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Act Of 29 September 1994 On Accounting

Original Language Title: USTAWA z dnia 29 września 1994 r. o rachunkowości

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ACT

of 29 September 1994

on accounting 1)

Chapter 1

General provisions

Article 1. [ Regulatory scope] The Act sets out the accounting rules, the mode of audit of financial statements by statutory auditors and the rules for the performance of business in the scope of the services of keeping the accounts.

Article 2. [ Application of provisions of the Act] 1. The provisions of the Accounting Act, hereinafter referred to as the "Act", shall apply, subject to the paragraph. 3, to the established or the place of the Management Board within the territory of the Republic of Poland:

1) commercial companies (personal and capital, including also in the organization) and of civil companies, subject to point 2, as well as other legal persons, with the exception of the State Treasury and the National Bank of Poland;

2) natural persons, partnerships of natural persons, natural persons companies and partner companies, if their net revenues from the sale of goods, products and financial operations for the previous financial year amounted to at least the equivalent in Polish currency 1 200 000 euro;

3) organisational units operating on the basis of Banking Law, regulations on trading of securities, provisions on investment funds, provisions on insurance and reinsurance activities, provisions on cooperative casuals austerity or the provisions on the organisation and functioning of pension funds, irrespective of the amount of the income;

4) the municipalities, powiats, voivodships and their associations, and also:

a) State, municipal, district and provincial budget units,

b) municipal, district and provincial budget establishments,

(c) (repealed);

5) organisational units having no legal personality, except for the companies referred to in points 1 and 2;

6) branches and representations of foreign entrepreneurs, within the meaning of the provisions on the freedom of economic activity;

7) units not listed in points 1 to 6, if they are assigned to carry out tasks of commissioned grants or subsidies from the state budget, budgets of local government units or special-purpose funds-from the beginning of the financial year in which the grants or subventions were granted to them.

2. Natural persons, civil partnerships of natural persons, non-public companies of natural persons and partner companies may apply the accounting rules defined by the Act also from the beginning of the following financial year, if their net revenues from the sale of goods, products and financial operations for the previous financial year are lower than the equivalent in the Polish currency of 1 200 000 euro. In this case, those persons or associates shall, before the beginning of the financial year, be required to notify the tax office competent in matters of taxation of income tax.

2a. To limited companies of natural persons and partner companies whose net revenues from the sale of goods, products and financial operations for the previous financial year amounted to less than the equivalent in Polish currency 1 200 000 euro and which do not apply the accounting rules established by the Law on the basis of the 2, Article 1 70a.

3. Entities drawing up financial statements in accordance with International Accounting Standards, International Financial Reporting Standards and related interpretations as announced in the form of regulations of the European Commission, the 'IAS', hereinafter referred to as 'IAS', apply the provisions of the Act and the implementing rules issued on its basis, in so far as the IAS is unregulated

4. Ecclesiastical legal persons not engaged in an economic activity shall keep accounting in accordance with the internal rules of these persons.

5. [ 1] The units referred to in Article 10a par. 1 of the Act of 24 April 2003. about the activity of the public benefit and about the volunteer (Dz. U. of 2014 items 1118, as of late. zm.), may lead a simplified record of income and expenses on the terms and conditions set out in this Act.

Article 3. [ Definitions] 1. Whenever the law is referred to:

(1) the entity shall be understood by the entities and persons referred to in Article 4. 2. 1;

2) a bank-it is understood by this entity acting on the basis of the provisions of the Banking Law;

3) an insurance undertaking-it is understood by the entity conducting the insurance business on the basis of the provisions on insurance business;

3a) the provisions on securities trading-this is understood by the provisions of the Act on Trading in Financial Instruments, the Act on Supervision of the Capital Market, the Act on Public Offering and the Conditions for Introducing Financial Instruments to the the organised trading system and public companies;

(3b) the reinsurance undertaking shall be understood by the reinsurance undertaking on the basis of the provisions on reinsurance business;

4) the shares or shareholders-this is also understood by the shares or shareholders, as appropriate;

5. national means of payment, foreign currency and foreign exchange-it shall be understood by national means of payment, foreign currency and foreign exchange, as referred to in the provisions of the Law of foreign exchange;

(5a) a member of the body of the body shall be understood by that natural person, acting as a member of the management board or of another management body, of a member of the supervisory board or of another supervisory body, as well as of another administrative organ of the body, appointed to perform this function in accordance with the provisions of the company's agreement, statutes or other applicable legal provisions of law;

6) [ 2] the manager of the entity shall be understood by that member of the management board or of another governing body, and if the authority is multi-member, members of that body, with the exception of the plenipotentiaries set up by the body. In the case of an open company and a civil partnership, the members of the company, in the case of a partner company, of the company or the management board, and in respect of the limited partnership and the company, shall be considered as the head of the company for the head of the company. A limited partnership-a complimentary complimentary company. In the case of a natural person pursuing an economic activity as a manager of an entity, that person shall be considered to be the entity's head; this provision shall apply to persons performing the free occupations respectively. The liquidator as well as the liquidator or the administrator established in the restructuring procedure shall also be considered to be the head of the entity;

7) the approval authority-shall be understood by that body which, in accordance with the applicable body of laws, statutes, contract or under property law, is entitled to approve the entity's financial statements. In the case of a company, with the exception of a limited joint-stock company, and a civil partnership by the approval authority, the members of the company shall be understood to be members of the company;

(8) the reporting period shall be understood to mean the period for which a financial statement is drawn up under the law or other reports drawn up on the basis of the accounts;

(9) the financial year shall be understood to mean a calendar year or another period of 12 consecutive full calendar months, which shall also be applied for tax purposes. The working year or its amendments shall be determined by the statutes or the contract under which the unit was established. If an entity started operations in the second half of the financial year adopted, the accounts and the financial statements for that period may be combined with the accounting books and the financial statements for the following year. In the event of a change of the financial year, the first change after the change in the financial year shall be more than 12 consecutive

(10) balance sheet date shall mean the day on which the entity draws up a financial statement;

11) accounting principles adopted (policy) shall be understood by the choice and applied by the unit of the solution permitted by the law, including those set out in the IAS, which ensure the quality of the financial statements;

(12) assets-shall be understood by the entity controlled assets with a reliable value, arising from past events which will result in a future impact on the entity of economic benefits;

(13) fixed assets-this is understood by the assets of the entity which are not included in the rotary assets referred to in point 18;

14) of intangible assets-shall mean, subject to point 17, acquired by the entity, classified as fixed assets, property rights fit for economic use, of the estimated economic period more than one year, intended for use for the purpose of the unit, and in particular:

(a) ownership of property rights, related rights, licences, concessions,

(b) the rights to inventions, patents, trade marks, utility models and ornamental designs,

c) know-how.

In the case of intangible assets for use on the basis of a lease, lease or leasing contract, intangible assets shall be included in the fixed assets of one of the parties to the contract, in accordance with the terms and conditions set out in the paragraph. 4. Intangible and legal values also include the acquired value of the company and the costs of completed development works;

(15) fixed assets shall be understood to mean, subject to point 17, tangible and equalled assets with a foreseeable economic period of more than one year, complete, usable and intended for the purpose of the entity. They shall include in particular:

(a) real estate-including land, land-ground use, structures and buildings, as well as the separate ownership of the premises, the ownership of the housing estate and the cooperative right to the commercial premises,

(b) machinery, equipment, means of transport and other goods,

(c) improvements in foreign fixed assets,

(d) livestock.

Fixed assets for use under a lease, lease or lease agreement shall be included in the fixed assets of one of the parties to the contract, in accordance with the conditions set out in the paragraph. 4;

16. Fixed assets under construction-this is understood by the fixed assets included in fixed assets during the period of their construction, assembly or improvement of an existing fixed asset;

17) investments-this is understood by the assets held by the entity in order to derive from them the economic benefits resulting from the increase in the value of these assets, obtaining income in the form of interest, dividends (share in profits) or other loans, including those from a commercial transaction, in particular financial assets and those immaterial and intangible assets which are not used by the entity but are owned by the entity in order to achieve those benefits. In the case of insurance and reinsurance undertakings, investments shall be understood as investments;

18. turnover assets-this is the part of the assets of the entity which, in the case of:

(a) the tangible assets referred to in point 19 are to be disposed of or consumed within 12 months of the balance sheet date or during the normal operating cycle applicable to the activity in question, if it has been for more than 12 months,

(b) the financial assets referred to in point 24 are payable and payable, or are intended for disposal within 12 months of the balance sheet date or from the date of their establishment, issue or acquisition, or are cash assets,

(c) short-term receivables-include the total of the supplies and services and all or part of the claims on other titles not included in the financial assets and which become due within 12 months of the balance sheet date,

(d) accruals-shall last no longer than 12 months from the balance sheet date;

(19) tangible assets-shall mean the materials acquired for the purpose of consumption for own consumption, manufactured or processed by the unit of finished products (products and services) that are fit for sale or in the course of production, semi-finished products and goods acquired for resale in unprocessed state;

20) obligations-this is understood as a result of past events being the obligation to perform services with a reliable value which will result in the use of the entity's already existing or future assets;

21) reserves-this is understood to mean commitments that are due to be due or not certain;

21a) [ 3] technical provisions-it shall be understood by this technical provisions for accounting purposes created by an insurance undertaking or a reinsurance undertaking;

22. short-term liabilities-this is understood by the general supply and service obligations, as well as all or that part of the remaining liabilities which become due within 12 months of the balance sheet date;

(23) financial instruments-this shall mean a contract which results in financial assets in one of the parties and a financial liability or an equity instrument on the other, provided that the contract between the two parties is made available to the financial instrument or the capital instrument. or more parties clearly derive from economic effects, whether or not the exercise of the rights or obligations arising from the contract is unconditional or conditional. In particular, financial instruments shall not include:

(a) reserves and deferred tax assets,

(b) financial guarantee contracts which determine the performance of the obligations under the guarantee, in the form of payment of the amounts corresponding to the losses incurred by the beneficiary as a result of the debtor's failure to pay the claims within the required time limit,

(c) agreements for the transfer of securities rights between the time of the conclusion and settlement of transactions where the performance of such contracts requires the issue of securities within a specified time limit, including when the transfer of such rights occurs in the form of a record on the securities account, operated by an entity authorized by separate provisions,

(d) the assets and liabilities of the programmes from which the employees ' shares and other persons associated with the undertaking in its capital or in the capital of another unit in the capital group to which the undertaking belongs, are the result of the programmes,

(e) the merger agreements of the companies from which the obligations laid down in Article 44b (b) 9;

24) financial assets-this is understood by cash assets, equity instruments issued by other entities, and also arising from the contract the right to receive cash assets or the right to exchange financial instruments with another unit under favourable conditions;

(25) cash assets-this is understood by the assets in the form of national means of payment, foreign exchange and foreign exchange. Cash assets also include other financial assets, including, in particular, accrued interest on financial assets. If these assets are payable or payable within 3 months from the date of their receipt, issue, acquisition or assumption (deposits), they shall be included in the cash flow account unless they are recognised in flows from the cash flow. investment activities (localisation);

26) equity instruments-it is understood by this contract, which results in the right to the property of the entity, remaining after the veil or collateralisation of all creditors, as well as the obligation of the entity to issue or deliver the own equity instruments, in particular shares, equity options or warrants;

27) financial commitments-it is understood by the entity's obligation to issue financial assets or to exchange a financial instrument with another entity, on unfavourable terms;

(28) contingent liabilities-this means the obligation to carry out the benefits to which the insurrection depends on the existence of certain events;

(29) net assets-this is understood by the assets of the entity minus the liabilities, corresponding to the value of the capital (fund) in its own right;

(30) revenue and profit-this is understood by the firm's likely rise in the reporting period of economic benefits, of a reliable value, in the form of an increase in the value of the assets, or a reduction in the value of the liabilities that will lead to the creation of a to an increase in equity or a reduction in its shortfall in other ways than the contribution of the shareholders or owners to the funds;

(31) costs and losses-this is understood by a firm reduction in the reporting period of economic benefits, of a reliably determined value, in the form of a reduction in the value of assets, or an increase in the value of liabilities and reserves, which will lead to a reduction in equity or an increase in its shortfall in a way that is otherwise than the withdrawal of funds by shareholders or owners;

(32) other operating costs and revenues-this is understood by the costs and revenues indirectly linked to the operating activities of the entity, and in particular the costs and revenues associated with:

(a) with social activities,

(b) the divestment of fixed assets, fixed assets under construction, construction, intangible assets and real estate and intangible assets included in the investment,

(c) with the maintenance of real estate and intangible assets included in the investment, including the updating of the value of such investments, as well as their reclassification into fixed assets and intangible assets, and legal if the market price or otherwise specified fair value is used for the valuation of the investment,

(d) with the write-off of receivables and liabilities of expired, uncollected, irrecoverable, with the exception of receivables and liabilities of a public-law nature, without incurring costs,

(e) with the establishment and settlement of reserves, with the exception of provisions relating to financial operations,

(f) with write-off of assets and their adjustments, with the exception of write-off debiting financial charges,

(g) with compensation and penalties,

(h) with or without transfer, including by way of donations of assets, including cash for other purposes than payment of sales prices, acquisition or production of fixed assets, fixed assets under construction or intangible assets and legal

(i) with random events;

(33) gains and losses-this is understood by the gains and losses arising from banks, insurance companies, reinsurance undertakings and cooperative savings and credit cassettes as a result of difficult-to-predict events, except for the the operational activities of the undertaking and which are not linked to the overall risk of its conduct;

34) exercising control over another entity-this means the ability of the entity to direct the financial and operational policies of another entity, in order to gain economic benefits from its activities;

(35) co-control of another entity shall mean the capacity of the joint-subsidiary's partner in equal terms with other partners, in accordance with the terms and conditions laid down in the agreement between them, the company's agreement or the statute for policy direction. the financial and operational activities of that undertaking, in order to achieve jointly the economic benefits of its activities;

(36) a significant influence on another undertaking-it shall be understood to mean that the entity's ability to influence the financial and operational policy of another undertaking, in particular by:

(a) participation in the decision on the distribution of the profit or the coverage of the loss or

