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Audit and accounting insights

We write comprehensively on business finance. Accounting policy, compliance of accounting books with legal regulations and the rules of cooperation with statutory auditors can’t keep their secrets from us. Interested in financial statements audit and reporting under Polish and international standards? Wondering what the financial audit looks like in practice and what the outsourcing of accountancy involves? Read the Audit and Accounting Insights on our RSM Poland Blog - an informative and inspirational source of knowledge for entrepreneurs.

VAT-23 declaration, i.e. the purchase of a means of transport from a Member State

17 November 2022
Ilona KOZIEŁ, Elżbieta MAJCHRZAK
According to tax regulations, if our company purchases a vehicle from an EU Member State, it is an intra-community acquisition of goods. This creates additional obligations that we must fulfil as entrepreneurs. And regardless of whether we have decided to buy a used passenger car or a new one, we must prepare a VAT-23 declaration and prepare to pay VAT.

How do you prepare your books for an audit?

7 November 2022
Justyna SZCZYGIELSKA
The end of the year is approaching fast, and for most businesses it means they need to close their accounts and prepare their financial statements. Unfortunately, this year there may be some trouble around the corner: due to exceeding predefined thresholds, many organisations will be burdened with additional obligations arising from the requirement to have their financial statements audited by a statutory auditor.

Economic life of leased assets according to balance sheet law

18 October 2022
Klaudia GREC
Under the balance sheet law, if lease was concluded for a period of more than 75% of the economic life of the leased asset, it should be recorded in the balance sheet as finance lease. How can the entrepreneur check if the lease they concluded meets this requirement and thus must be recognised accordingly in the books?

Classification of leases on the balance sheet

5 October 2022
Klaudia GREC
Leasing is a unique form of business financing, where companies do not need to purchase the assets in order to use them. With the growing popularity of lease, many entrepreneurs are considering the pros and cons of this type of financing, also in the context of tax costs. What is very important yet often overlooked here is that your lease must be recognised on your balance sheet properly. What do you need to focus on?

What is DAC7 and whom does it affect?

2 September 2022
Monika SMAGA
Poland is introducing regulations that will impose new reporting obligations on digital platform operators. Sellers should also pay attention to these changes, as they can expect more inspections to be carried out by tax authorities in order to verify the correctness of tax settlements.

Posting an employee from Ukraine to Poland

2 September 2022
Karolina BARTKOWIAK
Due to the ongoing war in their homeland, many Ukrainian employers have decided to post their employees to work in Poland. However, this move has specific implications in terms of personal income tax and social insurance. What must a Ukrainian entrepreneur remember while hiring employees residing in Poland?

Cryptocurrency on the balance sheet

19 January 2022
Not long ago, we had a look at the valuation of fixed assets for impairment, i.e. we briefly discussed the impairment test. The choice of this topic was due to the economic downturn in certain industries. Today, we are going to discuss another area of financial reporting, very popular in recent years, namely cryptocurrencies. How do you recognise and value these virtual assets in your financial statements?

When should the financial and accounting programme be changed? Basic issues related to the implementation of new software for accounting

14 January 2022
Ewelina ZAWIERUCHA
With the end of the old year and the advent of the new one, some business owners and chief accountants are considering changing the accounting software. It is a difficult decision and not only does it have serious consequences in terms of tax settlements, but also often involves high costs of purchasing a licence and implementing appropriate software. 

Branch of a foreign company in Poland

10 October 2021
Kamila GUŹLIŃSKA
Foreign entrepreneurs who want to start their business in Poland may open a branch of their foreign company on the territory of the Republic of Poland, and in this article I will share some insight as to what this branch office and its accounting is like.

How Debt Affects a Company’s Liquidity

28 July 2021
Kaja DADEL
The company’s debt ratio is an important criterion for assessing business performance. Even though raising external capital prompts faster growth and boosts your profitability, you must remember that this kind of capital raising involves significant risks. Liquidity hazards seem to be critical here.

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