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Taxes 2014 – Accounting Act changes – implementing EU Directive 2013/34/UE

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Accounting Act draft amendments are currently in the Polish Parliament. Amendments to the Accounting Act, are to implement into Polish law regulations contained in 2013/34/UE EU Directive of 26 June 2013 on the annual financial statements. The amendments will introduce several changes for micro companies.

 

“The simplifications include the possibility of preparing much abbreviated financial statements (only the basic information on the balance sheet and profit and loss statement), the exemption from preparing additional information and Activity Report, provided that some of the information previously included within additional information scope, these elements of the financial statements will be by the micro companies disclosed in the balance sheet “- we read in the explanatory of the amendments.

The amendments of the Accounting Act will be possible to be applied by the micro companies.

The micro company, according to a EU definition are: joint-stock company, limited liability company and joint-stock partnership (also created by partnerships) which at the balance day do not exceed at least two of the three limits specified by the following: 1) balance sheet total – 1.5 million PLN, 2) Net revenues from sales of goods and products – 3 million PLN, 3) average number of employees during the year – 10.

 

Poland also extended the EU’s catalog of micro companies, including associations, trade unions, employers’ organizations and foundations – provided they do not engage in economic activity. From the simplifications will also benefit in some cases individuals, partnerships of individuals and partnerships.

 

The amendment will apply for the first time to financial statements prepared for the fiscal year, for which the end of the financial year falls after the date the amendment to be effective.

The draft of the amendments was sent to the Parliament on March 20th 2014.

Draft can be find here http://legislacja.rcl.gov.pl/dokument/193898 (PL)