements is a statutory obligation for all companies that maintain accounting books. This applies to both standalone financial statements for individual entities and consolidated financial statements for groups of companies, which must be approved and submitted within prescribed deadlines after the end of the fiscal year.

Financial Statements for Companies and Corporate Groups

At MDDP Outsourcing, we specialize in the comprehensive preparation of financial statements for companies across various industries. The diversity and scope of our clients — ranging from small and medium-sized enterprises to large corporations — cover virtually all sectors, thanks to our extensive business operations and nearly two decades of experience.

Our clients include LLCs, joint-stock companies, limited partnerships, general partnerships, and professional partnerships. Our team of qualified accountants, including experts certified as statutory auditors, provides professional financial reporting services. These services not only comply with the legal requirements of the Accounting Act (UoR) or IFRS but also deliver critical information to support effective management and strategic planning, paving the way for future business growth.

Financial Reporting Services – Scope of Offerings

MDDP Outsourcing’s service portfolio for preparing financial statements includes the following specialized solutions. They can be provided not only at the end of the financial year but also on any other date specified by the client – depending on a company’s business needs (e.g. for a bank, a leasing provider, an insurer, etc.) – and at shorter intervals.

Preparation of Financial Statements in Compliance with UoR or IFRS

We prepare financial statements in accordance with the Accounting Act or International Financial Reporting Standards (IFRS), tailored to the specific needs of each company. If you already use our accounting services, we will complete year-end closings based on the available documentation. For self-managed accounting, our experts will require key information such as:

• trial balances (including those with related parties, if applicable),
• financial statements for the previous year,
• tax calculations, including deferred tax, if applicable,
• fixed asset changes,
• other disclosures required under UoR or IFRS.

Consolidation of Financial Statements

Complex corporate structures often require preparing consolidated financial statements, which serve as a key tool for shareholders and management boards to analyze the financial standing of a capital group. Our team provides end-to-end support in preparing consolidated reports – from consolidating financial statements under the Polish Accounting Act or IAS/IFRS (including for publicly listed companies), through consolidated management reports for capital groups or overseeing monthly closings within a group, to implementing dedicated systems that automate the consolidation process for capital groups. Drawing on our extensive experience and modern technological solutions, we streamline reporting processes and adapt them to your company’s unique requirements, regardless of its industry, scale, or complexity.
For more information, see our dedicated section >> Consolidation of Financial Statements <<.

Group Management Reporting

Management reporting for a capital group requires precise, consistent data—which can be challenging when financial data is processed manually, especially if your internal accounting teams are overloaded with day-to-day tasks. At MDDP Outsourcing, we prepare management reports tailored to the specific needs of your group, supporting decision-making processes at every management level. We develop standardized reporting templates that convert financial data and relevant metrics into valuable information for management, reflecting the group’s preferred logical reporting structure. Our services include preparing reports at any interval – even in very short cycles – regardless of how or where your accounting is maintained. With our assistance, management boards can make informed decisions based on accurate analyses and reliable financial data delivered on time by our specialists.
Check out our Management Reporting to the Group services to see how we can enhance analytical processes in your enterprise >> Management Reporting <<.

Electronic Financial Statements

Preparing financial statements in electronic format (commonly known as e-financial statements) is mandatory (under the Polish Accounting Act) for companies registered with the National Court Register (KRS) that do not prepare their statements under IFRS, as well as for individual taxpayers subject to income tax who keep accounting books and are required to prepare financial statements. E-financial statements must comply with the guidelines issued by the Ministry of Finance regarding file preparation – specifically in XML format.
At MDDP Outsourcing, we offer comprehensive support in preparing electronic financial statements – from converting existing statements (in DOC, PDF, XML, or paper format) to XML files, through services that enable generating statements in PDF format (XML e-financial statement viewer), to robust software solutions for creating XML-format financial statements. Our services help you save time, prevent technical issues, and include both individual and consolidated financial statements for capital groups as well as insurance companies. Take advantage of our experts in Warsaw or Katowice to prepare your e-financial statements >> Electronic Financial Statements <<.

iXBRL Statements in Compliance with ESEF

Since 2021, issuers of securities on regulated EU markets must prepare their annual consolidated financial statements in the European Single Electronic Format (ESEF). The iXBRL format, based on XBRL technology, ensures compliance with legal requirements as well as transparency and comparability of financial data.
In partnership with EQS Group, MDDP Outsourcing offers support in preparing reports in iXBRL format – without the need to invest in expensive software or time-consuming training and implementation. Our services include full conversion of capital group reports to XHTML format, tagging them in accordance with IFRS taxonomy, and securely submitting the finalized files to the Polish Financial Supervision Authority (KNF) system. Rely on our experts’ experience and ensure your financial statements meet ESEF requirements – learn how we can support your business >> iXBRL Statements in Compliance with ESEF <<.

Why Choose MDDP Outsourcing for Financial Reporting?

By entrusting the preparation of your financial statements to the MDDP Outsourcing teams in Warsaw or Katowice, you benefit from having your documentation compiled by professionals who prepare hundreds of statements each year. This experience translates into both extensive, practical know-how and the ability to present relevant data in a manner consistent with legal requirements and industry best practices.
In addition to preparing reports, we also handle audits of the financial statements we produce and can provide financial statements in Polish-English versions.
We always strive to tailor the elements and format of your financial statement to your specific needs, ensuring reliable data and helping you file the documents with the National Court Register (KRS).

