Reporting deadlines for 2021 extended
More time for the 2021 financial statements
The Regulation extending the evidentiary and reporting deadlines is the Finance Ministry's response to the requests of accountants and entrepreneurs who, among others, due to the pandemic and the implementation of the Polish Order, need more time to prepare financial statements for 2021, including the consolidated statements.
According to the Regulation, the reporting deadlines in 2022 for individual entities have been extended by:
- 3 months - for private sector entities and NGOs (excluding entities supervised by the Polish Financial Supervision Authority operating in the financial market),
- 1 month - for public finance sector entities,
- 3 months - for personal income tax payers keeping books of account (within the scope of submitting financial statements to the Head of the National Revenue Administration).
Longer reporting deadlines for private entrepreneurs
The deadlines for businesses to fulfil their obligations including preparing, approving, making available and submitting to the relevant register, entity or authority financial statements generally come from the Accounting Act, but those falling in 2022 have been amended by the Finance Minister's Regulation of 7 March 2022.
The table below presents the rules for the postponement of reporting deadlines that have not expired before 31 March 2022 for individual actions undertaken by private sector entities (for which the financial year ends after 29 September 2021 but no later than 30 April 2022):
|
Action |
Deadline under the Accounting Act |
Change of deadline under the Regulation |
|
closure of the accounting books |
no later than 3 months after the events causing the obligation to close |
extended by 3months |
|
preparation of the statement of turnover and balances of the general ledger accounts for the financial year
|
not later than on the 85th day after the balance sheet date |
extended by 90 days |
|
completing an inventory of assets - excluding monetary assets, securities, goods under production and materials, commodities and finished goods
|
by the 15th day of the following financial year |
extended by 3 months |
|
preparation of the annual financial statements
|
no later than within 3 months after the balance sheet date |
extended by 3 months |
|
approval of the annual financial statements
|
no later than within 6 months after the balance sheet date |
extended by 3 months |
|
preparation of the report on activities |
together with the financial statements (no later than within 3 months after the balance sheet date)
|
extended by 3 months |
|
preparation of the report on group activities |
no later than within 3 months of the balance sheet date as per which the parent company prepares its annual financial statements
|
extended by 3 months |
|
preparation of consolidated financial statements |
no later than within 3 months of the balance sheet date as per which the parent company prepares its annual financial statements
|
extended by 3 months |
|
approval of the annual consolidated financial statements |
no later than within 6 months after the balance sheet date as per which the parent company is required to prepare its annual financial statements
|
extended by 3 months |
The extension of the 2022 reporting deadlines is good news for businesses and accountants, especially in view of the additional workload resulting from the pandemic, the implementation of the new tax order and all the activities aimed at providing aid to Ukraine.
