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To pay members of the supervisory board, or not to pay? - that is the question...

22 February 2016

Karolina BARTKOWIAK-DUDZIK

A questions is often asked on the topic of limiting costs in capital companies as to whether members of the supervisory board are entitled to remuneration on account of their function in the said company. Some will say that the work contribution or the time devoted to executing the duties of a supervisory board member (especially a small one), of a limited liability company are so insignificant that they do not substantiate the need for the payment of remuneration to them on that account. Is the above statement legitimate and is such a saving in fact profitable for the company?

The importance of good Polish-German business relationships

8 February 2016

Przemysław POWIERZA

Close relationships between our advisors and customers indicate, however, that we prefer to focus on business: We neither expect much from politicians, nor do we think that they will be able to spoil too much. The key issue is that business relationships between Warsaw and Berlin should run smoothly. Still, not so long ago there was no need for discussing political issues in the context of running business in Poland. It seems, however, that we are forced to use these competencies within the German Desk as well...

Well-dressed Polish people

27 January 2016

Piotr NOWATKOWSKI

The estimated value of the clothing and footwear industries in Poland in 2014 amounted to 7.3 billion euro[1] and was higher in relation to the previous year by 5.6%. The clothing segment recognized an increase by 5.9% in relation to 4.5% of the growth of the footwear industry. It is worth noticing that in the stretch of the last four years, the entire branch was growing steadily at 4%, with the exception of 2012, where a slight decrease was noticed (- 1.6% in the footwear industry compared to 0.5% in the clothing segment). In 2014, most of the branch companies expanded their sales network, which in connection with a growing demand translated into the increase in revenues.

A step-by-step guide to closing a financial year

15 January 2016

Aneta STANIEWSKA

The end of the year is the time of stocktaking and closing of the account books, therefore, it would be thoughtful to get ourselves well prepared for it. If you are in the middle of closing the financial year, please, acquaint yourself with the following schedule to check if you have already performed all your legal duties.

The end of year is coming – time to check your inventory

21 December 2015

Michał DREAS

Conducting an assets inventory check is an obligation arising from the Accounting Act (let us remind you that on September 23, 2015, a new Act dated July 23, 2015 on amendments to the Accounting Act and other Acts entered into force [Journal of Laws 2015, item 1333]).

Valuation of various types of assets - what are the differences?

11 December 2015

Dawid STOLAREK

Throughout the course of your business and the transactions you make, you will come across assets of various types and features. Ensuring liquidity of assets depends on whether you are able to determine their value in terms of money. However, there are other reasons why preparing a valuation of assets may prove necessary - transaction goals (trading a certain good) being only one of them. Most often, valuation of a given asset is prepared in connection with reporting requirements or to serve as an opinion in on-going court proceedings. Valuation is also used in management of certain assets as a tool for identifying factors that promote the growth of their value.

National Accounting Standard No. 9 and the relevance of presented information...

4 December 2015

Anna FENGIER

When reviewing financial statements for the year 2014, I could not escape the thought that the National Accounting Standard No. 9 (referred to as NAS 9) 'Director's Report' did not result in any visible improvement in the quality of the elaborated documents. You may still come across reports that are roughly one page long, based on financial data from only two years or simply information that has been pasted straight from the financial statement, perhaps with a little comment saying 'increase/decrease by so and so', without any kind of detailed clarification as to the root cause of such changes. Obviously, this is not to say that the management report should be revealing company business secrets. Still, a more comprehensive approach may be expected here, with the information provided allowing the reader to assess the company's actual condition.

The most frequent errors in financial statements

17 November 2015

Ewelina MĄDRAWSKA

Apart from issues related to inaccurate presentation of figures in the balance sheet as well as profit and loss accounts, one may often encounter various shortcomings in relation to the cash flow account which is an important starting point for the analysis of the degree of financial liquidity of an undertaking as well as cash flow in the company. There may be also errors in respect to the notes to the financial statements and the most common one is the lack of adequate disclosures, including those relating to economic events which, in the given period, do not relate to the account books, yet they may have a significant impact in the future.

Sunny revolution – will RES ignite Polish economy?

9 November 2015

Piotr NOWATKOWSKI

In years to come, RES should constitute one of the fastest growing areas of economy in Poland which also results from the fact that this is still a fledgling market when compared to other EU countries. Opportunity for growth is, therefore, much greater here than on relatively saturated Western European markets.

Who is obliged to operate full accounting system?

19 October 2015

Karolina STANKIEWICZ

Operating a business is inevitably related to the obligation to operate a full accounting system. An enterprise may keep the accounts on its own or by hiring an accounting firm. The most often method to satisfy this obligation is to keep the accounts in the form of a revenue and expense ledger (PKPiR), i.e. so-called simplified accounting. The second method requiring more efforts and costlier is the full accounting system. Therefore, it is worth knowing what entities are obliged to operate such full accounting system and how one could prepare to do it.

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