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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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