Korpo En

To all businesspeople: the deadline for approval of the financial statements is approaching

10 May 2023 | Knowledge, News, The Right Focus

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.

Need help

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.

Adam Czarnota

Latest Knowledge

Announcement of Income Tax Reform

On 19 August, during a press conference, the Prime Minister announced a package of tax changes planned for next year. According to the announcement, the reform is intended, on the one hand, to ease the burden on the middle class and, on the other, to shift a greater fiscal burden onto the wealthiest individuals and the largest companies. We take a look at the proposals included in the announced package and explain what they might mean for taxpayers.

Family foundations and the tax authorities: what draft bill UD447 proposes and why this is not the end of the troubles

Family foundations were intended to provide entrepreneurs with a stable framework for intergenerational wealth management. Yet not even four years have passed since the first such foundations were established, and the rules governing their taxation are set to be changed once again. This is because the scale of interest and the practical problems uncovered have overwhelmed the drafters of the legislation, as best illustrated by the figures – 927 applications for individual tax rulings and 77 opinions issued from the Head of the National Revenue Administration. This does not, however, mean that family foundations are being used on a massive scale for aggressive tax optimisation. A significant proportion of the queries concerned simply how to correctly apply the complex regulations.

NIS2 and the National Cybersecurity System Act in transport: what you need to do before October 2026

The amended Act on the National Cybersecurity System (UKSC) has been in force since 3 April 2026. For transport sector undertakings, this means a specific compliance timeline, including an obligation to register with the National Cybersecurity System (KSC) registry by 3 October 2026. Failure to do so may result in substantial financial penalties, coupled with the risk of personal liability for senior management. Not every undertaking, however, automatically falls within the scope of the new regime. Read on to find out whether your organisation is affected and what you need to do before the deadline for preparation.

Family foundations: the government has done the maths and presented the bill

Three years. That’s how long we’ve been waiting for what the Council of Ministers had seen in the data from the outset – and has now disclosed in its review of the Family Foundation Act. The document not only diagnoses the problems, but also previews substantial changes to rules that founders and their advisers treated as settled and stable. And therein lies a problem that goes far beyond tax matters. If the rules of the game are changed while the game is being played, there can be neither planning stability nor trust in the law. It is no coincidence that one of the greatest concerns among entrepreneurs considering setting up a foundation is not the level of taxation, but the stability of the legal framework – which today is once again being called into question.

What the new swiss franc act means for banks

We now have a new Act on Special Measures for the Adjudication of Cases Concerning Loan Agreements Denominated in or Indexed to the Swiss Franc. The provisions come into force 14 days after publication. So now is a good time to look at what lies ahead and what banks should be doing today.

New draft Pay Transparency Act – what has changed since December 2025?

A second version of the draft act on strengthening the application of the right to equal pay for equal work or work of equal value between men and women has now been published. It refines procedures and deadlines and introduces a new supervisory body. We have already discussed the changes affecting the recruitment stage and the three pillars of the forthcoming pay transparency framework, noting that Poland will miss the EU transposition deadline of 7 June 2026. Now, we take a closer look at the further changes, new developments and risks that have emerged in the latest, April version of the draft.

Payment Services Regulation (PSR) – between consumer protection and due diligence

The draft Payment Services Regulation (PSR) is one of the most significant elements of the reform of the EU legal framework for payment services. Its principal aim is to enhance the security of cashless transactions and to reduce the scale of financial fraud, in particular that arising from the growth of digital channels. At the same time, the new rules are intended to introduce a liability model that will not result in risk being transferred entirely to financial institutions, whilst retaining an important role for independent due diligence on the part of the user.

Energy deregulation – key changes for businesses and energy consumers

The President has now signed the Energy Deregulation Act (UDER92). The new provisions cover both the relationships between energy undertakings and consumers, and matters relating to investment, district heating, and the administrative obligations of energy market participants. The Act introduces changes in the areas of billing, communication with consumers, grid connection, and the operations of undertakings in the energy and district heating sectors. We set out the key points to note.

Banking sector overview | Banking today and tomorrow | July 2026

Under the draft legislation, banks will be required to offer existing borrowers a switch from WIBOR-based to POLSTR-based interest rates, a mechanism intended to speed up the voluntary transition of financial instruments to the new benchmark. The banking sector has responded positively to the proposal, according to Tadeusz Białek, President of the Polish Bank Association.

Contact us:

Rafał Rapala

Rafał Rapala

Attorney-at-law / Partner / Head of Corporate Law and Corporate Litigation / M&A, Private Equity

+48 608 444 650

r.rapala@kochanski.pl

Adam Czarnota

Adam Czarnota

Advocate / Senior Associate / Corporate Law / Mergers & Acquisitions

+48 787 389 207

a.czarnota@kochanski.pl