August 2009

Thursday, August 20, 2009

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components of the financial statements

financial statements prepared the date of closing of accounts and other balance sheet date, using the appropriate rules for the valuation of assets and liabilities and determining the financial result.

financial statements consist of (Article 45 paragraph. 2 of the Act):

balance (the balance of outstanding amounts of assets and liabilities at the date of ending the current and previous financial year. In the case of prepare the balance sheet date to another day, in the balance of outstanding amounts of assets and liabilities at that date and ending on the day fiscal year immediately preceding the reporting date),
profit and loss account (in the profit and loss account shown separately to income, expenses, gains and losses and mandatory charges financial results for the current and previous financial year. In the case of preparing the profit and loss account for the different reporting period, the profit and loss account shown separately revenues, expenses, gains and losses and mandatory charges financial results for the current reporting period and the corresponding reporting period of the previous financial year),
additional information, including an introduction to the financial statements and additional information and clarifications. Additional information should include relevant information and explanations to ensure that the financial statements corresponding to the conditions set out in Article. 4. 1 of the Act (the units are obliged to follow accepted principles (policy), accounting, accurately and fairly presenting the financial position and financial
and profit or loss).

Financial statements of entities referred to in Article. 64 of the Act, which by law are subject to annual examination by an expert auditor (eg banks, insurance companies, entities operating under the regulations on securities transactions and regulations on investment funds, joint-stock companies, except those who are at the balance sheet in the organization), shall also include:

Summary changes in equity (includes information on changes in individual components of equity for the current and previous financial year, for example, changes in capital, reserves, etc.)
Cash Flow cash (so-called .'s cash-flow, include all inflows and outflows from operating, investing and financing units, with the exception of the receipts and expenditures resulting from the purchase and sale of cash).

In the case of investment funds - statement of changes in net assets. The financial statements of an open investment fund does not cover the cash flow statement.

For companies , companies limited by shares , societies ubezpieczeń wzajemnych , spółdzielni , przedsiębiorstw państwowych , kierownik jednostki sporządza, wraz z rocznym sprawozdaniem finansowym, sprawozdanie z działalności jednostki (art. 49).

Sprawozdanie z działalności jednostki powinno obejmować istotne informacje o stanie majątkowym i sytuacji finansowej, w tym ocenę uzyskiwanych efektów oraz wskazanie czynników ryzyka i opis zagrożeń, a w szczególności informacje o:

zdarzeniach istotnie wpływających na działalność jednostki, jakie nastąpiły in the fiscal year and thereafter, until the financial statements,
anticipated development of the individual,
major achievements in research and development,
- current and expected financial position,
- acquisition of shares (shares) own
- held by the departments (institutions),
- financial instruments in terms of risk and risk management measures.

report on the activities of the unit should also include - if it is relevant for the assessment of individuals - and non-financial indicators, including information on environmental issues and jobs, as well as additional explanations of amounts reported in the financial statements.

Unit, which includes preparing independent agencies of the financial statements, drawn aggregate accounts, being the sum financial statements and all its branches (plants), making the exemptions set out in the Act - the assets and segregated funds, mutual debts and liabilities, and other similar settlements, income and expenses from operations conducted between the entity and its subsidiaries (plants) or between its branches (plants), the financial result of business transactions carried out within the unit, included in the assets of the entity or its affiliates (companies) - (Article 51 of the Act).

financial statements and a report on the activities of the unit shall be in Polish and Polish currency.

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Subjective and objective scope of the Accounting Act

Scope

Act defines the accounting rules and

mode audit by the auditors.

Personal Scope

Under the provision of Art. 2, para. 1 of the accounting provisions of the Act, shall apply, subject to par. 3, having established or place of management on Polish territory :

1) Commercial (partnerships and companies, including those in the organization) and civil partnerships, subject to paragraph 2, as well as other legal persons , with the exception of the Treasury and the Polish National Bank,

2) individuals, civil partnerships individuals, partnerships individuals and companies partner, if their net income from the sale of goods, products and financial operations for the previous financial year amounted to at least the Polish zloty equivalent of EUR 800,000 ,

3) entities operating under the Banking Law, the regulations on trading in securities, investment funds legislation, regulations on business insurance or the organization and operation of pension funds, regardless of the amount of revenue,

4) municipalities, counties , provinces and their associations and state, municipal , district and provincial :

a) budgetary units,

b) ancillary enterprises of budgetary units,

c) budgetary establishments,

d) non-appropriated funds personality legal

5) entities without legal personality, except those referred to in paragraphs 1 and 2,

6) foreign legal entities, foreign entities unincorporated and foreign individuals , leading to the Polish territory the activity in person, by an authorized person, with the help of employees - in relation to activities conducted within the territory Polish Republic, regardless of the amount of revenue,

7)
units listed in paragraph 1-6 when they get to carry out the tasks assigned to grants or subsidies from the state budget, budgets of local governments or special purpose funds - from the beginning of the year in which grants or subsidies were granted.