(b) having a management, supervising or administrative authority, or

(c) carrying out relevant transactions with that undertaking, or

(d) making available to that body of technical information which is essential for its activities, or

(e) the possibility of appointing and cancelling members of management, supervising or administering bodies, or

(f) holding not less than 20% of the total number of votes in the body of that body;

(37) a parent undertaking shall be understood by that undertaking, which is a commercial company or a public undertaking, exercising control over a subsidiary, and in particular:

(a) having a direct or indirect majority of the total number of votes in the subsidiary's body, including on the basis of agreements with other voting rights exercising voting rights in accordance with the will of the parent undertaking, or

(b) a shareholder of a subsidiary and entitled to direct the financial and operational policies of that subsidiary in a self-contained manner or by a person or entity designated by it on the basis of an agreement concluded with other eligible persons. voting, holding on the basis of the articles of association or agreement of the company, including the parent undertaking, the majority of the total number of votes in the body of the form, or

(c) the shareholder of the subsidiary and entitled to appoint and dismiss a majority of the members of the governing bodies supervising or administering the subsidiary, or

(d) the shareholder of a subsidiary of which more than half of the composition of the management, supervisory or administrative bodies of the previous financial year, during the current financial year and until the financial statements for the current financial year are drawn up the financial year shall constitute the persons appointed to perform those functions as a result of the exercise by the parent undertaking of voting rights in the bodies of that subsidiary, unless another person or person has a subsidiary in relation to that subsidiary undertaking of the law which he or she has been subject to point (a), (c) or (e), or

(e) a shareholder of a subsidiary and entitled to direct the financial and operational policies of that subsidiary, on the basis of a contract concluded with that subsidiary or statutes or by the statutes of that subsidiary;

37a) a downstream parent is understood by a commercial company which is, at the same time, a subsidiary of another commercial company or a state-owned company and a parent undertaking in relation to one or more companies trading;

37b) a senior parent undertaking shall be understood by that entity which is a commercial company or a state undertaking which is a parent undertaking in relation to a lower level parent undertaking;

37c) the partner of the co-subsidiary undertaking shall be understood by that entity which is a commercial company or a State-owned company, which, together with other shareholders, is joint control of the subsidiary undertaking;

37d) involvement in the capital-it is understood by that any share in the capital of another entity, having the character of a lasting relationship; a permanent affiliation occurs always in the case of acquisition, purchase or acquisition in another form of a share in the capital an associate, unless the divestment of a participation in the short term from the date of its acquisition, purchase or acquisition in another form is highly probable, either by concluding an agreement or by taking other active divestment measures;

(38) a significant investor, shall be understood by that entity which is a commercial company or a public undertaking which has an involvement in the capital of another undertaking and has a significant impact on that undertaking;

(39) subsidiary undertaking shall be understood by that entity which is a commercial company or entity which is established and operated in accordance with the provisions of a foreign commercial law controlled by a parent undertaking;

40) of the co-subsidiary-it is understood by that unit, which is co-controlled by accomplices on the basis of the agreements concluded between them, the contract of the company or the statutes;

41) of an associate, it is understood by that entity which is a commercial company or entity established and operating in accordance with the provisions of a foreign commercial law in which a significant investor has a involvement in the capital, and which is subject to significant impact;

(42) subordinated entities shall be understood by the subsidiaries, interdependent and associated entities;

43) affiliated entities-it is understood by that two or more entities within the group of undertakings concerned;

(44) a group of capital, which shall be understood by that parent undertaking together with subsidiaries;

45) consolidation-this is understood by the merger of the financial statements of the entities constituting the capital group by the aggregation of the respective positions of the parent's financial statements and subsidiaries, taking into account the necessary exclusions and revisions;

(46) minority capital-it shall be understood by that part of the net assets of the subsidiary, which is included in the consolidated financial statements, which belongs to shareholders other than the units of the capital group;

47) method of property rights-this is understood by the parent entity, the partner of the co-dependent entity or a significant investor, the method of valuation of the shares in the net assets of the subsidiary, taking into account the value of the company or the negative value of the company, set at the date of the control, co-control or significant impact. The initial value of the share shall be updated to the balance sheet date on which the financial statements are drawn up, the changes in the net asset value of the subordinated entity that occurred during the reporting period as a result of both the result achieved. a financial, adjusted copy of the company's value instalments or negative goodwill for a given reporting period, as well as any other changes, including the resulting settlements with the parent undertaking, the partner of the co-dependent entity, or a significant investor;

(48) The European Economic Area, it is understood by the countries of the European Union and Iceland, Liechtenstein and Norway.

1a. The micro units within the meaning of the Act are:

1) the companies referred to in art. 2. 1 point 1, other legal persons, as well as branches of foreign entrepreneurs within the meaning of the provisions on freedom of economic activity, if those units in the financial year for which the financial statements are drawn up and in the year prior to that year Whereas, in the case of start-up units, in the financial year in which they commenced operations, they did not exceed at least two of the following three sizes:

a) 1 500 000 PLN-for the sum of assets of the balance sheet at the end of the financial year,

(b) PLN 3,000,000-in the case of net proceeds from the sale of goods and products for the financial year,

(c) 10 persons, in the case of semi-annual employment on a full-time basis,

2) associations, trade unions, employers 'organisations, chambers of economy, foundations, representation of foreign entrepreneurs, within the meaning of the provisions on freedom of economic activity, socio-occupational farmers' organizations, organizations professional self-government, organizations of self-government economic crafts and the Polish Office of Communications Ininsurers-if they do not conduct business activities,

3) natural persons, civil partnerships of natural persons, non-public companies of natural persons and partner companies, if the net income of these units from the sale of goods, products and financial operations amounted to the equivalent in Polish currency not less than 1 EUR 200 000 and not more than EUR 2 000 000 for the previous financial year and, in the case of units starting up or carrying out the accounts in a manner determined by the law, in the financial year in which the activity or the pursuit of the operation started accounting books in the manner prescribed by the law,

4) natural persons, civil partnerships of natural persons, public companies of natural persons and partner companies which apply the accounting principles on the basis of art. 2. 2

-in respect of which the approval authority has taken a decision on the preparation of the financial statements under Article 4 (1) of the Financial Regulation. 46 (1) 5 point 4, art. 47 para. 4 point 4, art. 48 (1) 3, art. 48a ust. 3, art. 48b (b) 4 or Art. 49 (1) 4.

1b. The micro units within the meaning of the Act are also the units referred to in paragraph. 1a (1), which:

1. for the previous financial year, a financial report has been drawn up using the Article. 46 (1) 5 point 4, art. 47 para. 4 point 4, art. 48 (1) 3, art. 48a ust. 3, art. 48b (b) 4 or Art. 49 (1) 4 and

(2) in the financial year for which the financial statements are drawn up, or in the year preceding that financial year, two of those referred to in paragraph 1 shall be exceeded. 1a point 1 of the size.

1c. The small units within the meaning of the Act are:

1) the companies referred to in art. 2. 1 point 1, other legal persons, entities referred to in art. 2. 1 point 2, and branches of foreign entrepreneurs within the meaning of the provisions on freedom of economic activity, if those units in the financial year for which the financial statements are drawn up, and in the year preceding that financial year, and in the start-up units or the keeping of the accounts in the manner laid down by the law-in the financial year in which the activity was commenced or the keeping of the accounts in the manner laid down by the law, did not exceed at least two of the following three sizes:

a) PLN 17 000 000-for the sum of the assets of the balance sheet at the end of the financial year,

(b) 34 000 000 PLN-in the case of net proceeds from the sale of goods and products for the financial year,

(c) 50 persons, in the case of semi-annual employment on a full-time basis,

2) natural persons, civil partnerships of natural persons, non-public companies and partnerships which apply the accounting principles under art. 2. 2

-for which the approval authority has taken a decision on the preparation of the financial statements using the Article. 46 (1) 5 point 5, art. 47 para. 4 point 5, art. 48 (1) 4, art. 48a ust. 4, art. 48b (b) 5 or Art. 49 (1) 5.

1d. The small units within the meaning of the Act are also the units referred to in paragraph. 1c, which:

1. for the previous financial year, a financial report has been drawn up using the Article. 46 (1) 5 point 5, art. 47 para. 4 point 5, art. 48 (1) 4, art. 48a ust. 4, art. 48b (b) 5 or Art. 49 (1) 5 and

(2) in the financial year for which the financial statements are drawn up, or in the year preceding that financial year, two of those referred to in paragraph 1 shall be exceeded. 1c point 1 of the size.

1e. The provisions of the paragraph. 1a and 1c shall not apply to:

1) the units referred to in art. 2. 1 point 3;

2. units intending to apply or to apply for a permit to operate on the basis of the provisions referred to in Article 2. 1 point 3;

(3) issuers of securities admitted, issuers intending to apply or apply for their admission to trading on one of the regulated markets of the European Economic Area;

4) issuers of securities admitted to trading in an alternative trading venue;

(5) national payment institutions;

6. electronic money institutions;

7) units of the public finance sector.

1f. For the purposes of the mouth. 1 point 36 (a) f and point 37 (a) a-d voting rights and the right to appoint and revoke members of management, supervisory or administrative bodies of any other subsidiary, as well as rights belonging to persons acting on their own behalf, but in favour of an entity parent or other subsidiary, shall be summed up with the relevant rights of the parent undertaking. These rights shall be reduced by the rights related to the shares held:

1) on behalf of a person who is not a parent undertaking or its subsidiary, or

2. by way of security, if the rights in question are carried out in accordance with the instructions received, or

3) in connection with the granting of loans in the ordinary course of business, if the voting rights are exercised in the interest of the person providing the security.

1g. For the purposes of the mouth. 1 point 36 (a) (f) and point 37 (a), (b) and (d) of the voting rights of the shareholders in the subsidiary shall be reduced by the voting rights attached to the shares held by that subsidiary, its subsidiary or a person acting on its own behalf, but in favour of those interests. units.

2. The amounts expressed in euro shall be converted into the Polish currency at the average rate, announced by the National Bank of Poland, at the balance sheet date, subject to paragraph. 3.

3. Expressions in euro of the size referred to in paragraph 3. 1a, point 3 and in Article 1 2. 1 point 2 and paragraph. 2, shall be converted into the Polish currency at the average rate announced by the National Bank of Poland, on the first working day of October of the year preceding the financial year.

4. If an entity has accepted to use foreign fixed assets or intangible assets under an agreement whereby one of the parties, hereinafter referred to as "funding", gives the other party, hereinafter referred to as "the beneficiary", the fixed assets or values intangible and legal to the payment of the use or the collection of loans for a period of time marked, such measures and values shall be included in the assets of the beneficiary, where the contract meets at least one of the following conditions:

1) transfer the property of its object on the beneficiary after the end of the period for which it was concluded;

2) includes the right to acquire the object by the beneficiary, after the end of the period for which it was concluded, at a price lower than the market value of the day of acquisition;

3) the period for which it is concluded shall correspond, for the most part, to the foreseeable economic period of the utility of a fixed asset or of a property right, and shall not be less than or equal to 3/4 of that period. The object of the object of the contract may, after the period for which the contract has been concluded, be transferred to the beneficiary;

4) the sum of the fees, minus the discount, fixed at the date of conclusion of the contract and payable during its period of validity, exceeds 90% of the market value of the subject of the contract for that day. A total of the fees shall take into account the final value of the subject matter of the contract which the beneficiary undertakes to pay for the transfer of the property to him. The sum of the fees shall not include payments to the funding for additional benefits, taxes and insurance premiums for that item, if the beneficiary covers it regardless of the charges for use;

5. it shall include a pledge fund to conclude with the beneficiary another agreement to pay for the use of the same object in consideration or to extend the contract to date, under conditions which are more favourable than those provided for in the previous agreement;

6. provides for the possibility of giving notice, provided that any resulting costs and losses incurred by the sponsoring cover of the beneficiary;

7) the subject of the contract has been adapted to the individual needs of the beneficiary. It may only be used by the beneficiary, without any significant changes being made.

5. If at least one of the conditions laid down in the paragraph is met. 4. The use of fixed assets or intangible assets shall be included in the financing of financial assets as other long-term or short-term assets, as appropriate.

6. Units, with the exception of the units referred to in paragraph. 1e, which for the previous financial year did not exceed at least two of the following three sizes:

1) 17 000 000 zł-in the case of the sum of assets of the balance sheet at the end of the financial year

2) 34 000 000 zł-in the case of net proceeds from the sale of goods and products for the financial year,

3) 50 persons-in the case of semi-annual employment on a full-time basis

-and units of local government may qualify for the contracts referred to in paragraph 1. 4, according to the rules set out in the tax rules and do not apply the provisions of paragraph. 4 and 5.

Article 4. [ Accounting rules] 1. The entities shall apply the accepted accounting principles (policies), reliably and clearly presenting the financial and financial situation and the financial result.

(1a) In order to provide a fair and clear presentation of the financial and financial situation and of the financial result, an entity shall submit any additional information necessary to fulfil this obligation in the notes.

1b. If, in exceptional cases, the application of a specific provision of a law would not allow a fair and clear presentation of the financial and financial situation and financial result, the entity does not apply this provision and, in addition, justify the reasons for its inapplicability and determines the impact of the non-application of the provision on the economic and financial situation and the financial result of the entity.

2. Events, including economic operations, shall be recognised in the accounts and shall be recorded in the financial statements in accordance with their economic content.

3. The account of the entity shall comprise:

1) the adopted accounting policy (s);

2) conducting, on the basis of accounting evidence, accounting books, endeining records of events in chronological and systematic order;

3. periodic fixing or checking by means of a probe of the actual condition of assets and liabilities;

4. the valuation of assets and liabilities and the setting of the financial result;

5) drawing up financial statements;

6) the collection and storage of accounting evidence and other documentation provided by the law;

7) submission of the examination, submission to the appropriate court register, making available and announcing financial statements in the cases provided for by the Act.

4. An entity may, within the framework of accepted accounting policies, apply simplification if it does not have a significant negative impact on the implementation of the obligation set out in paragraph 1. 1.

4a. When applying the provisions of the Act, an entity is guided by the principle of materiality The information shown in the financial statements and the consolidated financial statements should be considered as relevant if their omission or distortion can affect the decisions taken on their basis by the users of those reports. Individual positions may not be considered irrelevant if all non-essential items of a similar nature are considered to be of a significant nature.

5. [ 4] The manager of the entity shall, unless otherwise provided in separate regulations, be responsible for the performance of accounting obligations under the law, including supervision, also in the case of specific accounting obligations -excluding the responsibility for carrying out the inventory in the form of an inventory by nature-will be entrusted to another person or entrepreneur referred to in art. 11 (1) 2, with their consent. The acceptance of liability by another person or trader should be stated in writing. Where the manager of a unit is a multi-person body and the responsible person is not identified, all members of that body shall be responsible.

Article 4a. [ Responsibility of the Head of Unit and of the Supervisory Board Members] 1. The head of the entity and the members of the supervisory board or other supervisory body of the entity shall be obliged to ensure that the financial statements, consolidated financial statements, report on the activities and report of the activities of the capital group met the requirements laid down in the Act.

2. The head of the entity and the members of the supervisory board or any other body supervising the entity shall be jointly and severally liable to the company for the damage caused by the act or omission which constitutes a breach of the obligation arising out of paragraph 1.

Article 5. [ Continuation rule of adopted rules] (1) The accounting policy (s) of the accepted accounting policy must be applied on a continuous basis, in the following years, the same grouping of economic operations, the valuation of assets and liabilities, including write-off of depreciation, or the fact that the financial results and the financial statements are to be drawn up in such a way that the resulting information is comparable for the years in which they are based. The stock of assets and liabilities shown in the accounts at the date of their closure must be in the same amount, in the accounts opened for the following year.

2. When applying the accounting policies adopted (policy), it is assumed that the entity will continue in the foreseeable future in a significant manner, without being in liquidation or bankruptcy unless it is incompatible with the factual or legal situation. When establishing the capacity of the entity to continue its operations, the unit manager shall take into account all the information available at the date of the financial statements for the foreseeable future, which shall cover a period of not less than one year from the balance sheet date.

Article 6. [ Revenues and expenses for a given financial year] 1. In the accounts of the entity, all the revenues generated by it and debiting the costs associated with those revenue relating to the financial year in question shall be included in the accounts, irrespective of the time limit for payment.

2. In order to ensure the ratio of income and associated costs to the assets or liabilities of a given reporting period, the costs or revenues for future periods will be included, and for that reporting period, the costs which will be incurred have not yet been incurred.

Article 7. [ Principle of prudent valuation] 1. Individual components of assets and liabilities shall be valued using actual costs incurred on their acquisition (production) of the price (costs), subject to prudence. In particular, for this purpose, account shall be taken of the financial result, regardless of its height, of:

1) to reduce the useful value or commercial value of assets, including those made in the form of depreciation or amortization write-off;

2. (repealed);

(3) only undeniable other operating income and extraordinary profits;

4. all other operating costs incurred and extraordinary losses incurred;

5) reserves for known units of risk, threatening losses and the effects of other events.

2. The events referred to in paragraph 2. 1, it should also be taken into account when it is disclosed between the date of the balance sheet and the date on which the accounts are actually closed.

2a. The micro unit referred to in art. 3 para. Article 1a (2) may give up the exercise of the precautionary principle in the valuation of the individual assets and liabilities.

3. The value of individual assets and liabilities, income and related costs, as well as profits and extraordinary losses shall be determined separately. The values of the various assets and liabilities, income and associated costs, and extraordinary profits and losses cannot be offset against each other.

Article 8. [ Choice of solutions permitted by law] 1. In determining the accounting principles (policy), it is necessary to ensure that all events relevant to the assessment of the financial and financial situation and the financial result of the entity are distinguished in the accounting of all events, while maintaining the precautionary principle referred to in Article 3 (1). 7.

2. In order to provide a fair and clear presentation of the situation, an entity may, with effect from the first day of the financial year, regardless of the date of the decision, amend hitherto applied solutions to the other, provided by the Act. The revision of the existing arrangements also requires the identification of the additional impact of these changes on the financial statements required by other provisions of the law, if they have been drawn up for the period during which the above arrangements have changed. In that case, the financial statements of the unit for the financial year in which those changes occurred, indicate the reasons for those changes, quantify their impact on the financial result and ensure the comparability of the financial statements concerned. concerning the year prior to the financial year in which the changes were made. The effects of the change in accounting policies (policies) relate to equity (fund) and show as profit (loss) from previous years.

3. In the case of changes in accounting policies, caused by the termination of the use of IAS when drawing up financial statements by the entities referred to in Art. 45 par. The financial implications of the transition to the accounting policies set out in the Act refer to equity (fund) and shows as profit (loss) from previous years, and if the revaluation effects of the assets in accordance with IAS are accounted for by the the capital (fund) of revaluation-as a change in the state of that capital (fund). The provisions of paragraph 1 shall apply mutatis mutandis to the changes to the accounting policies of the cessation of the application of IAS when drawing up financial statements. 1 and 2.

Chapter 2

Keeping of accounts

Article 9. [ Polish language, Polish currency] The accounts shall be carried out in Polish and in Polish currency.

Article 10. [ Documentation] 1. An entity should have documentation describing in the Polish language adopted by it the principles of accounting, and in particular concerning:

1. the determination of the financial year and the reporting periods in its composition;

2) methods of valuation of assets and liabilities and the determination of the financial result;

(3) the way in which the accounts are kept, including at least:

(a) an account plan setting out the list of general ledger accounts, the rules adopted for the classification of events, the rules governing the accounts of the accounts and their association with the accounts of the general ledger,

(b) the list of accounting books and, in the conduct of the accounts using the computer, a list of the data files constituting the accounting books on the data media with a definition of their structure, their mutual links and their functions in the the organisation of all accounts and data processing processes,

(c) the description of the data processing system and, in the conduct of the accounts using the computer, a description of the computer system containing a list of programmes, procedures or functions, depending on the structure of the software, together with a description of the algorithms and the parameters and programmatic data protection principles, including in particular the methods of securing access to the data and the system of their processing, and the determination of the version of the software and the date of its commencable operation;

4. a system for the protection of the data and their collections, including accounting evidence, accounting books and other documents on which the records have been based.

2. The Head of Unit shall determine in writing and update the documentation referred to in paragraph. 1.

3. In matters not regulated by the Act, by adopting the accounting principles (policy), individuals may apply national accounting standards issued by the Accounting Standards Committee. In the absence of a suitable national standard, the entity, other than those mentioned in art. 2. 3, they may use IAS.

Article 11. [ Place of conduct of the books] 1. The accounting books are conducted by the entity.

2. [ 5] An entity may entrust the keeping of the accounts:

1) the entrepreneur referred to in art. 76a (a) 3, or a trader operating in that respect from another Member State within the meaning of Article 3 (1) of the 2. 1 point 4 of the Act of 4 March 2010. o the provision of services in the territory of the Republic of Poland (Dz. U. No 47, pos. 278, z Late. zm.);

2) in the case of units of the public finance sector-another entity of the public finance sector, on the basis specified in the separate regulations.

Article 11a. [ Conducting accountancy books outside the unit or place of management of the unit] Where the accounts are carried out outside the unit or place of management, the head of the undertaking shall be obliged:

1) notify the competent tax office of the place of the keeping of the accounts within 15 days from the day of their issue;

2. ensure that the accounts are available, together with the accounting evidence, to the authorised external audit or supervision authorities at the premises of the entity or at the place of management or elsewhere with the agreement of the control or supervisory authority.

Article 12. [ Opening and closing of the accounts] 1. The accountancy books shall be opened, subject to paragraph. 3:

1) on the starting day of the activity, which is the day of the first event calling the effects of a property or financial nature,

2) at the beginning of each subsequent financial year,

3) on the day of change of the legal form,

4) on the date of entry in the register of the combination of units or division of the entity, causing the formation of a new unit (units),

5) on the day of the beginning of liquidation or the announcement of bankruptcy

-within 15 days from the date of the events.

2. The accountancy books shall be closed, subject to paragraph. 3, 3a, 3b and 3c:

1) for the day ending the financial year,

2) on the day of the termination of the business of the entity, including its sale, termination of liquidation or bankruptcy proceedings, unless its redemption has taken place,

3) for the day prior to the change of legal form,

4) in the acquiree on the day of the merger connected with the acquisition of the unit by another entity, that is on the date of entry in the register of that connection,

5) on the day preceding the day of division or combination of units, if a new unit is formed as a result of a division or a merger, that is the day preceding the day of the entry in the register of the connection or division,

6) for the day preceding the day of the entity's putting into liquidation or declaring bankruptcy,

(7) on another balance sheet date specified by separate provisions

-not later than 3 months from the date of the events.

3. You may not close and do not open the accounts in the case of:

1) the transformation of a personal partnership and a civil partnership into another personal partnership, as well as a capital company in another capital company;

2) the merger of the units, when, according to the Act, the settlement of the merger takes place by means of merger of the shares and does not result in the

3) [ 6] (repealed).

3a. It may not be possible to close the accounts if the division of the unit is effected by partial division.

3b. It may not be possible to close the accounts for the financial year in which the activity of the entity has been suspended at all times, unless the entity carries out depreciation or amortization or other events that produce effects on the the financial or financial nature of that nature.

3c. Provision of the paragraph. 3b shall not apply to issuers of securities intending to apply for admission or to apply for admission to trading on a regulated market in a country belonging to the European Economic Area and issuers of securities securities admitted to trading on that market.

4. The final closure and opening of the accounts of the continuing business unit should be made at the latest within 15 days from the date of the approval of the financial statements for the financial year.

5. The closure of the accounts consists in the irreparable exclusion of the possibility of making accounting records in the collections forming the closed accounts, taking into account art. 13 (1) 2 and 3.

Article 13. [ Constituents of the accounts] 1. The accountancy books include sets of accounting records, turnover (sum of records) and balances which make up:

1) journal;

2) the main book;

3. auxiliary books;

4) compiling: the turnover and balances of general ledger accounts and the balances of accounts of auxiliary books;

5) list of assets and liabilities (inventory).

2. When carrying out the accounts using a computer, the accounting information resources, organised in the form of separate computer datasets, databases or isolated parts thereof, shall be considered as equivalent to them, as appropriate. the place of their origin and storage.

3. The condition of maintaining the information resources of the accounting system in the form set out in the paragraph. 2 shall be the possession of a software unit enabling clear information to be obtained in relation to the records made in the accounts by means of their printing or transfer to an IT data medium.

4. The accounting books, taking into account the technique of their conduct, shall be:

1) permanently marked with the name (full or abbreviated) of the entity to which it relates (any book bound, any loose end card, also if they are of the form of a computer printout or a summary displayed on the screen of a computer monitor), the name of the given the type of account book and the name of the processing programme;

2. clearly marked as for the financial year, the reporting period and the date of preparation;

3) stored carefully in the established order.

5. When carrying out accounting books using a computer, it is necessary to provide automatic control of the continuity of records, transfer of turnover or balances. The printouts of the computerised accounts should consist of automatically numbered pages, marked with the first and last markings, and be aggregated on subsequent pages in a continuous manner throughout the financial year.

6. The accounting books shall be printed no later than the end of the financial year. The transfer of the contents of the accounts to the IT data medium shall be considered equivalent to the printout, ensuring that the recording of the information is durable, for a period not less than that required for the keeping of the accounts.

Article 14. [ Journal] 1. The journal shall contain a chronological record of the events that have occurred during the reporting period. Notwithstanding the technique of keeping the accounts, the diary should make it possible to reconcile its turnover with the turnover of the accounts and the balances of the accounts of the general ledger.

2. The log records must be numbered sequentially, and the sum of records (revolving) counted continuously. The manner in which the records are made should be such as to make it possible to link them unambigually with the proven and validated accounting evidence.

3. If partial logs are used, grouping events according to their type, a summary of the turnover of these journals shall be drawn up for the reporting period concerned.

4. When carrying out accounting books using a computer, the accounting record should have an automatically assigned number of the item under which it was entered into the journal, as well as data allowing the identification of the person responsible for the contents of the recording.

Article 15. [ General Ledger accounts] 1. The general ledger accounts shall contain records of events in systematic terms. The general ledger accounts use the double-write rule that you recorded previously or at the same time in the event log.

2. The records in the specified general ledger account shall be carried out in chronological order.

Article 16. [ Auxiliary Ledgers accounts] 1. The accounts of the auxiliary books contain records which are the details and additions to the accounts of the general ledger accounts. It is carried out in a systematic way as an isolated system of books, files (sets of accounts), computer datasets, agreed with the balances and records in the accounts of the general ledger.

2. In the accounts of auxiliary books, you can use, next to or instead of monetary units, natural units within the reporting period. It is then necessary to draw up, at the end of the reporting period, a summary of the entries made in the accounts of the auxiliary accounts in natural units and to establish their value.

3. (repealed).

Article 17. [ Conducting accounts of auxiliary books] 1. The accounts of auxiliary books shall be carried out in particular for:

1) fixed assets, including fixed assets under construction, immaterial and legal values, and depreciation or amortization, which are made from them;

2. Settlements with counterparties;

3) settlement with employees and, in particular, as a registered record of the remuneration of employees providing information, for the entire period of employment;

4) sales operations (sequentially numbered their own invoices and other evidence, with the specificity necessary for tax purposes);

5) the purchase operation (foreign invoices and other evidence, with the specificity necessary to value the asset components and for tax purposes);

6) costs and material for the unit of assets;

7) cash operations in case of cash register.

2. The head of the entity, taking into account the nature and value of individual groups of physical assets of the rotating assets held by the entity, shall decide to use one of the following methods of keeping accounts of auxiliary books for these groups components:

1) quantitative and value records in which turnover and states in natural and monetary units are recognised for each component;

2) quantitative records of turnover and stocks, carried out for individual components or their homogenous groups exclusively in natural units. The value of the state of valuation at least at the end of the reporting period for which the income tax budgets are settled on the basis of actual data;

3. records of the value of the turnover and stocks of the goods and of packaging, which are kept for retail outlets or storage sites, whose object records are only revenues, spreads and stocks of the entire stock;

4) write down the costs of the value of materials and goods on the day of their purchase or finished products at the time of their manufacture, combined with the determination of the condition of these assets and its valuation and the adjustment of the costs of the value of that condition, no later than on the balance sheet date.

Article 18. [ turnover and balances] 1. On the basis of the entries in the accounts, the accounts shall be drawn up at the end of each reporting period, not less frequently than at the end of the month, a breakdown of turnover and balances containing:

1) the symbols or names of the accounts;

(2) the balance of the accounts on the opening day of the accounts, the turnover for the reporting period and the incremental year-end of the financial year and the balance at the end of the reporting period;

(3) the sum of the balances at the opening day of the accounts, the turnover for the reporting period and the year-end of the financial year and the balance at the end of the reporting period.

The turnover of this statement should be consistent with the turnover of the logbook or the turnover of the turnover of the partial logs.

2. At least at the closing date of the accounts, the balances of all accounts of the supporting accounts shall be drawn up and, as per the day of the inventory, of the balances of the inventory of the asset group.

Article 19. [ Inventor] 1. The list of assets and liabilities (inventory), confirmed by their inventory, shall draw up units which have not previously kept the accounts in the manner prescribed by the law. In the remaining units, the inventory balance sheet meets the turnover and balances of the general ledger accounts and the accounts of the accounts of the auxiliary accounts drawn up on the closing date of the accounts.

2. The inventory items drawn up by units which have not previously kept the accounts shall be equivalent to, or dispelled, the individual items of the opening balance sheet. Asset and liability items shall be measured in the inventory according to the rules set out in Chapter 4.

Article 20. [ Recordings in the accounting books of the reporting period] 1. The accounts of the reporting period shall be entered, in the form of a record, of any event that has occurred during that reporting period.

2. The basis of the entries in the accounts shall be the accounting evidence stating that the economic operation is carried out, hereinafter referred to as "source evidence":

1) external foreign-received from contractors;

2) external own-communicated to the original contractors;

3) internal-concerning intra-unit operations.

3. The basis of records may also be drawn up by the entity's accounting evidence:

1) collective-for the purpose of making a total record of the set of source proofs, which must be individually mentioned in the collection command;

2) reversing previous records;

3) alternates-issued pending the receipt of an external foreign source proof;

(4) accounting, already recorded in accordance with the new classification criteria.

4. In case of a justified failure to obtain external foreign source evidence, the head of the entity may permit the evidence of economic operation by the accounting officer of the substitutive evidence, drawn up by the persons performing the operation. However, this cannot relate to economic operations which are subject to purchases of goods and services subject to tax and the buying-in of non-ferrous metals from the population.

5. When carrying out the accounts using a computer as equivalent to the source evidence, the records in the accounts shall be considered as being entered automatically by means of communication devices, IT data media or created by algorithm (programme) on the basis of information already contained in the books, ensuring that at least the following conditions are met when recording these records:

1. they shall obtain a permanent legible form in accordance with the content of the relevant accounting evidence;

(2) it is possible to establish the source of their origin and to establish the person responsible for their implementation;

3. the procedure to be used shall ensure that the processing of the relevant data and the completeness and identity of the records are verified;

4. the source data at the place of their origin shall be adequately protected, in such a way as to ensure that they are not variable, for the period required to store the type of evidence in question.

Article 21. [ Proof of accounting] 1. The accounting evidence shall contain at least:

1) determination of the type of proof and its identification number;

2) the definition of the parties (names, addresses) carrying out the economic operation;

(3) a description of the operation and its value, if possible, also referred to in natural units;

4) the date of completion of the operation, and when the evidence was drawn up at another date-also the date of drawing up the proof;

5. signature of the issuer of the evidence and the person to whom the asset has been issued or of which the asset is accepted;

6) a statement of the verification and eligibility of evidence for inclusion in the accounts by the indication of the month and the manner of the recognition of the evidence in the accounts (decree), the signature of the person responsible for these indications;

7) (repealed).

1a. It may not be possible to include in the proof of the data in question:

1) in the mouth. 1 (1) to (3) and (5), where this is due to separate provisions;

2) in the mouth. 1 point 6, if this is due to the technique of documenting accounting records.

2. The value may be in the proof omitted if, in the course of processing in the accounting of data expressed in natural units, their valuation is followed, confirmed by the appropriate printout.

3. The accountant's evidence for foreign currencies shall include a conversion of their value into the Polish currency at the rate prevailing on the day of the economic operation. The result of the conversion shall be placed directly on the proof, unless the data processing system ensures the automatic conversion of foreign currencies into Polish currency and the execution of that conversion shall be confirmed by the relevant printout.

4. If the evidence does not document the transfer or acquisition of the asset, transfer of ownership or use of perpetual land or is not a replacement proof, the signatures of the persons referred to in the paragraph shall be provided. In the case of the first subparagraph of Article 5 (1), the Commission may decide to replace the Signatures on insurance documents and issued securities can be restored mechanically.

5. At the request of the audit authorities or the auditor, it is necessary to provide a reliable translation into the Polish language of the content of the evidence, drawn up in a foreign language.

Article 22. [ Characteristics of accounting evidence] 1. The accounting evidence should be fair, that is consistent with the actual course of the economic operation they document, complete, containing at least the data specified in art. 21, and free from accounting errors. It is not acceptable to carry out the erassion and erasure of accountants.

(2) Errors in the external and own source evidence can be corrected only by sending the counterparty an appropriate document containing a rectification, together with the appropriate justification, unless otherwise provided in other provisions.

3. Errors in internal evidence can be corrected by deleting the wrong content or amount, with maintaining the legibility of the deleted expressions or numbers, typing the correct content and the date of the amendment, and submitting the signature of the person to that authorized, if the separate provisions do not provide otherwise. You cannot correct individual letters or numbers.

4. If one operation documents more than one proof or more than one copy of the proof, the unit manager shall determine the way in which each of them is to be followed and indicates which proof or his copy will be the basis for making the recording.

Article 23. [ Recordings in the accounts] 1. The records in the accounts shall be carried out in a permanent manner, without leaving any place allowing for subsequent doping or alteration. Appropriate procedures and means of protection against destruction, modification or concealment should be used in the conduct of the accounts using the computer.

2. The recording of the accounting officer shall include at least:

1) the date of the economic operation;

2. determination of the type and identification number of the accounting officer of the recording base and the date of his/her date, if different from the date of the operation;

3) understandable text, abbreviation or code of the description of the operation, with the need to have written explanations of the contents of abbreviations or codes;

4) the amount and the date of the recording;

5) the identification of the accounts concerned.

3. The recording of operations denominated in foreign currencies shall be made in such a way that the amount of operations in Polish and foreign currency shall be established.

4. Log records and general ledger accounts should be associated with each other in such a way as to enable them to be checked.

5. The records of the accounts shall be made in such a way as to ensure their durability, for a period not less than that required for the keeping of the accounts.

Article 24. [ The way in which the accounts are kept] 1. Accounting books should be conducted reliably, without error, veritable and timely.

2. The accounting books shall be considered as reliable if the records made in them reflect the real state.

(3) The accounts shall be considered to be carried out without error if they have been completely and correctly entered in all the accounts in the accounts concerned, the continuity of the records and the immisiveness of the operation of the accounts. Calculation procedures.

(4) The accounts shall be considered to be verifiable if they make it possible to establish the correctness of the records, the balances (balances) and the operation of the calculation procedures applied, and in particular:

1) documenting records allows for the identification of evidence and the manner in which they are recorded in the accounts at all stages of the processing of the data;

2. the records shall be arranged chronologically and systematically according to the classification criteria for the preparation of the financial statements and other reports, including tax returns and the clearance of accounts. financial;

3. in the case of keeping the accounts using the computer, it is ensured that the completeness of the accounting system sets and the parameters of the data processing are checked;

4. is provided with access to data sets allowing, irrespective of the technique used, to obtain at any time and for any period of time selected, the reporting period of clear and comprehensible information on the content of the records made in the accounts.

5. The accounting books shall be considered as being kept up to date if:

1. the information derived therefrom makes it possible to draw up, within the time limits, the financial statements and other accounts, the reports, including the tax returns, and the making of financial accounts;

2. the accounts and balances of the accounts of the general ledger shall be drawn up at least for each reporting period, at least at the end of the month, within the period referred to in point 1, and for the financial year, not later than 85 days after the balance sheet date;

3. the inclusion of payments and withdrawals of cash, cheques and foreign exchange and catering operations shall be carried out on the same day as the date on which they were made.

Article 25. [ Correction of errors in records] 1. The errors found in the records shall be corrected:

1) by deleting the existing content and entering the new one, with the legibility of the miswriting, and signing the amendment and placing the date; such amendments must be made at the same time in all the accounts and may not occur after Month closure or

2) by entering into the accounts of the evidence containing corrections of incorrect records, made only by positive records or only negative ones.

2. In the event of disclosure of errors after the closing of the month or the keeping of the accounts using the computer, only corrections made in the manner set out in the paragraph shall be allowed. 1 point 2.

Chapter 3

Probe

Article 26. [ Term and subject of inventory] 1. The units shall carry out on the last day of each financial year the inventory:

1) cash assets (except accumulated in bank accounts), securities in the form of material, tangible assets of rotary assets, fixed assets and real estate included in the investment, subject to point 3, and also the machinery and equipment of the fixed assets under construction, by means of an inventory of their quantities by nature, the valuation of these quantities, the comparison of the value of the accounts and the explanation and settlement of any differences;

2. financial assets collected in bank accounts or held by other entities, including securities in dematerialised form, receivables, including loans granted, subject to point 3, and entrusted to counterparties their own assets, by means of receipt from the banks and obtaining from the counterparties the correctness of the regularity shown in the accounts of the State of these assets and the explanation and settlement of any differences;

3) fixed assets to which access is significantly impeded, land and rights eligible for immovable property, claims of contentious and dubious, and in banks also claims of endangered, receivables and liabilities to non-bookkeeping persons accounting, from public-law titles, and of assets and liabilities not listed in points 1 and 2 and listed in points (1) and (2), if carrying out their inventory by nature or by agreeing on grounds of legitimate reasons is not possible by way of a comparison of data accounting books with the relevant documents and verification of the value of these elements.

2. The inventory by means of an inventory by nature shall also include in the unit the components of the assets, owned by other units, entrusted to it for sale, storage, processing or use, notifying those entities of the results count. This obligation does not apply to entities providing postal, transport, shipping and storage services.

3. The term and frequency of the inventory, as specified in the paragraph. 1, shall be considered to be kept if a probe:

1) asset items-excluding monetary assets, securities, products in the course of production, and materials, goods and finished products, as defined in Art. 17 para. 2 point 4-commenced not earlier than 3 months before the end of the financial year, and completed by the 15th day of the following year, the determination of the condition followed by appending or writing off from the state determined by means of an inventory by nature or by confirming the balance- revenues and disagreements (increases and reductions) that occurred between the date of the census or the acknowledgement and the date of the determination of the state resulting from the accounts, the state resulting from the accounts may not be established after the balance sheet date;

2) stocks of materials, goods, finished products and semi-finished products contained in guarded landfills and included in the quantitative and quantitative records-were carried out once within 2 years;

3) properties included in fixed assets and investments, as well as in the guarded other fixed assets and machinery and equipment constituting the fixed assets under construction-were carried out once in 4 years;

4) stocks of goods and materials (packages) covered by the stock records at the retail outlets of the unit-were carried out once a year;

5) the stocks of wood in the forest management unit-were carried out once a year.

4. The probe referred to in paragraph 1 1, shall also be carried out on the date of termination of the activity by the entity and on the day before it is put into liquidation or the declaration of bankruptcy.

5. You may depart from a probe:

1) [ 7] (repealed);

2) in the case of a merger or division of units, with the exception of capital companies, if the parties by written agreement depart from carrying out the probe;

3) in the case of a suspension of operations, if according to art. 12 (1) 3b the unit does not close the accounts.

Article 27. [ Documenting Inventory] 1. The carrying out and the results of the inventory shall be properly documented and associated with the records of the accounts.

2. The differences between the actual state and the state shown in the accounts shall be explained and accounted for in the accounts of that financial year on which the date of the probe is due.

Chapter 4

Valuation of assets and liabilities and determination of the financial result

Article 28. [ Probe for the last day of the financial year] 1. The assets and liabilities shall be valued at least at the balance sheet date as follows:

1) fixed assets and intangible assets-at the purchase price or production cost, or revalued value (after the revaluation of fixed assets), less depreciation or amortisation, as well as the write-downs of the title permanent impairment;

(1a) real estate and intangible assets included in the investment, according to the rules, applied to fixed assets and intangible assets as defined in point 1 and in Article 4 (1) of Regulation (EC) No 5211/1 and in Article 4 (1) of the EC 31, art. 32 par. 1-5 and art. 33 (1) 1 or at market price or otherwise specified fair value;

2) fixed assets under construction-at the level of the total costs remaining in direct connection with their acquisition or production, less the write-downs for permanent impairment;

(3) shares in other units and other than those listed in item 1a of investments included in fixed assets-at the purchase price less any impairment losses or at fair value or at the adjusted purchase price-if any the asset is due to maturity; the value in the purchase price can be revalued at the market price and the revaluation difference according to the Article. 35 par. 4;

4) shares in subordinated units included in fixed assets-according to the rules set out in point 3 or the equity method, provided that it is applied uniformly to all subsidiaries;

(5) short-term investments, either at the market price (value) or at the purchase price or in the market price, whichever is the lower, or at the adjusted purchase price, if the asset is defined for the asset in question the maturity date and short-term investments for which there is no active market, otherwise a fair value at a given fair value;

(6) tangible assets in kind, at purchase prices or production costs, which are not higher than the net sales price at the balance sheet date;

7) receivables and loans granted-in the amount of the required payment, subject to the precautionary principle, subject to point 7a;

7a) receivables and loans included in financial assets may be measured at the adjusted purchase price, and if the entity allocates them for up to 3 months, at market value or otherwise specified value fair;

8) obligations-in the amount due to be paid, subject to point 8a;

(8a) financial liabilities may be measured at the revised purchase price, and if the entity allocates them for up to 3 months, at market value or at a specified fair value;

9) reserves-in a reasoned, reliably estimated value;

9a) own shares (shares), at purchase prices;

10) equity capital (funds), with the exception of equity shares, and other assets and liabilities, in nominal value.

2. The price of the acquisition referred to in paragraph. 1, is the purchase price of the asset, including the amount due to the seller, without deducting the tax on goods and services and excise duty, and in the case of imports increased by public-law charges and increased by costs directly linked to the purchase and adaptation of an asset to a condition that is fit to be used or placed on the market, including transport costs, as well as loading, unloading, storage or placing on the market, and reduced by rebates, leaves, other similar reductions and deductiments. If it is not possible to determine the purchase price of the asset, and in particular the free of charge, including by way of donations, its valuation shall be made on the basis of the sale price of the same or a similar item.

2a. In cases of acquisition of the shares (shares) of own in the way of execution for the purchase price shall be considered the purchase price established in the enforcement proceedings, plus the costs incurred in the course of enforcement proceedings, which have not been returned to the company. In the case of an unpaid acquisition of the shares (shares), the acquisition price shall include all the costs incurred by the company on their acquisition.

(3) The cost of manufacturing of the product shall cover the costs remaining in direct connection with the product concerned and a reasonable part of the costs indirectly linked to the manufacture of the product. Direct costs shall include the value of the direct materials used, the costs of collection and processing directly linked to the production and other costs incurred in bringing the product to the form and the place in which it is located valuations. Part of the indirect costs shall include the intermediate costs of production and that part of the fixed, indirect cost of production, corresponding to the level of the costs at the normal level, to a reasonable period appropriate to the time of manufacture of the product. the use of production capacity. For normal capacity utilisation rates are considered to be an average, as expected under typical conditions, the production volume for a given number of periods or seasons, taking account of planned overhaul. If it is not possible to determine the cost of manufacturing of the product, its valuation shall be based on the net sales price of the same or the like product, less the average realised on the sales of products, gross profit on sales, and in the case of the product in progress-also taking into account the degree of processing.

The cost of manufacturing of the product does not include costs:

1) as a consequence of unused production capacity and production losses;

2) general management which are not related to bringing the product to the form and place in which it is located at the valuation date;

3) the storage of finished products and semi-finished products, unless the transfer of these costs is necessary in the production process;

4) the cost of selling the products.

These costs shall affect the financial result of the reporting period in which they are incurred.

4. In cases justified by the necessary, long-term preparation of the goods or the product for sale or a long period of manufacture of the product, the purchase price or the cost of manufacturing may be increased by the cost of servicing the commitments entered into in the the financing of the stock of goods or products during the period of their preparation for sale or production and associated exchange rate differences, less the revenue from that title.

4a. Where the annual accounts of the entity are not subject to the obligation to examine and publish in accordance with art. 64 par. 1 is to calculate the cost of production of the product in accordance with paragraph 1. 3, an entity may, for direct costs, count the indirect costs associated with the development of this product, irrespective of the level of capacity utilisation. The cost of production thus determined must not be higher than the net sales price.

5. For the price (value) of the net sales of the asset, a possible to obtain at the balance sheet date of its sale, net of goods and services and excise tax, less discounts, discounts and other similar reductions and costs related to the adaptation of the asset to the sale and the making of that sale, plus the amount due to be included in the item. If it is not possible to determine the net sales price of the asset, its fair value at the balance sheet date should be set in other ways.

(6) The fair value shall be the amount for which the asset could be exchanged and the liability regulated under market conditions between the parties concerned and the well-informed, unrelated parties. The fair value of financial instruments traded on an active market shall be the market price minus the costs associated with carrying out the transaction if there is a significant amount of money in the transaction. The market price of the financial assets held by the entity and the financial liabilities that the entity intends to take is reported on the market by the current purchase offer, and the market price of the financial assets that the entity intends to acquire, and financial commitments are presented to the market for the current sale offer.

7. The loss of value occurs when there is a high probability that the entity controlled by the asset will not in the future bring in a significant proportion or in all of the expected economic benefits in its entirety. This justifies the fact that a write-off of the value of the asset resulting from the books of the accounts to the net sales price and, in the absence thereof, to the fair value established by other means, is to be carried out.

8. The purchase price and the cost of creating fixed assets under construction, fixed assets and intangible assets shall cover all the costs incurred by the entity for the period of construction, assembly, adaptation and improvement, up to the balance sheet date or receipts for use, including:

1. non-deductible tax on goods and services and excise duty;

2) the cost of servicing the liabilities incurred in order to finance them and the associated exchange differences, less the revenues from this title.

8a. Adjusted price of the acquisition of financial assets and financial liabilities is the purchase price (value) in which the financial asset or financial liability component was first entered in the accounts, less repayments of value the nominal amount of the discounted difference between the initial value of the component and its value at maturity, calculated by an effective interest rate, and less the write-offs of the update value.

9. The premises whose risks are borne by the policyholder shall be measured by the fair value of the life insurance undertaking at the balance sheet date. Differences between the fair value and the value at the purchase price or the cost of production of those investments shall increase or decrease the technical provisions for life, the risk of which is borne by the policyholder. The fair value of the property shall be determined by the asset valuer at least once every 5 years. Where it is not possible to establish the fair value of other investments than immovable property, the valuation thereof shall be made at the purchase price or the cost of production. The fair value of immovable property situated abroad and foreign financial instruments shall be determined in accordance with the rules in force in their country of origin.

10. In property and personal insurance it is permitted to use a discount or write-off only when determining reserves for capitalised rent, life insurance provisions, life insurance provisions, when the risk of deposits (investment) is borne by the the policyholder, as well as the provisions on premiums and rebates (discounts) for insured persons in respect of the income from the deposits which are covered by these provisions.

11. At the date of acquisition or uprising, shall be recognised in the accounts acquired or created:

(1) stocks of tangible assets in kind, at purchase prices or production costs;

2. receivables and liabilities, including for loans, at nominal value.

12. Paragraph Recipe Point 2 does not apply to banks.

Article 28a. [ Micro Unit] The micro unit shall not measure the assets and liabilities at fair value and the adjusted purchase price.

Article 28b. [ Units exempted from application of the provisions of the Act] 1. Units which for the previous financial year did not exceed at least two of the following three sizes:

1) 17 000 000 zł-in the case of the sum of assets of the balance sheet at the end of the financial year

2) 34 000 000 zł-in the case of net proceeds from the sale of goods and products for the financial year,

3) 50 persons-in the case of semi-annual employment on a full-time basis

-may not apply the provisions adopted on the basis of art. 81 (1) 2 point 4.

2. The provision of the paragraph. 1 shall not apply to the units referred to in Article 3. 3 para. 1e paragraphs 1 to 6, and micro units.

Article 29. [ Pricing at net sales prices] 1. If the establishment of a continuation of the activities referred to in Article 5 par. 2, is not reasonable, it is the valuation of the entity's assets at the net sales prices that can be obtained, not higher than the cost of their acquisition or the cost of manufacturing, less depreciation or amortisation, as well as write-offs of the entity's assets. title of permanent impairment. In this case, the entity shall also be required to set up a reserve for the anticipated additional costs and losses caused by the omission or loss of capacity to continue operations.

2. The measurement at the net sales prices and the creation of the reserve shall take place in particular on the eve of the entity's putting into liquidation or bankruptcy notice, at the end of the financial year, if at the date of approval of the financial statements for the year the business unit will not continue to operate, at the end of the financial year in liquidation or bankruptcy proceedings, and on the eve of the transfer, division or sale of the entity, if the relevant contract is does not provide for a basis for the settlement of fixed assets on the assumption that economic activity will be continued by the entity.

2a. The difference arose as a result of the valuation and the creation of the reserve referred to in paragraph 2. 1, it affects the capital (fund) from the revaluation.

3. [ 8] The opening of restructuring proceedings or the change in the legal form of the entity shall not prevent the activity from being recognised as being continued.

Article 30. [ Assets and liabilities denominated in foreign currency] 1. At least at the balance sheet date shall be expressed in foreign currency:

1) the components of the assets (excluding the shares in subordinated units valued by the equity method) and liabilities-after the current average rate announced for the currency concerned by the National Bank of Poland, subject to point 2;

2) cash located in the units selling and selling foreign currencies-after the course followed by its purchase, however, in the amount not higher than the average rate announced on the day of valuation for the given currency by the National Bank of Poland.

2. The foreign currency expressed in foreign currencies shall be recognised in the accounts as at the date of their operation, in so far as the provisions relating to funds from the budget of the European Union and of the other countries of the European Economic Area have been implemented and non-repayable funds originating from foreign sources do not, as appropriate, take the course of:

1) actually applied on that date, resulting from the nature of the operation-in the case of sale or purchase of currencies and the payment of receivables or obligations;

2) the average announced for a given currency by the National Bank of Poland from the day preceding that day-in the case of payment of receivables or liabilities, if there is no reasonable application of the rate referred to in point 1, as well as in the case of other operations.

3. If the assets and liabilities are denominated in currencies for which the National Bank of Poland does not announce the course, then the exchange rate of these currencies shall be determined in relation to the reference currency indicated by the unit, the rate of which is announced by the National Bank of Poland.

4. Foreign exchange differences relating to long-term investments denominated in foreign currencies, arising at the date of their valuation, shall be settled in the manner laid down in art. 35 par. 2 and 4. Exchange-rate differences, subject to paragraph. 5-7 concerning the remaining assets and liabilities denominated in foreign currency, arising at the date of their valuation and the payment of foreign currency receivables and liabilities, as well as the sale of currencies, shall be credited to the income or the costs, as appropriate. financial, and in justified cases-to the cost of manufacturing the products or the purchase price of the goods, as well as the purchase price or cost of the production of fixed assets, fixed assets in construction or intangible assets.

5. Fixed on the day of valuation differences in exchange rates on investments covering technical provisions, life insurance undertakings and reinsurance undertakings carrying out reinsurance business in the field of life insurance reinsurance they fall within the income or cost of the local business and show in the technical account of life insurance.

6. Fixed on the day of valuation differences in exchange rate differences from investments covering technical provisions in the part concerning deposits of capitalised rent values and reserves for bonuses and rebates for insured persons, insurance companies property and personal and reinsurance undertakings carrying out reinsurance business in the field of reinsurance of property and personal insurance are classified as income or cost of the investment activity and are in the technical account of the insurance property and personal.

7. At the date of valuation, the exchange differences between claims and insurance and reinsurance obligations shall be included in other revenues or technical expenses on their own account.

Article 31. [ Pricing of fixed assets] 1. The initial value, representing the cost of the acquisition or the cost of the asset, shall increase the cost of its improvement, consisting in the rebuilding, extension, modernization or reconstruction and causing the useful value of the measure at the end of the year. Improvements shall exceed the value of the use, measured period of use, manufacturing capacity, quality of products obtained by means of an improved fixed asset, operating costs or other measures.

2. The initial value of the fixed assets-except for non-excavated excavated land-shall reduce depreciation or amortisation to take account of the loss of their value as a result of the use or the passage of time.

3. The initial value and hitherto made from fixed assets depreciation or amortization may, on the basis of separate provisions, be revalued. The net book value of a fixed asset, determined as a result of an update, shall not be higher than its fair value, whose write-up over the expected period of its continued use is economically justifiable.

4. The result of the revaluation of the net value of the fixed assets referred to in paragraph (4) has been reassessed. 3, it refers to the capital (fund) from the revaluation and it cannot be allocated to the division. The capital (fund) of the revaluation shall be subject to, subject to Article 3, 32 par. 5, reducing the difference in revaluations of previously updated or liquidated fixed assets. This difference shall affect capital (fund) of spare or other similar nature, unless separate provisions provide otherwise.

Article 32. [ Depreciation of depreciation] 1. Depreciation or Depreciation from a permanent measure shall be carried out by systematic, scheduled distribution of the initial value of the depreciation period to be determined on the basis of the depreciation period. The depreciation shall be commensurate not earlier than after the adoption of the permanent means for use, and its termination shall not be later than at the same time as the value of the depreciation or amortisation of the asset has been equated with the initial value of the asset, or the purpose of which is to liquidate, to sell or to establish a shortfall, if any, to be taken into account when the net sales price of the permanent agent is wound up.

2. When establishing the depreciation period and the annual depreciation rate, account shall be taken of the economic period of the usefulness of the asset, to determine which shall affect in particular:

1) the number of changes on which the permanent measure works;

2) the pace of technical and economic progress;

3) the performance of a fixed asset measured by the number of hours of its work or the number of manufactured products or other appropriate meter;

4) legal or other limitations on the time of use of the fixed asset;

(5) envisaged for the liquidation of the net sales price of the material remains of a fixed asset.

3. On the date of adoption of a fixed asset for use, the period or rate and method of depreciation shall be determined. The correctness of the periods and the rate of depreciation of fixed assets should be periodically reviewed by the entity, resulting in an adjustment in the following years of the depreciation of the depreciation.

4. In the case of a change in the production technology, the destination to be wound up, the withdrawal from use or any other reason causing the permanent loss of the value of the fixed asset, shall be carried out-on the burden of the remaining operating costs-an appropriate write-off to update its value.

5. The copies referred to in paragraph. 4, concerning fixed assets, the valuation of which has been updated on the basis of separate regulations, reduce the revaluation of the differences due to the revaluation of valuations on capital (fund). Any excess of the write-off referred to in paragraph 1. 4, above the revaluation differences, are included in the remaining operating costs.

6. For fixed assets with a low unit initial value, depreciation or amortisation write-offs may be fixed in a simplified manner by means of collective write-downs for groups of measures similar to type and purpose or at a one-off basis. writing the value of this type of fixed assets.

Article 33. [ Valuing Intangible and Legal Values] 1. The provisions of Articles shall apply mutatis mutandis to the valuation of intangible and legal values and the ways in which they are depreciated or are depreciated. 31 par. 2 and Art. 32 par. 1-4 and para. 6.

2. The costs of completed development work carried out by the entity for its own needs, incurred prior to the production or application of the technology, shall be classified as intangible and legal, if:

1. the production product or technology is strictly fixed and the cost of development of the product is reliably determined;

2. the technical suitability of the product or technology has been established and properly documented and, on this basis, the entity has decided to manufacture these products or to use the technology;

3) the costs of development works will be covered, according to projections, revenues from the sale of these products or the application of technology.

3. The costs referred to in paragraph. 2, shall be written off for the economic period of the usefulness of the development results. If in exceptional cases it is not possible to reliably estimate the economic period of the usefulness of the results of the completed development work, the period of the write-off shall not exceed 5 years.

4. The value of the company shall be the difference between the purchase price of the specified entity or the organised part of it and the lower fair value of the assumed net assets. If the purchase price of the entity or the organised part of the entity is lower than the fair value of the assumed net assets, the difference is the negative value of the company. The rules for the accounting and the deduction of goodwill or negative goodwill are defined by art. 44b (b) 10-12.

Article 34. [ Valuation Rules] 1. Units may value:

1) materials and goods-at purchase prices,

(2) products in the course of production-whether or not direct materials are manufactured or not valued at all in the direct production costs

-if it does not distort the condition of the assets and the financial result of the entity. The rules referred to in point 2 may not be used for production with a foreseeable time of execution longer than 3 months, intended for sale or for fixed assets under construction of the unit. However, this does not apply to agricultural production.

2. The components of the tangible assets may be entered at the date of acquisition or production recognised in the accounts in the prices accepted in the records, taking into account the differences between these prices and the actual prices of their acquisition or purchase, or Production costs. At the balance sheet date, the value of the elements of the operating assets, expressed in the standard prices, shall be brought to the level specified in the paragraph. 1 or in Art. 28 para. 1 point 6. This does not apply to finished products, products in progress and semi-finished products, if the planned costs, including normative costs, apply to their records, and the differences between the planned and actual cost of production are negligible. Used for the valuation at the balance sheet date of the purchase price or purchase price, or the planned cost of production may not be higher than the net sales prices of those components.

3. Unit-generated films, computer software, typical projects and other products of a similar nature, intended for sale, shall be valued at the time of their economic benefit, not exceeding 5 years, in height the excess costs incurred in their production of the revenue by net sales prices, obtained from the sale of those products during that period. During this period, the costs of manufacturing increase the remaining operating costs, not written.

4. Where the purchase or purchase price, or the cost of creating the same or regarded as equal, due to the similarity of their type and purpose, are different, the value of the final state of the tangible assets of the rotating assets shall be valued at depending on the entity's method of determining the value of their dissolution, including consumption, sales:

(1) at average prices, that is to be determined by the weighted average price (cost) of the asset;

2) assuming that the distribution of the asset is valued successively at the prices (costs) of these assets, which the entity has acquired at the earliest (produced);

3) assuming that the distribution of the assets of the assets is valued successively at the prices (costs) of those assets, which the entity has acquired at the latest (produced);

4) by way of detailed identification of actual prices (costs) of these assets, which concern strictly defined ventures, irrespective of the date of their purchase or manufacture.

5. Footnotes updating the value of the items of financial assets in kind made in connection with the loss of their value and resulting from the valuation at net sales prices, instead of the purchase price, or purchase, or manufacturing costs, shall be included in the other operating costs.

Article 34a. [ Determination Of Revenues] 1. The commemoration of the execution of the unfinished service, including the construction, covered by the contract, in the execution period of more than 6 months, performed on the balance sheet date to a significant degree, shall be determined, at the balance sheet date in proportion to the degree of advancement services, if that degree, as well as the estimated total costs of the service at all times, can be established reliably.

2. The revenues from the execution of the unfinished service, including the construction, during the period from the date of conclusion of the contract to the balance sheet date-after deduction of the revenues that have affected the financial result in the previous reporting periods-shall be determined proportionately to the degree of its proficiency. The degree of service proficiency is measured according to the method used by the method:

1) the share of the costs incurred from the date of conclusion of the contract until the date of the establishment of the revenue in the total cost of

2) the number of hours worked by direct execution of the service,

3) on the basis of the siep of the executed works,

4) other method

-if they express in a credible manner the degree of service.

3. Where the service contract, including construction, stipulates that the price for this service is determined:

1) in the amount of the costs plus the overhead of profit-the revenue from the execution of the unfinished service is determined by the cost of the corresponding part of the service, increased by the profit margin;

2. in the lump sum, the revenue from the performance of the unfinished service shall be determined in proportion to the degree of performance of the service, in so far as the degree of service at the balance sheet date can be established reliably.

4. If the degree of advancement of an unfinished service, including construction, or anticipated, the total cost of its execution cannot be at the balance sheet date established reliably, then the revenue shall be determined at the level of the incurred during the period concerned the reporting costs, but not higher than the costs that are likely to be covered by the purchaser in the future.

5. Notwithstanding the method used to determine the revenue for the financial result of the entity, the anticipated losses associated with the performance of the contractual service are affected.

Article 34b. [ Manufacture costs] 1. The cost of production that can be directly assigned to the revenue obtained by the entity shall affect the financial result of the entity for that reporting period in which the revenue has occurred.

2. The manufacturing costs, which can only be indirectly assigned to the revenue or other benefits of the entity, affect the financial result of the entity in the part in which it relates to a given reporting period, ensuring that they are complicity to revenue or other economic benefits.

Article 34c. [ Services not completed] 1. The costs of creating an unfinished service, including construction, shall include the costs incurred from the date of conclusion of the relevant contract until the balance sheet date. The costs incurred prior to the conclusion of the contract relating to the implementation of the contract of the contract shall be included in the assets if the future cover of those costs is likely to be covered by the revenue received from the contracting authority.

2. If the revenues are determined according to the degree of advancement of the unfinished service in a manner other than that specified in Art. 34a par. The costs affecting the entity's financial result shall be determined in that part of the total cost of the contract, which corresponds to the rate of progress of the service, net of the costs which have affected the financial result in the preceding reporting periods, after taking into account the loss referred to in Article 34a par. 5. The difference between the costs actually incurred and the costs affecting the entity's financial result shall be included in the accruals.

3. The validity of adopted methods of setting the stage of service, as well as the projected total costs and revenues from the performance of the service, should be by the entity, not later than on the balance sheet date, verified. Due to the verification of the correction, the financial result of the unit of this reporting period in which the verification was carried out is affected.

Article 34d. [ Application of provisions] Art. 34a and 34c may not be used if the share of revenue from unfinished services at the balance sheet date is not relevant in all the operational income of the reporting period.

Article 35. [ Updaters] 1. Acquisition or resulting financial assets and other investments shall be recognised in the accounts at the date of their acquisition or creation, at the purchase price or purchase price, if the costs of carrying out and settlement of the transactions are not relevant.

2. A write-down expressing a permanent impairment of the value of investments in fixed assets shall be made no later than at the end of the reporting period.

3. The effects of the increase or decrease in the value of short-term investments measured at market prices (values) shall be included in the revenue or financial costs, as appropriate. In the case of use other than those referred to in Article 28 para. 1 point 5 of the rules for the valuation of short-term investments, the effects of a reduction in their value are included in the full amount of the financial costs, while the effects of the increase in their value are included in the financial income of not more than the difference financial charges that have been previously written off.

4. The effects of revaluations of investments in fixed assets other than those mentioned in the Art. 28 para. 1 point 1a, which increases their value to the level of market prices, increases the capital (fund) from the revaluation. Reduction in the value of an investment previously revalued up to the amount by which the capital (fund) has been increased from the revaluation account, if the revaluation difference is not at the date of the valuation cleared, reduces the amount of the investment (Fund). In other cases, the effects of a reduction in the value of an investment are included in financial costs The increase in the value of a particular investment directly linked to a prior reduction in its value, which is included in the financial costs, shall be recognised at the level of those costs as financial revenue.

(5) If the value of the divestment of an investment in fixed assets was previously overvalued or valued at a market price (value) or at the purchase price, whichever is the lower, and the effects of such valuation are included in the manner in which the investment is to be made available to the public in the form of a valuation haircut. specified in the paragraph. 4, this overvaluation surplus shall be determined and accounted for with the capital (fund) from the revaluation.

6. Investments included in fixed assets as at the date of their reclassification into short-term investments shall be valued:

1) in the book value or purchase price, whichever is the lower, if the short-term investments are valued at the market value or the purchase price, whichever is lower;

(2) according to the book value-if short-term investments are valued at market value.

If a requalified long-term investment has previously been revalued and the effects of the revaluation are included in the revaluation capital (fund), the overvaluation of the excess over the revaluation of the investment shall not be counted as a day. They include costs and/or financial revenues.

7. short-term investments as at the date of their reclassification into long-term investments shall be measured according to the principles set out in the paragraph. 6, with the fact that if the short-term investment was valued at market value, despite its reclassification, the valuation remains unchanged.

8. If the purchase price of the same or regarded as identical, due to the similarity of the nature and the destination, of the components of the investment, is different, their distribution shall be measured according to the method chosen by the entity from among the methods referred to in Article 34 par. 4 points 1-3.

Article 35a. [ Financial Instruments] 1. At the date of conclusion of the contract, the issuer or the issuer of the financial instrument enters into the accounts issued or issued by itself the instrument, as well as the components of this instrument, appropriately qualified for the capital (funds) its own as equity instruments or short-term or long-term liabilities, even if the element of the nature of the undertaking is not a financial commitment.

2. Differences in the revaluation of a financial instrument's value, as well as realised revenues or incurred costs according to the qualifications of the financial instrument referred to in the paragraph. 1, they affect the financial result or the capital (fund) of the revaluation.

3. Contracts for financial instruments shall be considered to limit the risk associated with the assets or liabilities of the entity, ie. the security of these assets or liabilities, if at least:

1) prior to the conclusion of the contract, its purpose has been determined and determined which assets or liabilities are to be secured by this contract secured;

2. a hedging financial instrument which is the subject of a contract and hedged on its assets or liabilities shall be characterised by similar features, in particular the nominal value, maturity date, effect of interest rate changes, or the currency rate;

3) the degree of certainty of the expectations of the cash flow contract envisaged as a result of the contract is significant.

4. If the conditions referred to in paragraph For the purposes of the valuation of collateral assets or liabilities, the value acquired for the security of the financial instruments and the changes in their value shall be taken into account when the hedged assets or liabilities are valued.

Article 35b. [ Making update write-off] 1. The value of the receivables shall be updated taking into account the degree of probability of their payment by making a copy of the update, in relation to:

1) [ 9] claims on debtors placed in liquidation or bankruptcy and in respect of which a restructuring procedure has been opened or an application for approval of a system in the procedure for approval of a system has been submitted-up to claims that are not covered by a guarantee or other collateralisation of an amount receivable, notified to the liquidator or the Judge-to the Commissioner in the insolvency proceedings or placed in the inventory of receivables in the restructuring proceedings;

2) [ 10] claims on debtors in the event of a dismissal of a bankruptcy claim, if the debtor's assets are not sufficient or merely sufficient to meet the costs of insolvency proceedings, in full amounts receivable;

3) receivables challenged by debtors and from which the payment of the debtor arrears, and according to the assessment of the financial and financial situation of the debtor the repayment of the receivables in the contractual amount is not probable-to the amount not covered by the guarantee or other the security of claims;

(4) claims which constitute the equivalent of increasing amounts of claims for which the update has previously been written, up to the time when they are received or written off;

5. receivable or unexpired receivables of a significant degree of probability of irrecoverability, in cases justified by the type of business or the structure of the recipients-at the rate of the credibly estimated amount of the write-off, including also general, on irrecoverable amounts receivable.

2. Footnotes updating the value of the receivables include, as appropriate, the remaining operating costs or financial costs, depending on the type of duty to which the update is applied.

3. Receivable, expired or uncollectible receivables shall reduce the previously made write-offs which update their value.

4. The claims referred to in paragraph 1 3 of which no write-off has been made or write-off has been made in the case of other operating costs or financial costs, as appropriate.

Article 35c. [ Reasons for the write-off] In case of cessation of the underlying cause of the write-off of the assets, including the impairment loss, the equivalent of all or part of the previously executed update write-down increases the value of the update of a given asset and shall be counted according to other operating income or financial income, as appropriate.

Article 35d. [ Reserves for commitments] 1. Reserves shall be made at:

1) certain or to a large extent the likelihood of future liabilities, the amount of which can be reliably estimated, and in particular losses from economic transactions in progress, including as regards guarantees, guarantees, credit operations, the effects of pending litigation;

(2) future obligations arising from restructuring if, on the basis of separate provisions, an entity is required to carry out its implementation or conclude binding contracts in that case, the restructuring plans shall be able to quantify reliably. the value of those future commitments.

2. Reserves referred to in paragraph. 1, as appropriate to other operating costs, financial costs or exceptional losses, as the case may be, depending on the circumstances with which future commitments are linked.

3. The liability of the reserve, which has previously been created, shall be reduced by the reserve.

(4) Unused reserves, in view of the reduction or cessation of the risks justifying their creation, shall increase to the date on which they have proved redundant, respectively the remaining operating income, financial income or extraordinary profits.

Article 36. [ Capital (funds) own] 1. The capital (funds) shall be recognised in the accounts by their type and by the rules laid down by law, by the provisions of the statutes or by the contract for the formation of the entity.

2. The share capital of capital companies, mutual insurance companies, mutual reinsurance companies, cooperative fund of cooperatives shall be shown in the amount specified in the contract or statutes and entered in the court register. The declared but unpaid contributions of capital shall be recognised as a contribution to capital.

2a. (repealed).

The costs of the shares incurred in the formation of a joint stock company or an increase in the share capital shall reduce the company's share capital up to the amount of the excess amount of the issue over the nominal value of the shares, and the remaining part of the share shall be included in the cost of the shares. financial.

2c. Equity (s) arising from the conversion of debt securities, liabilities and loans to shares shall be entered in the nominal value of those securities, liabilities and loans, taking into account the non-amortised discount, or bonuses, the interest accrued and not paid until the day of conversion, which will not be paid, unrealised exchange rates and capitalised emission costs. Where debt securities, liabilities and loans are denominated in a foreign currency, the provisions of Article 1 shall be applied to them at the date of conversion. 30.

2d. [ 11] To commitments unconditionally decommitted as a result of the restructuring procedure in the provision of paragraph 1. 2c shall apply mutatis mutandis.

2e. In the event of a resolution of the resolution of shareholders of the company with a limited liability setting and the amount of the aid, the equivalent amount shall be recognised in a separate item in the liabilities of the balance sheet (reserve capital of the shareholders ' payments) and shall be shown as an ingredient equity capital as long as that capital is not used to justify its write-up; however, unpaid payments are to be entered in the additional own capital position 'Capital reserve capital (negative) payments'.

3. The components of the capital (the fund) of its own units put into liquidation or bankruptcy shall, at the date of the commencation of liquidation or bankruptcy proceedings, combine into a single capital (the fund) basic, reducing it:

1) (repealed);

2) in companies with limited liability, mutual insurance companies and mutual reinsurance companies-with their own shares;

(3) in joint-stock companies, the contributions payable on the capital, unless they are called upon to bring them into account, and for own shares.

4. [ 12] The provisions of the paragraph 3 may be suitably applied by the entities concerned by the restructuring proceedings.

Article 36a. [ Disposal and remission of own shares] (1) In the event of the disposal of own shares, a positive difference between the selling price, less the selling costs and their purchase price, shall be applied to the reserve of spare capital. The negative difference must be recognised as a reduction in the capital reserve and the rest of the negative difference in excess of the reserve as a loss from previous years and described in the notes in the financial statements for the year in which it occurred. sales.

2. In the case of redemption of own shares, the positive difference between their nominal value and the purchase price shall be made to the reserve of spare capital. The negative difference must be recognised as a reduction in the capital reserve and the remaining part of the negative difference in excess of the reserve as a loss from previous years and shall be described in the notes in the financial statements for the year in which it occurred. reduction of share capital.

3. The provisions of the paragraph. 1 and 2 shall apply to the shares of the company with limited liability, with the exception of the redemption of the shares without a reduction in the share capital. In the event of redemption of the own shares acquired by execution, without a reduction in the share capital, the value of the own shares at the purchase price should be recognised as a reduction in the reserve capital created for redemption.

Article 37. [ Reserves] 1. In view of the transitional differences between the value of the assets and liabilities shown in the accounts and their tax value and the tax loss that is possible to deduct in the future, the entity creates a reserve and sets the assets for the purposes of the a deferred income tax which is a taxable person.

2. The value of the asset tax is the amount affecting the deduction of the basis for the calculation of income tax in the event of obtaining from them, in an indirect or direct manner, of economic benefits. If the acquisition of an economic advantage on certain assets does not reduce the basis for the calculation of the income tax, the value of the asset tax shall be their accounting value.

3. The tax value of the liabilities is their book value less the amounts which in the future will be higher than the income tax base.

4. The deferred tax assets shall be set at the amount of the future for deduction from income tax, in relation to the negative transitional differences which will result in a reduction in the calculation basis in the future. the income tax and the tax loss that is possible to deduct, as determined in the light of the precautionary principle.

5. The deferred tax repayable reserve is created in the amount of the income tax, requiring in the future the payment, in connection with the occurrence of positive transient differences, that is the differences that will result in an increase in the base calculation of the income tax in the future.

6. The amount of the reserve and deferred tax assets shall be determined by taking into account the income tax rates applicable in the year of the tax obligation.

7. The reserve and deferred tax assets shall be shown separately in the balance sheet. The reserve and assets may be compensated if the entity has a title entitling it to account for them at the same time when calculating the amount of the tax liability.

8. The income tax payable for a given reporting period shall include:

1) the current part;

2) Deferred part.

The deferred part reported in the profit and loss account shall be the difference between the state of the reserves and the deferred tax assets at the end and the beginning of the reporting period, taking into account the provisions of paragraph 1. 9.

9. Reserves and deferred tax assets relating to operations settled with equity (fund) own, shall also apply to equity (fund) own funds.

10. Units which for the previous financial year did not exceed at least two of the following three sizes:

1) 17 000 000 zł-in the case of the sum of assets of the balance sheet at the end of the financial year

2) 34 000 000 zł-in the case of net proceeds from the sale of goods and products for the financial year,

3) 50 persons-in the case of semi-annual employment on a full-time basis

-may derogate from the establishment of deferred tax assets and provisions.

11. The provision of the paragraph. 10 shall not apply to the units referred to in Article 3. 3 para. 1e points 1 to 6.

Article 38. [ Technical provisions] 1. Insurance companies shall advance to the operating costs of a change in the state of technical provisions, which should ensure full coverage of current and future liabilities that may arise from insurance and reinsurance contracts.

(1a) Reinsurance undertakings shall advance to the operating costs of a change in the state of the technical provisions, which shall ensure full coverage of the current and future obligations that may arise from reinsurance contracts.

(2) The technical provisions, with the exception of provisions for equalisation, shall be fixed at the latest on the balance sheet date. The equalisation reserve shall be fixed no later than the day of the end of the financial year.

Article 39. [ Accruals of expenses] 1. Units shall carry out an active settlement of accrued costs if they relate to future reporting periods.

2. Units shall carry out passive accruals of accrued expenses in the amount of probable liabilities for the current reporting period, arising in particular:

1) from the benefits made to the entity by the entity's counterparties, and the amount of the liability can be estimated reliably;

2) from the obligation to perform, related to the current business, future benefits to employees, including pension benefits, and future benefits to unknown persons, the amount of which can be estimated reliably, even though the date of the commitment of the undertaking is not yet known, including warranty and warranty repairs for the products sold for long term use.

The commitments entered into as passive accruals and the rules for fixing their amounts should be the result of recognised commercial practices.

2a. The obligations referred to in paragraph 2 Article 2 (2) shall be entered in the balance sheet as provisions for commitments.

3. The write-downs of active and passive accruals of costs may be followed according to the passage of time or the amount of the benefits. The timing and method of settlement should be justified by the nature of the costs to be charged, with the precautionary principle being maintained.

4. If, according to the contract, the value of the financial assets received is less than the obligation to pay for them, including those issued by the securities entity, then the difference shall be an active intermittment settlement costs that are deducted in financial costs in equal instalations, during the period for which the undertaking has been committed.

(5) The liabilities included as passive accruals shall reduce the costs of the reporting period in which they are found not to have been incurred.

Article 40. (repealed).

Article 41. [ Revenue of future periods] 1. The calculation of the accruals of income, carried out with the precautionary principle, shall include in particular:

1) the equivalent of the benefits received or payable to the counterparties for the benefit of the benefits which will be carried out in the following reporting periods;

2) cash received to finance the acquisition or manufacture of fixed assets, including fixed assets under construction and development work, if, according to other laws, they do not increase the equity (funds) of their own. The amount of accruals included in the accruals of the amount shall gradually increase the remaining operating revenue, in parallel to depreciation or amortisation, from fixed assets or the costs of development work financed from these sources;

3) the negative value of the company referred to in art. 33 (1) 4 and art. 44b (b) 11.

2. Paragraph Recipe 1 point 2 shall apply mutatis mutandis to the free of charge, including by way of donations, fixed assets under construction, fixed assets and intangible assets.

3. Banks shall show as accruals of accrued income also the interest payable to them from the claims at risk-until they are received or written off.

Article 42. [ Net financial result] 1. In units other than banks, insurance and reinsurance undertakings for the net financial result shall consist of:

1) the result of operating activities, including the remaining income and operating costs;

2) the result of the financial operations;

3. (repealed);

4) the obligatory burden on the financial result for the income tax, the taxable person of which is the entity, and payments with it equalled, on the basis of separate provisions.

2. The result of operating activities shall be the difference between the net income from the sale of products, goods and materials, including subsidies, forks, rebates and other increases or reductions, without tax on goods and services and other taxes directly related to turnover, and other operating income and the value of the products sold, goods and materials valued at the cost of manufacturing, or purchase prices, or purchase, plus all of them since the beginning of the year financial costs of general management, sales of products, goods and materials and other operating costs.

3. The result of the financial operations shall be the difference between the financial revenues, in particular the dividends (profit shares), the interest, the proceeds from the disposal and the updating of the value of investments other than those mentioned in Art. 28 para. 1 point 1a, surplus positive foreign exchange differences and financial costs, in particular interest, losses on disposal and updates of investments other than those referred to in Article 1 (1) (a) of the Financial Regulation; 28 para. 1 point 1a, with the exception of interest, commissions, positive and negative exchange rate differences, as referred to in Article 1 (a) of the Directive. 28 para. 4 and para. 8 point 2.

4. (repealed).

Article 43. [ Net financial result in banks] 1. The net financial result in banks shall consist of:

1) the result of operating activities (including on banking activities);

2) the result of emergency operations;

3) the mandatory charges of the financial result for income tax, the taxable person of which is the entity, and payments with it equalled, on the basis of separate provisions.

2. The result of the banking activity includes: the result of interest, commissions, income from shares, shares and other securities, the result of the financial operations, the result of the exchange position.

3. The result of the operating activities shall include the result of the banking activity, adjusted for the difference between the remaining operating income and other operating costs, the bank's operating costs, depreciation of fixed assets and the value of the intangible and legal, the result on the value of the reserves from the update.

4. The result of extraordinary operations is the difference between extraordinary gains and extraordinary losses.

Article 44. [ Net financial result in insurance companies] 1. In insurance and reinsurance undertakings, the net financial result shall consist of:

1) the technical result of the insurance;

(2) the difference between the revenue and the cost of the business not included in the technical result of the insurance;

(3) the difference between the remaining revenue and the other costs;

4) the result of the emergency operations;

5) the mandatory charges of the financial result for income tax, the taxable person of which is the entity, and payments with it equalled on the basis of separate provisions.

2. The technical result of the insurance is the difference between the revenue from contributions, other technical revenues and the compensation paid, the benefits and changes of the technical provisions, taking into account the share of reinsurers in the premiums, damages and changes in the state of the technical provisions, and the costs of the insurance business and other technical costs. Where:

1. investment income shall be allocated in accordance with separate provisions for the increase of reserves,

(2) the insurance undertaking carrying out the insurance business in the life insurance or reinsurance undertaking providing reinsurance business for life reinsurance undertakings shall invest in total own funds and the measures constituting the coverage of technical provisions

-the revenues and costs of the local business shall be shown in the technical insurance account.

(3) The difference between the other revenue and the other costs shall be made in particular of the difference between:

1. other financial income and other financial costs;

(2) other operating income and other operating costs;

(3) revenue and costs for the performance of the emergency commissioner's duties.

4. The result of emergency operations shall apply the provision of art. 43 par. 4.

Chapter 4a

Merger of companies

Article 44a. [ Merger day of companies] 1. Merging of commercial companies, hereinafter referred to as "companies", shall be settled and accounted for at the date of the merger in the accounts of the company on which the assets of the merging companies (the acquiring company) are transferred or the new company resulting from the merger (newly-tied companies)-the acquisition method referred to in Article 44b, subject to paragraph. 2.

(2) In the event of mergers between companies which do not have the effect of losing control of them by their existing shareholders, the method of combining the shares referred to in Article 4 may be applied. 44c; in particular, it concerns mergers of subsidiaries directly or indirectly from the same parent, as well as in the case of the merger of a downstream parent with its subsidiary.

3. On the day of the merger of the companies, the date of entry of the merger shall be accepted for the registered office of the acquiring company or of the company which is newly incorporated.

Article 44b. [ Acquisition connection calculation method] 1. The acquisition of a merger by the acquisition method consists in the aggregation of the individual items of the acquiring company's assets and liabilities, according to their book value, with the relevant items of the company's assets and liabilities taken over, at their fair value established on the day of their connection.

2. The assets and liabilities of the company seized on the day of the merger shall also include the assets or liabilities not previously reported in the accounts and the financial statements of the company taken over, if the result of the merger takes place their disclosure and they correspond to the definition of assets and liabilities.

3. The capital (fund) of its own company taken over as net assets at fair value on the date of the merger shall be exempted.

4. The fair value of specific assets or liabilities shall be adopted in particular in the case of:

1) listed securities-current quotation rate less selling costs;

2) unlisted securities-an estimated value, taking into account such factors as the ratio of the price to the profit and the dividend rate of comparable securities issued by companies with similar characteristics;

3) receivables-the present value (discounted) of the amounts requiring payment, fixed at the relevant current interest rates, less the write-downs of the debt at risk and irrecoverable, and the possible costs of recovery. The determination of current (discounted) values in respect of short-term receivables is not necessary if the difference between the value of receivables by amounts requiring payment and according to their discounted value is not relevant;

4) stocks of finished products and goods-the net sales price less the profit margin of profit resulting from the cost of the acquisition by the acquiring company to sell the stock or find the buyer;

5) stock of products in progress-the net sales price of the finished products less the cost of completing the production and the value of the profit margin resulting from the cost of bringing the acquiring company to the sale or finding of the buyer;

6) stock of materials-the current purchase price;

(7) fixed assets-the market value or their value according to the independent valuation. Where it is not possible to obtain an independent valuation of fixed assets, either the current purchase price or the cost of manufacturing, taking into account the current degree of consumption;

8) intangible assets-value estimated, determined on the basis of market prices of the same or similar intangible assets, and in relation to goodwill or negative value of the company included in the company's balance sheet hijacked value is zero. Where the estimated value cannot be determined on the basis of market prices, this value shall be taken as such which does not result in the establishment or increase of the negative value of the company as a result of the merger;

(9) commitments-the present value (discounted) of the amounts requiring payment, which is set at the relevant current interest rates. The determination of current (discounted) values in respect of short-term liabilities is not necessary if the difference between the value of the liabilities by amounts requiring payment and their discounted value is not relevant;

10) reserves or deferred tax assets-a value that is possible to be carried out by the merged companies, after taking into account the change in the tax value and the accounting of the net assets of the company being acquired.

5. Through the takeover price shall be understood in the case of:

(1) where, for the purpose of a merger, the company issues (emits) shares, the market price of those shares or otherwise fixed their fair value, if their market price is not known. In such a case, the excess market value of the shares or the otherwise agreed fair value of the shares is included in the reserve capital. The market price of the issued (issued) shares shall be taken from the date on which all the relevant conditions of the merger, including the exchange of shares, have been announced. If the market price during that period was subject to significant changes, the average market prices of the preceding month and the month following the announcement of all the relevant conditions of the merger may be taken as the market price;

2) the acquisition of own shares in order to combine-the purchase price of own shares;

3) the acquisition of the shares of the acquired company-the purchase price of these shares;

4) when, for the purpose of the merger, the company makes payment in a different form than the fair value of the object of payment specified in points 1-3;

5) when, for the purpose of the merger, the company makes payment in various forms-the sum of the relevant values referred to in points 1 to 4.

6. The increase in the take-over price referred to in paragraph 6. 5, above the fair value of the net assets of the acquired company shall be displayed in the assets of the company on which the assets of the merged companies or of the company resulting from the merger have been transferred as the value of the company.

7. Where the merger is the result of several consecutive transactions, the takeover price, the fair value of the net assets of the company taken over in a percentage reflecting the percentage of the acquired rights to the net assets and the difference in the value of the acquisition of value the fair net asset of a hijacked company is determined separately at the date of each relevant transaction, assuming that the first significant transaction was carried out no later than the date of establishment of the subordination relationship between the acquiring company and the the company being acquired. The final takeover price, the fair value of the net assets of the hijacked company and the difference in the takeover price over the fair value of the company's net assets seized at the date of the merger shall be the sum of the respective amounts of the relevant transactions.

(8) The carrying amount of the assets and liabilities fixed at the date of the merger shall be adjusted in subsequent reporting periods if, as a result of the events or information obtained, the fair value at the date of the merger was inappropriate. In such cases, an appropriate correction of the goodwill or the negative goodwill should be made, provided that the entity provides for the recovery of the value resulting from the correction of future economic benefits and the adjustment is made within the of the financial year in which the merger took place. Otherwise, such an adjustment shall be one of the other revenues or operating costs, as appropriate.

(9) Where the conditions of the merger provide for the possibility of a correction of the takeover price as a result of future events, such an adjustment shall be taken into account when determining the takeover price at the date of the merger, if the occurrence in the the future of the events causing the price adjustment is likely and the amount of the price adjustment can be determined reliably. Where no change in the takeover price or actual price change occurs during subsequent reporting periods, the price change will differ from the estimated value, then a corresponding adjustment of the take-over price and value shall be made. the company or the negative value of the company.

10. From the value of the company, the entity shall rewrite depreciation for the period of its economic utility. If the economic life of the utility cannot be reliably estimated, the period of depreciation of the goodwill may not be longer than 5 years. Depreciation shall be made using the straight-line method and shall be included in the remaining operating costs.

11. Subject to paragraph. 12, the excess of the fair value of the net assets of the company taken over the acquisition price, or negative goodwill, to an amount not exceeding the fair value of the acquired fixed assets, excluding long-term financial assets listed on the the regulated markets, the entity shall count as accruals of accrued income over the period which is the weighted average of the economic life of the assets acquired and subject to depreciation of assets. A negative goodwill in excess of the fair value of the fixed assets, excluding long-term financial assets listed on regulated markets, is included in the revenue per connection date.

12. The firm value of the company is written off in other operating revenues up to the amount in which it relates to the credibly estimated future losses and costs, as determined by the acquiring company at the date of the merger, which is not, however, the obligations referred to in paragraph 1. 2. This copy shall take place during this reporting period, in which losses and costs affect the financial result. If the losses and the costs were not incurred in the previously anticipated reporting periods, the negative value of the company shall be written off in the manner set out in the paragraph. 11.

(13) In the balance sheet of the merged companies, mutual claims and liabilities and other accounts of a similar nature are subject to exemption.

(14) Where a new company is established as a result of a merger, the income and expenses and the profits and losses of the acquired company and of the acquiring company shall be subject to the income and loss for the financial year in which the merger took place. Where, as a result of a merger with the acquiring company, the acquired company's assets have been transferred to the profit and loss account for the financial year in which the merger took place, the revenues and expenses and the profits and losses of the company taken over by the acquiring company shall be subject to a merger the day of merger and the acquiring company since the beginning of the financial year. Where, prior to the date of merger, the merging companies have remained in a subordination relationship, the net profits or losses of the company being acquired before the date of the merger shall affect the relevant percentage, fixed as a percentage. controlled by the acquiring company in a given period prior to the date of the merger of the net assets of the acquired company, on the respective positions of the equity of the acquiring company, of the company resulting from the merger, taking into account the write-off of the goodwill of the company or the negative value of the company, for the period from the date of formation of the relationship of subordination day of call.

15. The costs directly incurred in connection with the merger will increase the acquisition price. The costs of the organisation incurred on the assumption of a new joint-stock company or the costs of an increase in the share capital for the purpose of the merger shall reduce the share capital of the acquiring company or the company resulting from the merger, up to the amount of the excess value the issue of the nominal value of the shares, and the remaining part is included in the financial costs.

(16) The financial statements drawn up at the end of the reporting period in which the merger took place should contain comparative data for the previous financial year. The comparative data for the previous financial year shall be the data from the financial statements of the acquiring company.

Article 44c. [ The inclusion of the connection in the accounts] 1. The merger by merger of shares consists in the sum of each item of the relevant assets and liabilities and of the income and expenses of the merged companies, as per the day of the merger, after having previously given their value to the uniform methods the valuation and the exclusions referred to in paragraph 1. 2 and 3.

2. The exemption shall be subject to the value of the share capital of the company, the property of which was transferred to another company, or companies which, as a result of the merger, were removed from the register. Following that exclusion, the relevant equity positions of the company to which the merged company's assets are transferred or the newly formed company shall be adjusted by the difference between the sum of the assets and liabilities.

3. The exemptions are also subject to:

(1) mutual claims and liabilities and other accounts of a similar nature of the merging companies;

(2) the revenues and costs of economic operations carried out in a given financial year before the merger between the merging companies;

3. the profits or losses of economic operations made prior to the merger between the merging companies, contained in the values subject to the merging of the assets and liabilities.

4. The exemptions referred to in paragraph 4 may not be made. 3 points 2 and 3, if this does not affect the reliability and clarity of the financial statements of the company on which the assets of the merged companies or of the newly formed company are transferred.

5. The costs incurred in connection with the merger, including the costs of the organisation incurred on the assumption of the new company or the cost of the capital increase of the company on which the assets of the merging companies are transferred, shall be included in the financial costs.

6. The financial statements of the company to which the assets of the merged companies or the newly formed company are transferred, drawn up at the end of the reporting period, during which the merger took place, shall contain the comparative data for the previous financial year, as specified in as if the merger took place at the beginning of the previous financial year, with the result that the various components of the equity at the end of the previous year should be shown as the sum of the individual components of the equity.

Article 44d. [ Relevant application of the provisions] The provisions of Article 4 44a-44c shall apply mutatis mutandis in the case of acquisition by an entity of an organised part of another entity, including in the case of division of companies.

Chapter 5

Financial statements of the entity

Article 45. [ The timing of the report and its content] 1. The financial statements shall be drawn up at the closing date of the accounts referred to in Article 1. 12 (1) 2, and on a different balance sheet date, applying mutatis mutandis, subject to paragraph. The principles of valuation of assets and liabilities and the determination of the financial result set out in Chapter 4 shall be adopted by the Commission.

(1a) The financial statements of issuers of securities admitted, issuers intending to apply or to apply for their admission to trading on one of the regulated markets of the countries of the European Economic Area may be made in accordance with IAS.

(b) Financial statements of units of a group in which a parent undertaking draws up a consolidated financial statement in accordance with IAS may be drawn up in accordance with IAS.

1c. Decision on the preparation of financial statements in accordance with IAS, by the entities referred to in paragraph 1. 1a and 1b shall be taken by the approval authority.

1d. The authorising authority may decide on the cessation of the use of IAS when drawing up financial statements by units in the event of cessation of the circumstances referred to in paragraph. 1a and 1b.

1e. The financial statements of branches of a foreign entrepreneur may be drawn up in accordance with IAS, if the trader draws up a financial statement in accordance with IAS.

2. The financial statements shall consist of:

(1) balance sheet;

2) the profit and loss account;

(3) additional information, including the introduction to the financial statements, and additional information and explanations.

3. The financial statements of the bodies referred to in art. 64 par. 1, subject to an annual survey, shall also include a statement of changes in equity (fund) and, in the case of investment funds, a statement of changes in net assets, and a cash flow statement, subject to the paragraph. 3a.

(3a) The financial statements of the open investment fund and the financial statements of the specialised investment fund open do not include a cash flow statement.

4. The annual accounts shall be accompanied by a report on the activity of the entity, if the obligation to draw up it is due to the Act or separate provisions.

5. The financial statements and the report on the entity's activities shall be drawn up in Polish and in the Polish currency. The figures may be rounded up to thousands of zlotys, if this does not distort the image of the entity contained in the financial statements and in the activity report.

6. Financial statements and reports on the activities of issuers of securities admitted, issuers intending to apply or to apply for their admission to trading on one of the regulated markets of the countries of the European Area It shall be drawn up on the basis of the provisions of the Act, taking into account the provisions on securities trading.

Article 46. [ Bilans] 1. The balances of assets and liabilities shall be shown on the balance sheet for the closing date and the previous financial year.

1a. When drawing up the balance sheet for a different balance sheet date than that referred to in paragraph 1, 1, the balances of assets and liabilities shall be shown on the balance sheet for that date and for the day ending the financial year immediately preceding that balance sheet date.

2. Expressed in assets of the balance sheet, subject to paragraph. 2a, the value of the individual groups of assets is derived from their book value, adjusted by:

1) previously made depreciation or amortization write-offs and write-downing write-downers, including the permanent impairment of fixed assets;

2) write-downers updating the value of the property of the rotating assets;

3) write-offs which update the amount receivable.

The financial assets and financial liabilities shall be shown in the balance sheet of the net amount after netting if the entity has the unconditional right to set off the assets and liabilities of the type and intend to settle them in net amount or at the same time to issue the financial asset and settlement of the financial liability.

3. If, pursuant to separate provisions, copies of the financial result of the current financial year are made within the year, it is to be shown with a negative sign in the separate liability item "Capital (fund) of own", under the item " Copies of the net profit in the course of financial year (negative size) '.

4. The establishment of a social benefit fund and other funds created on the basis of separate provisions, not included in the equity (fund) of own funds, shall be shown in the liabilities of the balance sheet in the group of liabilities as special funds.

5. The balance sheet should contain information in the agreed terms:

1. for units other than banks, insurance undertakings and reinsurance undertakings-in Annex No 1 to the Act;

2) for banks-in Annex No. 2 to the Act;

3) for insurance and reinsurance undertakings-in Annex No. 3 to the Act;

4) for micro-units drawing up a simplified balance sheet-in Annex No. 4 to the Act;

5) for small units drawing up a simplified balance sheet-in Annex No. 5 to the Act.

Article 47. [ Profit and loss account] 1. The profit and loss account shall show separately the revenues, costs, gains and losses and the mandatory burdens of the financial result for the current and previous financial year.

2. If the profit and loss account is drawn up for a different reporting period than that referred to in paragraph 2. 1, the profit and loss account shall show separately the income, costs, gains and losses, and the compulsory burdens on the financial result for the current reporting period and the corresponding reference period of the previous financial year.

3. Where an entity provides for a cessation of a specified range of activities that affects the revenues and costs of future reporting periods, while maintaining the principle of continuation, the relevant income and associated costs shall be to demonstrate separately from the revenues and costs of the continued operation.

3a. The difference between the revenue and the costs of the micro-entity referred to in Article 3 shall be established in the profit and loss account. 3 para. Article 1a (2) increases, after the approval of the annual accounts, the revenues or expenses, respectively, in the following financial year; the positive difference may be included in the increase in the core capital (fund).

4. The statement of profit and loss shall contain information in the agreed terms:

1) for units other than banks, insurance and reinsurance undertakings-in Annex No 1 to the Act, in a calculation or comparative variant, depending on the choice made by the head of the entity;

2) for banks-in Annex No. 2 to the Act;

3) for insurance and reinsurance undertakings-in Annex No. 3 to the Act;

4) for micro-units drawing up a simplified profit and loss account-in Annex No. 4 to the Act;

5) for small units producing a simplified profit and loss account-in Annex No. 5 to the Act, in a calculation or comparative option, depending on the choice made by the head of the entity.

Article 48. [ Additional Note] 1. The additional information shall contain the relevant data and explanations necessary for the financial statements to comply with the conditions laid down in the Article. 4 par. 1, and in particular include:

1) introduction to the financial statements, containing a description of the accepted accounting principles (policies), including valuation methods and the preparation of the financial statements in so far as the Act leaves the entity the right to choose, and to present the reasons and the effects of their possible changes in relation to the preceding year;

2. additional information and explanatory notes:

(a) to the position of the balance sheet, the profit and loss account, the statement of changes in the equity (fund) and the cash flow statement for the reporting periods covered by the financial statements,

(b) the proposed distribution of profit or loss cover,

(c) basic information concerning the employees and bodies of the undertaking,

(d) other relevant information for the understanding of the accounts.

2. The scope of additional information, drawn up by units other than banks, insurance and reinsurance undertakings, shall specify the Annex No. 1 to the Act.

3. The micro unit may not draw up the additional information referred to in paragraph 1. 1, provided that it presents the supplementary information to the balance sheet set out in Annex No. 4 to the Act.

4. The scope of additional information for small units drawing up the simplified additional information shall be specified in Annex No. 5 to the Act. A small unit which does not draw up a simplified additional information shall draw up an additional information to the extent that is not less than that set out in Annex No 5 to the Act.

Art. 48a. [ Statement of changes in equity (fund) own] 1. The statement of changes in the equity (fund) of own shall include information on changes of individual components of capital (fund) of own for the current and previous financial year specified:

1. for units other than banks, insurance undertakings and reinsurance undertakings-in Annex No 1 to the Act;

2) for banks-in Annex No. 2 to the Act;

3) for insurance and reinsurance undertakings-in Annex no 3 to the Act.

2. In the case of drawing up a statement of changes in the capital (the fund) own for another reporting period than specified in the paragraph. 1, in the statement of changes in equity (fund) own, changes of individual positions of capital (the fund) of its own for the current reporting period and previous financial year are shown.

3. The micro unit may not draw up a statement of changes in the equity (fund) of its own referred to in the paragraph. 1.

4. A small unit may not draw up a statement of changes in the equity (fund) of its own referred to in paragraph 1. 1.

Art. 48b. [ Cash flow statement] 1. