Financial statements in electronic version

Amendment dated 26 January 2018 of Act on the National Court Register significantly modified the Accounting Act and the Law on Certified Auditors concerning the form of financial statements and the auditor report, as well as the manner of signing it.

AMENDMENTS OF THE POLISH ACCOUNTING ACT

Below mentioned paragraphs 1f - 1h were added among others to the article 45 of the Accounting Act. They entered into force as at 1 October 2018:

“1f. The financial statements are prepared in electronic form and signed with a qualified electronic signature or a signature confirmed by the ePUAP (electronical platform of public  administration services) trusted profile.

1g. Financial statements of the entities entered into the register of entrepreneurs of the National Court Register are prepared within a logical framework and a format available on the Public Information Bulletin on the website of the Office supporting the minister competent for public finances.

1h. Financial statements prepared in line with International Accounting Standards (IAS) are to be drawn up within the logical framework and format available on the Public Information Bulletin on the website of the Office supporting the minister competent for public finances”.

According to the information available on the website of the Ministry of Finance, logical frameworks and format of the financial statements prepared under IAS will not be presently published in the Public Information Bulletin of the Ministry of Finance, therefore financial statements according to IAS will be prepared in electronic form and drawn up in formats and logical framework chosen by the entities or in unstructured form

Analogical modifications to those mentioned above apply to the consolidated financial statements, but the amendment does not assume that the consolidated financial statements are to be prepared according to the IAS within a defined structure and format.

Consequently, obligation to draw up the financial statements within the structure and the format defined by the Ministry of Finance applies to annual financial statements and annual consolidated financial statements of entities entered into the register of entrepreneurs of the National Court Register, prepared under the Accounting Act.  

Modifications as regards preparation and signing concern as well the management board’s report for entities entered into the register of entrepreneurs of the National Court Register. The management board’s report of the entity as well as the management board’s report of the capital group is to be prepared in electronic form and signed with a qualified electronic signature or a signature confirmed by the trusted ePUAP profile – electronical platform of public administration services (entrusted signature).

Given the fact that these changes in the Polish Accounting Act are not accompanied by any transitional provisions, new regulations are to be applied to the financial statements prepared on or after 1 October 2018, even if the balance date preceded this date, i.e 30 September 2018.

SIGNING THE FINANCIAL STATEMENTS

To date, financial statements are to be signed by a person entrusted with keeping the Bank’s books of account and the entity’s manager (all the Members of the Management Board). A form of signature was changed. Financial statements in electronic form is signed with:

- a qualified electronic signature, which is payable or

- a free ePUAP trusted profile signature.

Similarly, the management board’s report of the entity as well as the management board’s report of the capital group is to be signed with a qualified electronic signature or a trusted signature by all the members of the Management Board.

You can buy a qualified signature from any provider recommended by the Ministry of Justice.  The list of providers is available on the website of the National Certification Centre (Narodowe Centrum Certyfikacji). In case the members of the Management Board are foreigners, a qualified electronic signature issued by the foreign certification centre can be used for signing the financial statements. 

SUBMISSION OF THE FINANCIAL STATEMENT AND THE MANAGEMENT BOARD’S REPORT TO THE NATIONAL COURT REGISTER AND THE TAX OFFICE

Entities entered into the Register of Entrepreneurs of the National Court Register send annual financial statements to the National Court Register (to the repository of financial documents), within 15 days from the date of the approval, by the mean of a teleinformation system of the Ministry of Justice.  Should the financial statements not be approved within the statutory period, i.e. within 6 months from the balance date, according to the art. 69-2 of the Accounting Act, they will be submitted to the National Court Register twice: (i) within the statutory period i.e. 15 days, then (ii) within 15 days from the approval. Documents mentioned at the article 69 of the Accounting Act: (i) audit report, (ii) copy of resolution or of other decision on approval of the annual financial statements and of distribution of profit or covering of loss, issued by the approving authority and (iii) the management board’s report, should be sent together with the financial statements to the National Court Register.

The above-mentioned documents are submitted free of charge, by application by the means of the website of the Ministry of Justice, by a person authorised to sign the application. The last amendment of the law on the National Court Register resulting from the Act on the National Register of Debtors of 6 December 2018 introduced changes regarding applications. According to the amended article 19e-2 of the law on the National Court Register “application form is to be accompanied by the qualified electronic signature or the trusted signature of at least one natural person whose the PESEL number is revealed on the Register. This person is entered into the Register as (i) a person entitled to represent the entity individually or together with other persons, (ii) a proxy (iii), a bankruptcy receiver, (iv) a manager in the restructuring proceedings or (v) a liquidator”.  

As from the 1 April 2019, applications can be also submitted by an advocate, a legal counsel or a foreign lawyer, who meet the conditions defined in the article 19e-3a of the law on the National Court Register.  

Entities entered into the register of entrepreneurs of the National Court Register do not need to submit neither their financial statements nor the audit report to the Tax Office.  According to the article 20-1g of the law on the National Court Register, after publishing the financial statements and the audit report in the repository of the financial documents, they will be sent to the Central Register of Tax Data kept by the head of the National Tax Administration.  Please note that the resolution approving the financial statements is not transmitted by this mean, therefore companies being CIT payers are required to submit this resolution additionally to the Tax Office within 10 days from the date of approval of the annual financial statements. 

AMENDMENTS OF THE POLISH ACT ON STATUTORY AUDITORS

Amendment of the law on the National Court Register introduced in the act on statutory auditors the obligation to prepare the audit report in electronic form, accompanied with the qualified electronic signature of the auditor. This rule applies from the 1 October 2018 and is applicable to the audit reports of the entities that should be entered into the register of entrepreneurs of the National Court Register.  The audit report, prepared and signed as described above is to be sent by the entity to the repository of financial documents, with other required documents. 

 

Autor: Anna Krzyżewska

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