Individuals, partnerships of individuals, partnerships of individuals and partnerships may used
accounting principles specified by the Act from the very beginning of next year, if their net income from the sale of goods, products and financial operations for the previous financial year are lower than the equivalent in Polish currency EUR 800,000. In this case, those persons or shareholders before the start of the year are obliged to notify the tax office competent in matters
income tax (Article 2. 2 of the Act).

The euro size referred to in Article. Two paragraphs. 1 item 2 and paragraph. 2, translated into the Polish currency at the average rate set by the Polish National Bank, on 30 September in the year preceding the fiscal year (Article 3. 3 of the Act).

Entities that prepare financial statements in accordance with International Accounting Standards, International Financial Reporting Standards and related interpretations published in the form of European Commission ("IAS"), shall apply the provisions of the Act and regulations issued thereunder to the extent not by IAS (Article 2. 3).

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basis of entries in the accounts

accordance with art. Paragraph 20. 2 of the Act on the basis of accounting entries in the books are accounting documents attesting to make business transaction called evidence source.

Among the sources of evidence we have:

external evidence of alien - received from contractors,
own external evidence - Sent in the original contractors,
internal evidence - for operations within the unit (eg, documentation of income or disbursement of cash from the till, the proof PK - to accounting - is used to correct erroneous entries and provides a basis for making records of a formal nature, eg the transfer of sums from one device to another accountant.)

The entries in the books can also be prepared by the accounting documents :

summary - used to make the total body of evidence and source records that must be aggregated in the proof of one listed,
correction previous records,
substitute - issued, pending receipt of proof of foreign external source
billing - that summarize the records had already been made according to the new classification criteria.

In the case of a lack of a legitimate external source of foreign evidence, the head of the unit may allow the documentation of business transactions using the accounting evidence substitute, made by persons engaged in these operations. But it must not affect business operations, which are subject to tax on purchases of taxable goods and services and purchase of non-ferrous metals from the public.

In conducting the accounts using the computer for
equivalent to evidence source considered entries in the accounts automatically entered via the communication devices, computer storage media or generated by an algorithm (program) based on the information already contained in the books, ensuring that the registration of these records will be met at least the following conditions:

they obtain permanent readable form compatible with the wording of the relevant accounting documents,
it is possible to establish the source of their origin and to determine person responsible for their introduction,
the procedure provides validation of the processing of relevant data and the completeness of records and identity,
source data in place of their creation are adequately protected so as to ensure their persistence, the time required to store the type of accounting.

accounting document should contain at least :

determine the type of document and its number identification
identify the parties (names, addresses) is engaged in business operations,
description of the operation and its value, if possible, also set in natural units,
the date of the operation, and when evidence has been drawn up under another date - the date for the proof,
proof of signature of the issuer and the person to whom issued or from which assets were adopted,
statement to check and proof of eligibility for inclusion in the accounts by indicating the month and the method of proof recognized in the accounts (divisibility), the signature of the person responsible for these indications.

Accounting documents must be:

reliable, it is compatible with the actual business transaction, which is a record,
complete, containing at at least the above data,
error-free accounting .

is prohibited to make the accounting evidence of erasures and alterations.

errors in the proofs of the external source of foreign and own can be corrected only by the contractor to send the document containing the corrected version, together with appropriate justification, unless other regulations provide otherwise.

errors in the proofs of the Interior may be revised by deleting the erroneous content or amount, while maintaining readability of the deleted phrases or numbers, enter the correct content and date the amendment and the signature of the authorized person, unless other regulations provide otherwise. You can not enhance the individual letters or numbers.

If one operation more than one document as evidence or more than one copy of the proof, head of the unit sets out the treatment with each of them and indicates that evidence or a copy will be the basis to make the record.

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Auditor

Experts auditors are entitled to audit the financial statements (Article 65 paragraph. 1 of the Law on Accounting) . The auditor is to express in writing an opinion together with a report about whether the financial statements are accurate and fairly and clearly the financial position and financial performance of the audited entity. The auditor is to be noted that the report as a whole, and form the basis for the preparation of accounts (accounting system), are free from errors involving the omission or distortion of information that is important (essential) for reader and can be considered reliable (accurate, correct) and clear the information contained in this report.

