The bill is to adapt the existing regulations on financial reporting and auditing to current technological developments. The new solutions are to, inter alia, standardise the format of the issuers' financial statements, which will facilitate the analysis of the statements and increase their usefulness. Moreover, the draft provides for the option to have financial statements signed by a single member of a multi-member body under certain conditions.
The adopted amendments to the draft are in line with the "Regulation 2019/815" of the European Union, which is aimed at unifying the electronic reporting format in order to facilitate the availability and comparability of financial statements for issuers. Therefore, the amendment to the provisions in this regard will ensure the possibility of using modern IT tools so that entities can more easily meet their obligations to keep accounts and prepare financial statements, while also facilitating their verification.
The proposed amendments to the Act on Statutory Auditors are however expected to improve communication between the Polish Agency for Audit Oversight and audit firms.
The refusal to make a declaration is equivalent to a refusal to sign the financial statements and requires reasons to be given in writing. A statement that the financial statements meet the requirements of the Act and a refusal to make such a statement shall be attached to the financial statements.
The approved annual financial statements, the refusal to sign and the declaration or refusal to declare, if any, shall be archived for a period of at least 5 years starting from the beginning of the year following the financial year in which the financial statements were approved.
The draft bill has now been approved by the Council of Ministers.
The solutions presented above, which are a part of the amendments to the Accounting Act, are to come into force within 14 days of their announcement in the Journal of Laws.
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