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LMC

Legislation Monitoring Centre
 
In Poland there is neither an internet portal nor an institution for employers responsible for monitoring the legislation process of regulations that determine the rules for business activity. At present employers  learn about changes in the law mainly from mass media or simply through the grapevine, usually with delay.

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Restricting accounting requirements will make business activity easier

10-03-2014

The Council of Ministers passed a draft of an amendment to the Accounting Act. – The introduction of new regulation will make it easier to conduct business in Poland, particularly for limited companies and limited liability partnerships – comments expert of Employers of Poland Łukasz Kozłowski  

 

The amendment is aimed at adapting our law to EU regulations and simplifying financial reporting for small companies required to keep accounting records. The draft restricts these requirements to the obligatory preparation of a shortened financial report.

 

Keeping accounting records is a significant cost, on average ca. 1000 PLN a month, and is required even when the company has not made any profit yet. This contributes to a much greater business risk, which not everybody is willing or able to take. Meanwhile, an owner of a small company can get a more detailed picture of its financial condition at a much lower cost – by introducing management accounting.

 

The changes included in the draft are beneficial, as the SME sector generates ca. 2/3 of Polish GDP and accounts for 99.8% all registered economic entities and could also have a positive impact on the labor market

 

Łukasz Kozłowski, expert of Employers of Poland