The deadline for drawing up the accounts is coming up. 2020 by units whose financial year is equal to the calendar year. Time's up. 31 March 2021 MF plans to extend it to non-profit organizations.
Data collected from financial statements are an important source of information for credit institutions, counterparties and other recipients when making business decisions. They are also used to produce statistical information relevant to the functioning of the State.
Experience in recent months has shown that companies, in the accounting field, are increasingly using e-solutions in accounting and reporting processes. Moreover, in accordance with the Accounting Act, financial statements are drawn up in electronic form.
Therefore, it is not planned to extend the deadlines (as specified in the Accounting Act) for drawing up and approving financial statements for all entities. In view of the demands made by non-profit organisations, whose activities are largely based on volunteering and social work, a slight postponement of deadlines is being considered to respond to their demands, while taking into account the need to create key statistical information for the functioning of the state. The draft regulation will be published soon.
The MF website in the Accounting tab includes time reporting material COVID-19, including recommendations of the Accounting Standards Committee. This is a lot of help for accounting professionals to prepare financial statements for 2020