The development of an accounting policy
The development of an accounting policy is a statutory obligation for all entities which maintain books of account. Failure to do so may result in a fine, imprisonment of up to two years or both penalties at the same time.
An accounting policy describes the financial rules of a company. It is made in writing and adopted by the management board.
A well-developed accounting policy contains the elements specified in the Act and also takes into account the specifics of the organization's activities. The document should be updated if any of the rules described in it change.
Accounting policy includes the following information:
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