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Financial reviews

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]).

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.

What are the penalties for failing to submit financial statements?

28 September 2015
Karina KOPCZYŃSKA
Art. 79 p. 4 of the Accounting Act indicates that whosoever, contrary to its provisions, fails to submit financial statements or management reports to the relevant court register, is liable to a fine or penalty of restriction of liberty. Penalties for failure to submit financial statements are also due to the Fiscal Penal Code.

ISAs in Poland – will they change anything?

15 June 2015
Marek TOMCZYK
Introduction of International Auditing Standards (hereinafter: ISAs) in Poland offers a huge opportunity of improving the quality of audit services, and thereby the quality of financial statements themselves for the benefit of all interested parties (management boards, shareholders, prospective investors and statutory auditors).

How to understand company valuation

1 March 2015
Dawid STOLAREK
Company valuation is a topic most managers and owners are likely to face at some point in running their large-sized businesses. The study is usually elaborated in connection with a prospective company acquisition/sale transaction, allotment of an organised part of the company into the structures of a new entity, or in relation to conditions imposed by regulations on financial review. These are, of course, only some examples – the list of circumstances that require or simply contribute to preparing a professional company valuation is much longer.

The importance of auditing services in Poland

1 March 2015
Monika SKÓRKA
More than once did I wonder what is the actual meaning of auditing services in Poland. And I came to the conclusion that this meaning is still “greatly underestimated”. An audit of a financial statement is so much more than just a verification for correctness. I believe a financial audit is, most of all, an opportunity to identify the organisation's “weak points”, allowing management to minimise existing though not always realised risks.