The Sejm is working on an amendment to the Accounting Act whereunder in the case of a management board comprising several members financial reports will only require the signature of a single director. With respect to the others, a statement will be sufficient.
A new item has made its way onto the government’s legislative agenda, a draft amendment to the Accounting Act and several other acts (no UD154), including a change in provisions on electronic financial reports and activity reports.
What are the anticipated changes with respect to electronic financial reporting?
The draft amendment will introduce an option for a single management member of a board comprising several directors to sign the financial report – but in such a case statements will have to be obtained from the other board members, confirming that the report complies with the requirements of the Accounting Act (though the form in which the statement is to be made is not yet known).
What technological changes are planned by the government with respect to electronic reporting?
With respect to technology, the draft amendment provides for the introduction of standardised electronic formats for files containing financial reports and activity reports, i.e. XHTML and XBRL. The standardised formats are also intended to enable automatic searches through the reports.
Timeline of changes in electronic reporting
The legislator is planning to enact the draft amendment before the end of 2020, but no exact effective date for these provisions has been announced. Yet, it is to be expected in early 2021.
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AUTHOR: Honorata Zakrzewska-Krzyś, Product Marketing Specialist at Grant Thornton
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