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The compulsory time limits during the preparation of Financial Statements

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Date27 Feb 2014
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Companies included in the entry within The National Court Register (NCR), shall provide their Financial Statements to the appropriate register. The information should be automatically forwarded for publication in the Court and Economic Monitor. The financial year of most companies coincides with the calendar year, this is why they should prepare their Financial Statements to the 31 March, 2014. Now, thanks to electronic data in the NCR, reports filed will be available online. The cost will incurred by the company in connection with the submission of the documents to the NCR, is now 290 zł. The timetable for the preparation of the Financial Statements (Activity/Time/Legal Basis):

  1. Compilation of transactions and balances of the accounts in the general ledger – Not later than the 26th March, 2014 (Article 24, Paragraph 5 Item 2 of the Accounting Act)
  2. Compiling the balances of all accounts of the subsidiary ledgers, day to the closing of the account books, not later than three months after the end of the financial year, i.e. until 31 March, 2014 (Article 18, Paragraph 2 of the Act on Accounting)
  3. Completion of the trading books, for day of the end of the financial year, not later than 31 March, 2014 (Article 12, Paragraph 2 Point 1 of the Act on Accounting)
  4. Final completion of the trading books, no later than within 15 days from the approval of the Annual Financial Statements (i.e. until 15 July at the latest – with the proviso that the balance sheet date on 31 December falls) (Article 12, Paragraph 4 Accounting Act)
  5. Preparation of Financial Statements, not later than within three months from the balance sheet date, being up to 31 March, 2014 (Article 45, Section 1 of the Accounting Act and Article 52, Section 1 of the Act on Accounting)
  6. Approval of Financial Statements, not later than within 6 months from the balance sheet date (Article 53, Section 1 of the Act on Accounting)
  7. Submission of the Financial Statements at the registry court, not later than within 15 days of the date of approval. Failure to approve the Financial Statements, not later than within 1o days after the expiration of 6 months from the balance sheet date (Article 69 of the Accounting Act)

*A company continuing operations, which for the fiscal year, has adopted the calendar year, should close the accounts no later than March 31. Final closure should be no later than 15 days from approval of the Financial Statements (i.e. no later than 15 July – assuming that the balance sheet date is 31 December)