The changes introduced to the Accounting Act have a direct impact on the way in which companies should prepare their financial statements for 2024. Below we present the most important modifications.
Changes have been made to the following definitions:
Therefore, the structure of the profit and loss account has changed in the calculation and comparative variant. When preparing the financial statements for 2024, a new financial statement schema in the xml format (schema 1.3) applies.
It is necessary to introduce a presentation change to the Profit and Loss Account for 2024 regarding revenues and costs related to the sale of materials. Comparative data for 2023 also require transformation in this respect. Particular attention should be paid here to the provisions of KSR 7 "Changes in accounting principles (policy), estimates, correction of errors, events occurring after the balance sheet date - recognition and presentation"
The legislator introduced new definitions of economic entities into the Accounting Act:
The status of the entity determines the scope of the financial statements prepared and the right to apply simplifications in valuation.
Fulfilment of the following criteria (see table) for the purposes of preparing the FS for 2024 is determined based on the company's data for 2024 and 2023. It should be noted that the amount of revenue for the assessment of the revenue criterion is currently determined on the basis of revenue from the sale of products and goods, excluding revenue from the sale of materials and revenue from financial activities.
When preparing the financial statements for 2024, simplifications may only be applied by companies meeting the new definition of a micro entity and a small entity.
The application of simplification in the scope of valuation requires the introduction by the entity's manager of an appropriate entry in the accounting policy. This requirement concerns the application of simplification in the scope of:
The application of simplifications in the scope of financial reporting requires the adoption of a resolution by the body approving the financial statements. Transitional provisions provide that for the purposes of financial reporting for 2024, it is not necessary to adopt a resolution on the application of simplifications by the body approving the financial statements again. It is worth noting, however, that if the company wants to use simplifications in reporting in 2025, it will be necessary to adopt a resolution again by the body approving the financial statements.
The report on the activities of a small entity and a medium-sized entity that are issuers of securities admitted to trading on one of the EEA regulated markets and of a large entity for 2024 should contain additional information:
Other changes introduced in the financial reporting regulations include:
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