In previous years (2021 and 2022), due to the COVID-19 pandemic, the deadlines for financial reporting were extended by regulations of the Minister of Finance. For example, the deadline for the approval of financial statements was extended by three months and expired on 30 September of the relevant calendar year.
2023 – has the deadline for submission of financial statements been extended
This year, due to the diminishing impact of the pandemic, a similar solution has not been applied. Therefore, the deadlines in effect prior to the COVID-19 outbreak will apply, i.e.:
- 31 March 2023 – preparation of financial statements for the financial year 2022
- 30 June 2023 – approval of financial statements
- 15 July 2023 – filing of financial statements with the competent court registry via an online financial document repository
It is important to note that the above deadlines apply when an entity’s financial year coincides with the calendar year.
Approval of financial statements for 2023
Depending on the legal form of the business, different corporate bodies will be empowered to approve the financial statements. Taking the example of a limited liability company, the relevant resolution will need to be adopted by the shareholders’ meeting before the deadline. The approval of the financial statements is important, as failure to comply with the formalities in this respect will prevent the distribution of the profit earned in a given financial year.
Sanctions for non-compliance with reporting obligations
Importantly from the point of view of businesses, there are a number of sanctions for the failure to timely fulfil financial reporting obligations. These include, without limitation:
- The possibility of the registration court ex officio initiating the so-called coercive procedure, during which individuals responsible for submitting approved financial statements are requested to submit the outstanding financial documents subject to a fine (which may be repeated if the documents are not submitted despite the request).
- A fine or restriction of personal liberty as provided for in the Accounting Act for failure to submit financial statements.
Owners of capital companies should also remember that if financial statements for two consecutive financial years are not submitted despite a request from the registration court, the court will ex officio initiate proceedings to dissolve the company without liquidation.
If you have any questions or would like any assistance in preparing or submitting documents relating to the approval of financial statements, please do not hesitate to contact us.