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Changes in financial statements following amendment of the Accountancy Act

On 23rd September 2015 a law amending the current Accountancy Act as well as several other regulations came into force. The new law introduces changes to the templates of the balance sheet, loss and profit account and statement of changes in equity. The changes must be applied when drafting financial statements for the trading year starting on 1st January 2016. At the same time, businesses are invited to prepare their financial statements for the trading year that is due after the regulation comes into force, i.e. financial statements completed by 31st December 2015, in accordance with the new provisions. The decision whether to apply the new standard already this year, lies with the Head of the unit.

The most important changes in separate financial statements imposed by the act's amendment include the following:

  • Amortisation of Research and Development expenses throughout the useful economic life of the results of such activities;
  • Amortisation of business value throughout its useful economic life;
  • Conditioning certain duties, such as to create assets and allowances due to deferred income tax, upon criteria applied to small businesses (whose definition has been included in the act);
  • Changes in the definition of windfall profit and loss, and removing these items from the loss and profit account in case of financial statements by entities other than banks, insurance and reinsurance undertakings and savings and credit unions;
  • Numerous changes in the templates of the balance sheet and the loss and profit account in case of entities who prepare their financial statements in accordance with Attachment No. 1 to the Accountancy Act;
  • New financial disclosures in case of entities who prepare their financial statements in accordance with Attachment No. 1 to the Accountancy Act;
  • Duty to prepare reports on company operations also to apply in case of general partnerships and limited partnerships where all of the partners with unlimited liability consist of joint stock companies, limited joint stock partnerships or foreign companies of a similar legal form;
  • Introduction of the report on payment of public liabilities.

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