Financial Statement Preparation
Just like our ‘Financial Statements on a monthly basis’ the annual forecasts evaluate data over a 12-month time period. The data contained within annual forecasts is less detailed than that of monthly forecasts. Cash flow forecasts are often examined over annual periods. You may forecast annually when creating a business plan, or simply to create long-term goals for an existing business. You can also compare your monthly, quarterly and annual forecasts to check for discrepancies and to promote accuracy.
The end of the year is the time for stocktaking and closing of the account books, consequently, allow getsix® to get your business well prepared for it. If you are in the middle of closing the financial year, please, familiarise yourself with the following schedule to check if you have already performed all your legal duties.
The schedule prepared below which getsix® shows you the amount of tasks required when closing your financial year. Why not outsource your accounting and financial statements to getsix®?
This list shows you a step-by-step list of operations and due dates related to the proceedings of closing of the financial year as indicated in the Accounting Act.
| Task | Due Date | Type of Operation (and its legal basis) for 2017/2018 |
|---|---|---|
| 1. | 4th quarter of 2018 | Choosing an authority entitled to audit the financial statements for 2017 (Art. 66, Par. 4 & 5 of the Accounting Act). |
| 2. | From 1 October 2017 due to 15 January 2018 | Choosing an authority entitled to audit the financial statements for 2017 (Art. 66, Par. 4 & 5 of the Accounting Act). |
| 3. | As of the balance sheet date, i.e. 31 December 2017 | Stocktaking of assets and liabilities (Art. 26 Par. 1 of the Accounting Act), including, e.g., cash and cash equivalents, work in progress, materials, goods and finished products specified in Art. 17, Par. 2, P. 4 of the Accounting Act, as much as stocktaking by the revision of assets and liabilities. |
| 4. | As of the stocktaking date | Balances of assets under stocktaking. In order to compare the actual data collected in the process of stocktaking with the account figures (Art. 18, Par. 2 of the Accounting Act). |
| 5. | Before the closing of the account books for 2017, no later than until 26 March 2018 | Comparison of the results of the stocktaking with the figures specified in the account books, explanation, settlement and inclusion in the account books for 2017 of discrepancies resulting from the stocktaking (under Art. 27 in accordance with Art. 24, Par. 5, P. 2 of the Accounting Act). |
| 6. | No later than until the 85th day after the balance sheet date, i.e., until 26 March 2016 | General ledger trial balance for 2017 (Art. 24 Par. 5, P. 2 of the Accounting Act). |
| 7. | No later than within 3 months from the day ending the financial year, i.e. until 31 March 2018 | Balance of all subsidiary ledger accounts, as of 31 December 2017 (Art. 18, Par. 2 of the Accounting Act). |
| 8. | As of the day ending the financial year, no later than within 3 months from the day ending that year, i.e. until 31 March 2018 | Closing of the account books for 2017 (Art. 12, Par. 2, P. 1 of the Accounting Act). State resulting from the closed account books for 2017 constituting a basis for the preparation of the annual financial statements for 2017. |
| 9. | No later than within 3 months from the balance sheet date, i.e. until 31 March 2018 | Preparation of the annual financial statements for 2017 (Art. 45, Par. 1 & Art. 52, Par. 1 of the Accounting Act). |
| 10. | After the preparation of the annual financial statements for 2017, no later than until 31 March 2018 | Signing of the annual financial statements for 2017 (Art. 52, Par. 2 of the Accounting Act). The financial statements should be signed by the individual in charge of keeping the account books and by the manager of the undertaking, and if the undertaking is under the direction of a governing body composed of more than one member, by all members of the body, specifying the date of the signature. |
| 11. | No later than within 3 months from the balance sheet date, i.e. until 31 March 2018 | The preparation of a management report is mandatory for limited liability companies, joint-stock companies, limited joint-stock partnerships, mutual insurance companies, mutual reinsurance companies, co-operatives and State-owned companies. |
