At the same time, Act allows for preparation of stand alone statements according to IFRS:
In other cases it is impossible to prepare financial statements under IFRS for companies falling under Accounting Act in Poland. Possibility of using IFRS according to art. 10 of Accounting Act is limited only to matters not regulated in Accounting Act or National Accounting Standards.
It is also worth to mention one aspect that is often forgotten – all financial statements prepared under IFRS must be audited. This is regulated by Accounting Act, art. 64.
There is one more, often ignored aspect, especially for foreign entities starting their activities in Poland, which would like to use own accounting systems with accounting policies based on IFRS. It is obligation to adjust system to Accounting Act requirements and to evidence transactions in accounting system according to tax rules.