Poland

Financial Reporting Obligations for Companies in Poland

1. Registry for Financial Statements Submission

In Poland, companies are required to submit their financial statements to the National Court Register (Krajowy Rejestr Sądowy – KRS) (https://ekrs.ms.gov.pl). Submissions are made electronically via the eKRS portal / Financial Documents Repository (Repozytorium Dokumentów Finansowych) (https://ekrs.ms.gov.pl/rdf).

2. Legal Forms Obliged to Publish Financial Statements

Legal Forms Required to Submit Financial Statements:

  • Spółka z ograniczoną odpowiedzialnością (Sp. z o.o.) – Limited Liability Company
  • Spółka akcyjna (S.A.) – Joint-Stock Company
  • Spółka komandytowa (Sp.k.) – Limited Partnership
  • Spółka komandytowo-akcyjna (S.K.A.) – Limited Joint-Stock Partnership
  • Spółka jawna (Sp.j.) – Registered Partnership (under certain conditions)
  • Spółdzielnia – Cooperative
  • Fundacja – Foundation
  • Stowarzyszenie – Association

Legal Forms Not Obliged (Under Certain Conditions):

  • Spółka cywilna (Civil Law Partnership) – not required unless they exceed certain thresholds (e.g., annual revenue above EUR 1,200,000).
  • Individual sole traders – also exempt unless exceeding specific thresholds.

These legal forms are set out in the Polish Commercial Companies Code (Kodeks spółek handlowych) and the Accounting Act of 1994 (Accounting Act – PL).

3. Companies Required to Audit Financial Statements

The obligation to audit financial statements applies to the following legal forms if they meet at least two of the three criteria (specified below):

Legal Form

Rule

Criteria

Spółka z ograniczoną odpowiedzialnością (Sp. z o.o.) - Limited Liability Company

Audit mandatory if two out of three criteria are met

1. Annual average employment (no less than) 50 employees
2. Total assets (no less than) EUR 2 500 000
3. Annual net revenue (no less than) EUR 5 000 000

Spółka akcyjna (S.A.) - Joint Stock Company

Audit is always mandatory

Not applicable, always audited

Spółka komandytowa (Sp.k.) - Limited Partnership

Audit required if two out of three criteria are met

Same as above

Spółdzielnia - Cooperative

Audit required if two out of three criteria are met

Same as above

Fundacja - Foundation

Audit required if two out of three criteria are met

Same as above

Stowarzyszenie - Association

Audit required if two out of three criteria are met

Same as above

Criteria to Trigger Mandatory Audit:

  1. Annual average employment of at least 50 full-time employees.
  2. Total assets of at least EUR 2 500 000 at the end of the financial year.
  3. Annual net revenue of at least EUR 5 000 000.

Legal Forms Not Obliged to Audit:

  • Sole proprietorships (unless they exceed the thresholds).
  • Civil Law Partnerships (Spółka cywilna) are generally exempt unless they surpass the same financial thresholds.

These rules ensure that larger entities or those with significant financial activities are subject to auditing, maintaining transparency and accountability in their financial operations.

4. Stock Exchange Reporting

Companies listed on the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie, GPW) are required to publish their financial statements on the exchange’s disclosure systems (https://www.gpw.pl).

5. Deadlines for Submission of Financial Statements

The deadline for submitting financial statements is generally 15 days after their approval, which must occur within 6 months following the end of the financial year (via eKRS/RDF: https://ekrs.ms.gov.pl/rdf). This typically results in a submission deadline around July 15 of the following year.

6. Partial Financial Statements

Certain companies, especially those undergoing restructuring or liquidation, may be required to submit partial financial statements. These submissions are dictated by specific legal or financial circumstances and are subject to the same general deadlines.

7. Consequences of Late Submission

Failure to submit financial statements on time can lead to penalties, including fines imposed by the registry court, potential legal actions, and the possibility of being struck off the National Court Register (KRS).

8. Requirements for Foreign-Owned Branches and New Companies

Foreign-owned branches operating in Poland must adhere to the same financial reporting requirements as domestic entities. Newly established companies are required to submit their first financial statements after completing their first financial year.

Sources

Source

Link

Ministry of Finance

https://www.gov.pl/web/finance

National Court Register (KRS/eKRS)

https://ekrs.ms.gov.pl/web/wyszukiwarka-krs/strona-glowna

Biznes.gov.pl

https://www.biznes.gov.pl
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