| 12. | No later than within 6 months from the balance sheet date, i.e. until 30 June 2018 | Audit of the annual financial statements for 2017 (Art. 64, Par. 1 in relation to Art. 53, Par. 1 & Art. 68 of the Accounting Act). Some undertakings, e.g., limited liability companies, joint-stock companies and Co-operatives are obliged to make the opinion and report issued by a statutory auditor available to their shareholders or members. The audit must be completed no later than 15 days before their general meeting. In the case of other undertakings the audit must be completed before the due date of the approval of the financial statements for 2017. |
| 13. | No later than 15 days before the general meeting of shareholders or meeting of co-operative members, i.e. until 15 June 2018 | Making the annual financial statements for 2017 available. (Art. 68 of the Accounting Act). Some undertakings, including limited liability companies, joint-stock companies and co-operatives, are obliged to make the financial statements for 2017 and management reports with the opinion and report issued by a statutory auditor (if they were subject to the audit obligation) available to their shareholders or members. Furthermore, joint-stock companies should make the report of the supervisory board, audit commission or administrative body available to the shareholders. |
| 14. | Within 6 months from the balance sheet date, i.e. no later than until 30 June 2018 | The approval of the annual financial statements for 2017 by the approving authority (Art. 53, Par. 1 of the Accounting Act). |
| 15. | After the approval of the financial statements for 2017 | The net financial result for 2017 (Art. 53, Par. 3 & 4 of the Accounting Act). |
| 16. | Within 10 days from the day of the approval of the financial statements for 2017 | Submission of the annual financial statements for 2017 at the local tax office by corporate income tax payers (Art. 27, Par. 2 of the Corporate Income Tax Act – J. L. of 2016, item 851, as amended). |
| 17. | Within 15 days from the day of the approval of the financial statements, no later than until 15 July 2018 | Final closing of the account books for 2017 (Art. 12, Par. 4 & 5 of the Accounting Act). It is understood as an irreversible exclusion of the possibility to make entries in the data files comprising the closed account books. |
| 18. | Within 15 days from the day of the approval of the financial statements for 2017, no later than until 15 July 2018 | If the financial statements for 2017 are not approved until 30 June 2018, they must be submitted at the National Court Register twice: those lacking approval until 15 July 2018, those approved: within 15 days after their approval. |
| 19. | Within 15 days from the day of the approval of the financial statements for 2017, no later than until 15 July 2018 | Submission of the financial statements for 2017 and other documents for publication (if the financial statements were subject to a mandatory audit): a) By co-operatives – in Monitor Spółdzielczy [Co-operative Gazette], b) By undertakings (including individuals), who do not submit financial statements at the National Court Register – in Monitor Sądowy I Gospodarczy [Court and Commercial Gazette] (Art. 70 of the Accounting Act). |
Closing of the financial year is also connected to a number of obligatory tax liabilities, not to be ignored by an entrepreneur or business.
| Task | Due Date | Type of Operation (and its legal basis) for 2017/2018 |
|---|---|---|
| 1. | Until 29 February 2018 | Company which in 2015 was employing its employees on the basis of an employment contract, specific task contract or contract of mandate, must submit at the local tax office a PIT-4R form with the settlement of personal income tax advances paid during that year. |
| 2. | Until 29 February 2018 | Company which in 2015 paid remuneration up to the amount of PLN 200 monthly or paid contributions to the benefit of its former workers (pensioners), submits at the local tax office information (PIT-8AR form) on the amounts of flat-rate income tax transferred during that year. |
| 3. | Until 29 February 2018 | Submission of PIT-11, PIT-8C, PIT-R, IFT-1R/IFT-1R and PIT-40 returns at the local tax office. |
| 4. | Until 31 March 2018 | Submission of CIT-8 return with attached CIT-8/O and CIT D forms at the local tax office. |
getsix® accounting specialists have the expertise and knowledge to take over your accounting and financial report requirements, and close your financial year. We will help you prepare yourself thoroughly, thus you are taking advantage of the team of specialists who draw up annual financial statements in accordance with the agreed accounting standards and co-operate with the statutory auditor reviewing your account books.
