Accounting in Poland

Overview by

Accounting System

Accounting Standards
The Polish Accounting Standards Committee was set up in 2003 to implement the accounting law as standards.
Accounting Regulation Bodies
Accountants Association in Poland
National Chamber of Statutory Auditors
Accounting Law
The main source of accounting law in Poland is the accounting Act of 29 September 1994. The main amendment to this Act is that of 9 November 2000.
The rules defining the auditing profession are to be found in the Act on Auditors and their Self-Governing Body, dated 13 October 1994. For further information about accounting rules in Poland, you can consult the report of the World Bank.
Difference Between National and International Standards (IAS/IFRS)
At the present time, nearly one third of the field defined by IAS standards is not covered by Polish standards (Polish GAARP).
Accounting News
Central Europe EIN News

Accounting Practices

Tax Year
The tax year begins on 1 January and finishes on 31 December of the same year.
Accounting Reports
Companies are bound to draw up a balance sheet, a profit and loss account and notes. The accounts must be published in Polish, the unit of currency being the Zloty. Companies subject to audit must also prepare a statement of cash flows and a statement of changes in equity. Limited liability companies and companies listed on the Stock Exchange must also prepare a management report. reports must be filled annually.  Companies listed on the Warsaw Stock Exchange must prepare financial reports observing the constraints of form defined in the decree of the Council of Ministers of 22 December 1998.
Publication Requirements
Listed companies must prepare quarterly accounts (in a simplified form) and six-monthly accounts as well as consolidated accounts.
The accounts must be sent to the Registration Court or to the Committee for Stock Exchange Operations ( Komisja Gielda Papierów WartoÅ›ciowych) for listed companies. Audited companies must also send their accounts to the commercial gazette (Monitor Polski B).
In addition, the European Directive of 19 July 2002 obliges all European companies listed on the Stock Exchange to draw up their annual consolidated accounts according to IAS standards from the 2005 tax year on.

Accountancy Profession

Consult ACCA ( Association of Chartered Certified Accountants) and the National board of certified accountants.
Professional Accountancy Bodies
KIBR, The National Chamber of Statutory Auditors
AAP, The association of accountants in Poland
Member of the International Federation of Accountants (IFAC)
The National Chamber of Statutory Auditors and the Accountants Association in Poland (AAP) are members.
Member of Other Federation of Accountants
Member of the Federation of European Accountants.
Audit Bodies
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact the National Chamber of Auditors (KIBR).

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    U.S. Department Of Commerce, Poland