Merry Christmas!

Dear Sirs,

Wishing you seasons greetings and a Prosperous New Year!

 

Szanowni Państwo,

Z okazji zbliżających się Świąt   Bożego Narodzenia  pragniemy złożyć życzenia Spokojnych Świąt i udanego Nowego Roku!

A SZYFTER_Once-upon-a-time -Acrylic-on-canvas

Zespół PKGT Audyt

Title of paint: “Once upon a time”, acrylic on canvas, duet, 2x80x150cm, 2014, Agnieszka Szyfter, http://www.szyfter.pl

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Make business and grow (in Poland). From the accounting point of view

In Poland the accounting principles and audit requirements are set out in the Law on Accounting.

The above regulations do not differ considerably from International Financial Reporting Standards (IFRS) and in the situations not regulated by the Law these standards can be applied. Moreover, entities as well as subsidiaries of entities quoted on a recognised EU stock exchange can prepare their financial statements in accordance with IFRS.

Statutory financial statements consist of: a balance sheet, profit and loss account, additional information, comprising of an introduction to the financial statements and additional information and explanations. Entities subject to obligatory audit are also required to prepare a statement of changes in equity (own funds) and cash flow statements.

The financial statements for the year must be accompanied by a management report on activity.

The accounting records, the financial statements and the management report must be prepared in Polish and in the Polish currency.

The financial statements should be prepared within 3 months from the balance sheet date and signed by all the members of the Management Board and the person in charge of maintaining the accounting records. The financial statements must be approved by an authorised body (usually the Annual General Meeting of Shareholders) not later than 6 months from the balance sheet date.

Within 15 days from the approval of the annual financial statements, the Management Board is obliged to present the documents for court registration purposes, together with an auditor’s opinion (if the requirement of an obligatory audit is applicable), a copy of the shareholders’ resolution approving the financial statements and resolving on allocation of profits/ loss coverage, and the management report on activity.

The approved annual financial statements must be kept in the archives permanently, whereas the accounting records, inventory documentation and other source documents must be stored for 5 years.

Audit Requirements

Annual financial statements of banks, insurance agencies, investment and pension funds and joint stock companies are subject to an obligatory audit and must be published.

The audit requirement also applies to the financial statements of other entities where in the year preceding the reporting year to which the financial statements relate, two of the following three conditions are met:

a) mid year employment level of 50 or more,

b) balance sheet totals of assets and liabilities as at the year-end were at least EUR 2,5 million,

c) turnover net of VAT (revenues from sales of goods and products and financial operations) exceeding EUR 5 million.