audited the financial statements should provide the basis for concluding that it is reliable and that:

is correct, which means that it is complete and has been prepared in accordance with the Accounting Act and issued on the basis thereof,
is consistent with the audited entity existing laws, which affect report financial statements and the statute or contract unit
have been prepared from properly maintained accounting records,
contains all the relevant bodies to assess the situation information

and furthermore, that:

opportunity to continue the business unit in substantially no decrease in area is not seriously threatened for at least the next 12 months from the balance,
information contained in the report of the entity-if the unit is responsible to report to - meet the requirements of Article. Paragraph 49. 2 of the Law on Accounting and conform to the financial statements.

opinion on whether the audited financial statements provide a fair, clear and correct picture of assets, financial situation and financial results and whether the units constituting the basis for preparation of the accounts are correct.

opinion should in particular state whether the financial statements examined:

have been prepared from properly maintained accounting records,
been prepared in accordance with accounting principles laid down by law,
is consistent in form and content with the applicable unit of law, statute or contract
fairly and clearly presents all relevant information for the assessment unit, and for the report The entity, whether the information contained in this report take into account the provisions of Article. Paragraph 49. 2 and are consistent with the information contained in the annual accounts (Article 65 paragraph. 2 of the Act).

The opinion should also

tell violate, by expressing an opinion, to file the appropriate court register and to publish financial statements for the year or years preceding the fiscal year,
pointed out during the study identified a serious threat for the continuation of the entity (Article 65 paragraph. 3 of the Act).

opinion on the audited financial statements may be expressed as an unqualified opinion, subject to (reservations), but this does not undermine the overall, positive evaluation report or unfavorable opinion. It may also be refused comment. Expressed reservations, or to express an opinion or refused to express a negative opinion, should be reasonable and contain an indication of the reasons for such a position. Reservations must be expressed in a manner indicating their scope.

report complements the findings contained in the opinion. It should contain a concise, interesting recipient of the report, relevant information about the audited entity and to present important research results to justify the opinion expressed. The obligation to include such information in the report exists regardless of whether those facts are known to the recipient of the report or not. Express an opinion or refused to express a negative opinion does not relieve the preparation and submission of the report.

report should provide in particular:

general characteristics of the individual (the identity of the body),
declare an entity to obtain the requested information, explanations and statements,
assessment of the soundness of the accounting system,
item or group of characteristics financial statement line item where the auditor's opinion, they need to discuss,
declare compliance by the bank to the existing rules of prudence, as defined in separate legislation, and a statement of correctness of the determination of the solvency ratio,
declare the creation of the insurance technical reserves in the amount that ensures full discharge of the current and future liabilities arising from insurance contracts, and to secure those reserves deposits in accordance with the regulations on insurance business, as well as the correctness of the calculation of the solvency margin and have financial coverage for the margin
present the financial position and results of the unit, stating the phenomenon which, in comparison with previous reporting periods have a significant negative impact on this situation, especially threaten the continuation of the business unit. If in the course of the study unit auditor finds significant, affecting the financial statements, violation of any law, statute or agreement of the company, it should inform the report and, if necessary, in the opinion (Article 65 paragraph. 5 of the Act).

opinion and report should be drawn from the collected and compiled during the investigation audit documentation. They should allow the auditor, niebiorącemu participate in the study, to trace its course and find the reasons for the opinions expressed on the audited financial statements.

auditor is obliged to keep secret everything you learned in the exercise of professional activities, the obligation of professional secrecy is not limited in time.

not affect the obligation of professional secrecy:

a notification of the suspected crime,
provide information in cases specified by law,
access to documents and information from the study (survey) of financial statements in connection with the ongoing proceedings before the authorities of the National Chamber of Chartered Accountants.

obligation of professional secrecy does not apply to information provided under the provisions of the Act of 16 November 2000 on counteracting introduction into financial circulation of property values \u200b\u200boriginating from illegal or undisclosed sources Counteracting the Financing of Terrorism (Journal of Laws 2003, No. 153, item. 1505 and of 2004 No. 62, item. 577) - to the extent specified in these regulations.

auditor conducting the audit must meet specific in the Accounting conditions for
expression
impartial and independent opinion on the financial statements .

Impartiality and independence is not maintained, if the auditor of the eg has shares, stocks or other titles of ownership in a unit or in an associate, parent, dependent or interdependent, with the exception of participation in a housing cooperative in the past 3 years, participated in the conduct of the accounts, preparing financial statements in the sample, is or has been in the past three years, the legal representative (attorney), a member of the supervisory or management or employee of the entity or its affiliates, parent, dependent or interdependent, is a spouse, relatives by blood or marriage in a straight line to the second degree, or is bound under the care, adoption or guardianship of the person management or supervisory bodies which is in the body or in the course of the study employs such a person

auditor, which shall conform with the facts to the opinion on the financial statements and underlying accounts of individuals or property and financial situation of the entity shall be criminally liable (Article 78 paragraph.).