Financial statements are among the most important reports of a business entity. They are prepared at the end of each fiscal year or to close the books of account. The report has a strictly defined form. It has to be prepared carefully and accurately so that the person checking it can find all the necessary information. Read the article to the end to find out what is when the financial statements are submitted.
Who is required to file financial statements?
The need to prepare annual financial statements applies to companies that are subject to the Accounting Act (i.e. those that are required to keep full books of account). It does not apply to sole proprietorships, general partnerships, civil partnerships and partnerships, as well as natural persons who keep simplified tax accounting KPiR (revenue and expense ledger). The head of the entity is responsible for preparing the report. It is also necessary to approve it. This is the responsibility of the approving authority (the founding authority, and in the case of sole proprietorships and enterprises of natural persons – the owner).
When are the financial statements submitted?
The deadline for financial statements is a maximum of 3 months from the balance sheet date (usually December 31). For the later step, i.e. approval of the report, the authorities also have 3 months (which gives 6 months for preparation and submission of documents). After the report is approved, the manager of the entity is obliged to submit it to the appropriate tax office. In case of limited liability companies and joint stock companies the deadline is 10 days. In case of partnerships keeping full books of accounts, together with the annual return – by April 30 at the latest. Besides, the manager is obliged to submit the report with additional documents within 15 days (regardless of the type of company).
Late filing
In case of delay in filing the financial statements, according to the regulations, the entity commits a fiscal offence. This is punishable by a fine or restriction of liberty. If the preparation is not received, the registration court summons the obliged person to submit it, setting an additional 7-day deadline. This is done under pain of imposing a fine or penalty provided for in the provisions of the Code of Civil Procedure on the enforcement of non-monetary benefits.