Changed deadlines for filing financial statements – COVID-19

August 10, 2020

Changed deadlines for filing financial statements

Covid-19 pandemic has changed deadlines for filing financial statements. In most cases, the statutory deadline for submitting annual financial statements has passed on March 31^st 2020.

Late in the day on March 31st, the Ministry of Finance has issued a decree [1], by which said deadline has been moved regarding:

Prepartion
Approval
Disclosure
Submition to a correct register

These deadlines are amongst many others which were postponed due to the pandemic. The table of changes in deadlines for submission of tax and financial statements will allow you to keep track of extended deadlines.

[1] Decree of March 31st 2020 on redetermination of deadlines for fulfilment of obligations regarding records and the preparation, approval, disclosure and submission of reports or information to the appropriate register, unit or authority. (Journal of Laws 2020, item 570)

Preparing and asserting financial statements during COVID-19

The decree issued by the Ministry of finance has extended the deadlines for preparing and asserting financial statements. The deadline has been moved by three months for all business units. Exceptions are the public and financial sectors. The deadline here has been extended by two months. However, this only affects the companies for whom the fiscal year has ended after September 29^th 2019 (but no later than April 30^th 2020) and for whom the deadline for preparing and asserting financial statements has not passed by end of March 2020.

On June 30th 2020 the deadline for filing annual financial statements has also passed for those companies, for whom the fiscal year corresponds directly with the calendar year. The deadline for approval of statements has been moved to September 30^th 2020. Therefore, given art. 53 of The Accounting Act, the governing bodies of companies ought to already be working on assessing financial statements.

Expert opinion on annual financial statements

Following assertion of statement, the approving body is to adopt a resolution on settlement of annual financial statements. Said settlement consists in either division of profit or coverage of loss, depending on figures presented in the statement. However, it is important to note, that before a statement can be settled, an opinion needs to be expressed by a statutory auditor. While this opinion can be either positive or negative, settlement of financial statements without prior evaluation from a statutory auditor is invalid under current law.

Check how to follow with settling financial results of limited companies during Covid-19!

Author: Agnieszka Siwa-Kogut

Tags Changed deadlines for filing financial statements, Expert opinion on annual financial statements, financial statements COVID-19

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Changed deadlines for filing financial statements – COVID-19