Microenterprises will benefit from accounting simplifications!

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Further accounting simplifications are in the pipeline - the planned changes are to benefit each microenterprise that is settled under the so-called full accounting. According to the announcements, the upcoming changes are to bring savings for approx. 34 thousand. micro companies.

What changes in accounting are waiting for a microenterprise?

The modifications to be introduced by the amendment to the Accounting Act are to be changes that are definitely for the better. As announced by the Government Information Center, they will improve the conditions for running a business and reduce barriers to the development of entrepreneurship.

The planned simplifications in the field of micro-enterprise reporting result from Directive 2013/34 / EU of the European Parliament and of the Council and are to cover:

  • the ability to prepare a significantly abbreviated financial statement,

  • simplification of the balance sheet, which is to consist of only a few items of assets and liabilities,

  • simplification of the profit and loss account,

  • no obligation to prepare additional information and a report on operations,

  • no obligation to prepare a cash flow statement and a statement of changes in equity (even when the financial statements will be subject to mandatory audit by a certified auditor),

  • no obligation to use fair value and the adjusted purchase price when measuring assets and liabilities.

Microenterprise - who is it?

Micro entities within the meaning of the aforementioned EU Directive are to benefit from the announced changes, i.e. joint-stock companies, limited liability companies, limited joint-stock partnerships (and partnerships created by them), which in the financial year for which they prepare the financial statements and in the year preceding this financial year, did not exceed two of the three criteria:

  • balance sheet total of PLN 1.5 million,

  • net revenues from the sale of goods and products in the amount of PLN 3 million,

  • average employment in the financial year - 10 people.

Moreover, it is planned to expand the catalog of micro-enterprises, e.g. on:

  • physical people,

  • civil partnerships of natural persons,

  • general partnerships of natural persons,

  • partner companies,

if their net revenues from the sale of goods, products and financial operations amounted to the Polish currency equivalent of not less than EUR 1.2 million and not more than EUR 2 million for the previous financial year.

When can you count on changes?

These modifications are to enter into force 14 days from the date of announcement. As announced, for the first time the new rules will be applied to financial statements for the financial year ending after the effective date of the act.