The financial statements of a Polish company contain basic information about the company’s operations in a given financial year. These data are included in financial terms. The day on which the financial statements are prepared is called the balance sheet date. In most cases, the company’s financial year coincides with the calendar year. In such case, the balance sheet date is December 31st.
Contents
hide
Financial statement of a Polish company – basic information
The financial statements of a Polish company contain basic information about the company’s operations in a given financial year. These data are included in financial terms. The day on which the financial statements are prepared is called the balance sheet date. In most cases, the company’s financial year coincides with the calendar year. In this case, the balance sheet date is December 31st.
Which entities are required to prepare the financial statements?
The obligation to prepare financial statements may apply to both a Polish capital company (e.g. a Polish limited liability company), a Polish partnership (e.g. a Polish general partnership), as well as a natural person running a sole proprietorship in Poland entered into the Central Register and Information on Economic Activity. This obligation applies to:
- companies that must keep accounting books in accordance with the Accounting Act, for example due to the amount of revenues or legal status,
- companies that voluntarily selected books of accounts kept in accordance with the Accounting Act.
Who is responsible for the preparation of the financial statements of a Polish company?
The entity’s managers are responsible for the preparation of the financial statements in accordance with the accounting regulations, i.e.:
- members of the management board of capital companies,
- partners managing the partnership’s affairs in a general partnership, civil partnership, partnership,
- general partners managing the partnership’s affairs in a limited partnership and limited joint-stock partnership,
- liquidators, trustees or administrators in bankruptcy proceedings,
- members of management bodies of other units (to whom the provisions of the Accounting Act apply).
Content of the financial statements of a Polish company
The financial statements are prepared in Polish and in the Polish currency (PLN). The components of the financial statements are as follows:
- balance sheet – shows the stocks of assets and liabilities as of the day ending the current and previous financial year,
- profit and loss account – shows separately revenues, costs, profits and losses and obligatory charges on the financial result for the current and previous financial year,
- additional information – it contains, inter alia, a description of the adopted accounting principles (policy), including the adopted valuation methods and changes compared to the previous year.
The following are attached to the financial statements:
- approval resolution,
- activity report (if required),
- resolution on profit distribution or loss coverage,
- statutory auditor’s opinion / report (if required).
Companies registered in the National Court Register have three months to prepare their financial statements from the balance sheet date. If the financial year coincides with the calendar year, the deadline for drawing up the report is 31 March.
In the next step, the report is approved by appropriate bodies in the company, e.g. general meeting of shareholders, all partners.
Annual financial statements should be approved not later than within six months from the balance sheet date, i.e. by June 30, if the financial year coincides with the calendar year.
Where should the financial statements of a Polish company be submitted?
Financial report of a Polish limited liability company must be submitted to the National Court Register within fifteen days from the approval of the annual financial statements, and to the Head of the National Revenue Administration (KAS) within 10 days from the approval of the annual financial statements.
Contact us
If you need help in opening and running a business in Poland – click here to contact our team.
Click to rate this post!
[Total: 2 Average: 5]
About the author
