March 31 - Last Minute Reminder for Boards of Directors of Companies, Foundations, Associations

March 31, marks in Poland the deadline for signing the financial statements for the previous financial year. In accordance with Article 52 of the Polish Accounting Act (ustawa o rachunkowości), the Board of Directors (of companies, foundations, associations) is required to prepare and sign the annual financial statements (i.e., within three months from the balance sheet date).

The financial statements must typically include the balance sheet, profit and loss account, supplementary information, and for companies, also the activity report. For larger companies, the cash flow statement is also required. The financial statements should be signed electronically using a qualified electronic signature or trusted signature ("podpis zaufany") by at least one member of the board and the person responsible for maintaining the accounting records, typically the chief accountant or accounting office.

Other members of the board (in multi-member boards) may sign the financial statements in the same manner or submit a declaration (signed electronically or in paper form) that the documents comply with the legal requirements. Refusal to sign is also possible, but it requires justification.

By March 31, it is sufficient to prepare and sign the financial statements. They do not need to be sent anywhere yet. The next step will be the approval of the financial statements (typically by June 30), followed by submission to the National Court Register (Krajowy Rejestr Sądowy – KRS) or to the Head of the National Tax Administration (Szef Krajowej Administracji Skarbowej – KAS), typically by July 15.

In case of any questions do not hesitate to contact us.