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Extension of Deadlines Resultant from Accounting Act

Extension of Deadlines Resultant from Accounting Act

The introduction of the state of the epidemic in Poland coincided with the moment when the majority of entities keeping accounts in accordance with the provisions of, among others, the Accounting Act should draw up, approve, make available, and submit to the register financial statements and other documents required by law.

Therefore, the Minister of Finance – in execution of the delegation resulting from Article 15zzh of the Act of March 2, 2020 on special solutions related to the prevention, counteracting and combating of COVID-19, other infectious diseases and crisis situations caused by them (Dz.U. 2020, item 374) – issued the Regulation of 31 March 2020 on Setting Other Deadlines for Fulfilling the Obligations in the Field of Recording and on Preparing, Approving, Making Available and Transmitting Reports or Information to the Relevant Register, Unit or Body.

In accordance with that Regulation, the following time-limits were extended by 3 months:

  1. a three-month deadline counted from the date of the event justifying the closing of the accounts (article 12 par. 2 of the Accounting Act of September 29, 1994 in connection with § 3 point 1 of Regulation of The Minister of Finance of 31 March 2020);
  2. The terms concerning:
    1. declarations on non-financial information – an entity may not draw up such a declaration if, together with the report on operations, it prepares a separate report in this subject and publishes it on its website within 6 months from the balance sheet date (article 49b par. 9 of the Accounting Act of September 29, 1994),
    2. preparation of the annual financial statement – the head of the entity ensures preparation of the annual financial statement no later than within 3 months from the balance sheet date (article 52 par. 1 of the Accounting Act of September 29, 1994),
    3. approval of the annual financial statement – it is subject to approval by the approval body, no later than 6 months from the balance sheet date (article 53 par. 1 of the Accounting Act of September 29, 1994),
    4. consolidated report – in the scope of non-financial information, the parent undertaking may prepare a report of the capital group on non-financial information and place it on its website within 6 months from the balance sheet date (article 55 par. 2c of the Accounting Act of September 29, 1994),
    5. the parent undertaking – it prepares consolidated financial statements, no later than within 3 months of the balance sheet date, on which it prepares the annual financial statements; the annual consolidated financial statement is subject to approval by the approval body of the parent undertaking, not later than within 6 months from the balance sheet date (article 63 par. 2c of the Accounting Act of September 29, 1994),
    6. preparation of a report on the operations and a report on the operations of the capital group (article 49 par. 1 and article 55 par. 2 of the Accounting Act of September 29, 1994),
    7. payment report and consolidated payment report (article 63f par. 1 and article 63g par. 1 of the Accounting Act of September 29, 1994).
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Barbara Śmiałkowska
Trainee Advocate