30 June 2018 is the deadline for the approval of 2017 financial statements for entities whose financial year ended on 31 December 2017.
The Under the provisions of the Accounting Act, financial statements are to be approved by an approving body not later than within 6 months from the balance sheet day. For the majority of entities the deadline is 30 June 2018. Approving body is a body which, in accordance with the regulations in force, under its statute, agreement or property right, is entitled to approve financial statements. In the case of civil law partnerships or partnerships, with the exception of limited joint-stock partnerships, their partners shall be deemed the approving body.
It is crucial as the appropriation of the net profit or the offset of the net loss may be carried out only after the approval of the annual financial statements by the approving body.
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Please notice that the appropriation of the net profit or the offset of the net loss of entities whose financial statements were subject to an obligatory audit may be carried out after the approval of the financial statements preceded by an unqualified or qualified opinion on these financial statements issued by a statutory auditor.
In the case of a branch of a foreign enterprise, the annual financial statements are deemed approved if they have been approved by the financial statements of the foreign enterprise, which include the data from the financial statements of the branch.
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If you have any questions or need to discuss the topic, you are strongly encouraged to contact our expert, Piotr STASZKIEWICZ:
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