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.2.An annual report should include material information on the property and financial position, including a performance assessmentand an identification of risks and a description of threats, and in particular information on:levents with a material impact on the entity's operations which took place during the financial year and after the end of it, up to the date of the approval of the financial statements;llexpected growth (development) of an entity;llkey research and development achievements;lla current and expected financial position;llpurchase of own shares, in particular the purpose of their purchase, their number and par value, specifying how much of share capital they represent, the purchase price, as well as the selling price of these shares if they were sold;llbranches (business units) of an entity;llfinancial instruments in terms of:llthe price risk, credit risk, cash flow risk and liquidity risk, to which an entity is exposed;llfinancial risk management objectives and methods adopted by an entity, including the methods which are used to hedge major types of forecasted transactions which are covered by hedge accounting.l3.An annual report should also include - if it is material for the assessment of the entity's position - financial and non-financialindicators, together with the information relating to environmental and employment matters, as well as additional explanations toamounts presented in the financial statements.Art.50.1.Information included in the financial statements may be presented in more detail than specified in appendices to the Act, if required by the needs or specific nature of an entity.2.(43) An entity which, in the financial year for which it prepares its financial statements and in the financial year preceding that year,has not achieved two of the following three limits, i.e.:lthe annual average number of employees in full-time equivalents did not exceed 50 people;llthe total assets as at the end of the financial year did not exceed the Polish zloty equivalent of EUR 2,000,000;llthe net revenue from the sales of finished goods and goods for resale and the financial transactions did not exceed the Polish zloty equivalent of EUR 4,000,000;l- is allowed to prepare abridged financial statements, and present information in the scope specified in Appendix 1 using letters and Roman numerals.Notes to the financial statements shall be prepared in an abridged format, accordingly.lIf the information on a particular financial statement items did not occur in the entity both in the current and the prior financial years, such items shall be omitted when preparing the financial statements.llThe provisions of Paragraph 2 do not apply to banks or insurers.lArt.51.1.An entity which includes business units preparing their separate financial statements, shall prepare aggregated financialstatements being the total of the entity's financial statements and all of its branches (business units), after eliminating accordingly:1) separated assets and funds;36lmutual receivables and liabilities as well as similar items;llrevenue and costs of transactions carried out between the entity and its branches (business units) or between its branches (business units);llfinancial result on internal business transactions, included in the values of assets of the entity or its branches (business units).The eliminations referred to in Points 2-4 need not be made, if this does not have a negative impact on the fulfilment of the requirements specified in Art.4 Paragraph 1.l2.The financial statements of an entity having branches (business units) situated outside the territory of Poland, which prepare their financial statements abroad, shall include relevant balance sheet data of these branches (business units) denominated in foreign currencies and translated into the Polish currency at the average exchange rate as at a given balance sheet date set for a given currency by the National Bank of Poland, whereas the profit and loss account data shall be translated at an exchange rate being an arithmetical mean of average exchange rates as at the last day of each month of the financial year, and, in justified cases, at an exchange rate being an arithmetical mean of average exchange rates as at the last day of the prior financial year and the last day of the current financial year, set for a given currency by the National Bank of Poland.Foreign exchange differences that resulted from these translations shall be presented in the aggregated financial statements as "Currency translation differences" being a separate item of the revaluation reserve inequity.Art.52.1.The entity's manager shall ensure that the annual financial statements are prepared within three months from the balance sheet date and shall present them to the relevant authorities, in accordance with applicable legal regulations and the provisions of the entity's articles of association or deed.lFinancial statements shall be signed and dated by a person responsible for keeping the books of accounts, and the entity's manager, and if an entity is managed by a collective body - by all the members of that body.Refusal to sign requires a written justification to be enclosed to the financial statements.llThe provisions of Paragraphs 1 and 2 also apply accordingly to:llthe financial statements prepared as at the date specified in Art.12 Paragraph 2 or as at another balance sheet date;llthe annual report specified in Art.49, except that it is not signed by the person responsible for keeping the books of accounts.lArt.53.1.The annual financial statements of an entity shall be approved by the approving body, within 6 months from the balance sheet date.Prior to the approval, the annual financial statements of entities referred to in Art.64 are subject to an audit in accordance with the provisions of Chapter 7.2.(deleted).2a.(44) The provisions of Paragraph 1 do not apply to entities which were declared bankrupt [ Pobierz całość w formacie PDF ]