This process also requires the valuation of assets and liabilities in accordance with the prudence principle, as well as the inventory of all assets. Thoughtful management of deadlines is essential for the accuracy of the year-end closing procedure.
Financial Year 2024 Closing Schedule - Key Deadlines in Poland
Key Deadlines and Information for Taxpayers in 2025
- Trial balance and general ledger account balances: Must be prepared for the fiscal year by March 26, 2025.
- Preparation of financial statements: No later than three months after the end of the fiscal year. If the fiscal year coincides with the calendar year, the deadline for preparing the annual financial statement is March 31, 2025.
- Signing the financial statement: Must be done electronically using a qualified electronic signature, a trusted signature, or a personal signature, no later than March 31, 2025.
- Submission of e-financial statements to the Head of the National Revenue Administration (KAS): Applies to PIT taxpayers required to keep accounting books, deadline April 30, 2025.
- Availability of the financial statement: At least 15 days before the shareholders' or members' meeting.
- Approval of the financial statement: No later than six months from the balance sheet date. For entities closing the year on December 31, 2024, the deadline is June 30, 2025.
- Submission of e-financial statements to the National Court Register (KRS): Within 15 days of approval, but no later than July 15, 2025.
- Unapproved financial statement submission: Also by July 15, 2025, with resubmission to the KRS within 15 days of approval.
- Final closure of accounting books: No later than 15 days from the approval of the financial statement.
Obligations for Entities Subject to Mandatory Audit by a Certified Auditor
Entities whose financial statements are subject to mandatory audit must:
- Select an audit firm and sign an audit agreement before the inventory process begins, i.e., in the fourth quarter of the current fiscal year.
- Complete the financial statement audit within six months from the end of the fiscal year.
- Submit the financial statement for publication in the Court and Economic Monitor within 15 days of approval (applies to entities not registered in the KRS).
Proper execution of the year-end closing process is essential for accurately presenting the financial position of the entity. It is important to note that closing the accounting books is an irreversible action that prevents any further accounting entries in the closed books.
Another crucial aspect is inventory-taking, which can be conducted between October 1 of the current fiscal year and January 15 of the following year, with inventory discrepancies resolved before the preparation of the trial balance and general ledger account balances.
Once the financial statement is approved, a key task is to allocate or cover the financial result for the completed fiscal year.
Timely and accurate year-end closing is essential for both internal management purposes and external stakeholders, including tax authorities and financial institutions.