Financial report - basic information


Pursuant to the Accounting Act, the financial statements are prepared on the day of closing the books of accounts. They consist of documents such as: balance sheet, profit and loss account and additional information including the introduction to the financial statements as well as additional information and explanations.

Who prepares the financial statements?

The obligation to prepare annual financial statements applies to companies that are subject to the provisions of the Accounting Act, i.e. those that keep full accounting books (does not apply to sole proprietorships, civil partnerships, general partnerships and partnerships of natural persons keeping simplified tax accounting in the KPiR).

The manager of the unit is responsible for the preparation of the annual financial statements of the entity. However, it must also be approved, which is already the responsibility of the approving body (founding body or, in the case of sole proprietorships and enterprises of natural persons - the owner). If, pursuant to the Accounting Act, the report should be audited (art. 64) by a statutory auditor, it should be audited before it is submitted for approval.

When to prepare the financial report?

The financial statements should be prepared not later than within 3 months from the balance sheet date (i.e. usually counting from December 31st). In turn, the authorities have another 3 months to approve the report (i.e. 6 months from December 31). From the moment the report is approved, the head of the unit is obliged to:

1. submit them to the tax office:

  • within 10 days (applies to limited liability companies and joint-stock companies),
  • along with the annual tax return - by April 30 at the latest (applies to partnerships with full books),

2. submit them to the registry court along with additional documents:

  • within 15 days (regardless of the type of company).

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Financial report submitted after the statutory deadline

If the financial statements are not submitted within the time limit specified in the Income Tax Act, the entity commits a tax offense. It should then submit them as soon as possible together with a declaration of a fiscal offense. The active regret procedure (Article 16 of the Fiscal and Penal Code) may allow an individual to avoid being punished for a prohibited act committed by not submitting a declaration on time.

Failure to submit the report to the National Court Register is punishable by a fine or the penalty of restriction of liberty, which results directly from the Accounting Act - Art. 79 points 4. In addition, as provided for in the Act on the National Court Register, if it is found that the application for entry in the Register or the documents whose submission is mandatory, have not been submitted despite the expiry of the deadline, the registry court calls upon those obliged to submit them, appointing an additional 7- one day period, under pain of applying the fine provided for in the provisions of the Code of Civil Procedure on the enforcement of non-pecuniary benefits. If the manager complies with his duties from the moment the court summons the report, he may avoid punishment. However, in the event of failure to perform the obligations within the time limit specified by the act, the registry court imposes a fine (Article 24).

If the report is not approved by the approving body by 15 July, it should be submitted to the registry court despite not being approved. However, once approval has taken place, it must be resubmitted within 15 days from the approval date.

Financial report - important dates in 2017

Activity related to the financial statements



March 31


before approval (no later than 15 days before the shareholders' meeting)


June 30

submission to the tax office (US)

  • 10 days from the date of approval

(applies to limited liability companies and joint-stock companies)

  • along with the annual tax return - by 30 April at the latest

(applies to partnerships with full ledgers)

submission to the registry court (KRS)

15 days from the date of approval

* for entities whose balance sheet year coincides with the calendar year