MDDP Outsourcing’s financial statements offer:

• professionalism and experience that guarantee the highest standards and service quality,
• a personalized approach that ensures our services are adapted to each company’s unique profile and needs,
• timeliness and reliability of financial data, providing peace of mind and the ability to focus on business development.

Let’s discuss how our financial reporting services can support your business. We serve companies throughout Poland from our offices in Warsaw and Katowice >> Contact us today to explore tailored solutions for your company <<.

FAQ About Financial Statements

1. Who is obliged to prepare a financial statement? Any company keeping accounting books (capital companies, partnerships, foreign entities operating in Poland) must prepare annual financial statements. The deadline depends on the end of the financial year, typically up to three months after its close.
2. Can I outsource the preparation of a financial statement if I have my own in-house accounting? Absolutely. Even if you handle your accounting internally, you can—and sometimes should—delegate the preparation of your financial statement to an external team. This practical solution gives you access to specialists whose expertise guarantees total compliance with current regulations, accurate financial information, and punctual delivery. External experts can also identify potential inconsistencies and assist in resolving them, significantly increasing the company’s financial security. In some cases, internal accounting staff may be so overwhelmed by daily tasks or face staffing shortages during critical periods that outsourcing the preparation of the financial statement is the most effective and cost-efficient solution.
3. Do I have to prepare a financial statement only at the end of the year? No, it does not have to be prepared solely at year-end. Although the requirement to prepare, sign, and file a financial statement derives directly from legal provisions, companies can also prepare interim—quarterly or semi-annual—statements. These documents are particularly useful for making major business decisions, applying for financing, or reporting to shareholders. They also enable ongoing monitoring of a company’s financial position based on “hard” data. A financial statement is also required, for instance, in the event of a business liquidation. Typically, however, if a company’s financial year coincides with the calendar year, the financial statement must be prepared by March 31 and approved within six months from the balance sheet date.
4. Am I required to prepare my statement in accordance with IAS/IFRS? It depends on the type and size of your business, as well as any requirements imposed by investors, lenders, or international regulations. MDDP Outsourcing can provide support to any company in preparing financial statements aligned with the relevant accounting standards—whether they are governed by the Polish Accounting Act or IAS/IFRS.
5. What are the penalties for filing a financial statement after the deadline? Late submission can result in penalties, including:
   1. • Criminal liability under the Accounting Act, punishable by fines, up to two years of imprisonment, or both.
      • Fiscal penalties under tax regulations.
      • Fines from enforcement proceedings by the National Court Register (KRS), which may amount to PLN 15,000 per instance and up to PLN 1,000,000 in total.
      • Administrative dissolution of the company.

   For more details see our experts’ blog post >> “Sending a Financial Statement After the Deadline: Consequences and Procedures” <<.

6. Who must prepare e-financial statements (in electronic form)? XML-format e-financial statements are mandatory for companies registered with the National Court Register (KRS) that do not prepare statements under IFRS, as well as for both corporate and individual income taxpayers who keep accounting books. We offer comprehensive support for preparing these statements.
7. How does the process of consolidating financial statements work for capital groups? Consolidation involves combining the financial data of all companies in the group into a single, aggregated report. Our team ensures data standardization and compliance with the Polish Accounting Act or IAS/IFRS.
8. How are financial statements prepared for LLCs? Preparing a financial statement for an sp. z o.o. requires meeting the requirements of the Polish Accounting Act and maintaining transparent settlements for shareholders and tax authorities. Our knowledge and expertise in local regulations guarantee full compliance, timeliness, and reliable financial data.
9. How should foreign entities operating in Poland prepare their financial statements?
   Foreign companies must often align their financial statements with international standards (IAS/IFRS) while also adhering to Polish regulations. With advanced IT tools and a solid grasp of both global and local requirements, we can produce professionally structured reports tailored to the needs of management, shareholders, and international stakeholders—even under tight deadlines.
10. I already have a financial statement—can you convert it to XML format? Yes, we can help convert your financial statement to the XML format required by the National Court Register (KRS). We offer comprehensive support in aligning documentation with the applicable technical standards, ensuring your file meets all formal requirements and is filed correctly.
11. How can I avoid pitfalls when preparing a financial statement in 2025? To reduce the risk of errors and stress related to year-end reporting, you should keep up with the latest legal changes. That’s why we regularly publish expert articles on our blog, including a series of articles devoted to financial reporting. There, you’ll find not only an overview of the newest regulations but also practical tips to help you understand the reporting process. However, if you want absolute peace of mind, time savings, and confidence that your report will be prepared professionally and in accordance with current standards and best practices, we invite you to make use of our services. Our experts handle the entire financial reporting process, ensuring the accuracy and reliability of your data as well as on-time delivery – all while you remain focused on developing your business.

If you need professional support in preparing financial statements, we encourage you to get in touch. Our team will be happy to answer any questions and present a tailor-made offer suited to your company’s needs.
Trust our nearly two decades of experience – ask for a proposal for MDDP Outsourcing’s financial reporting services.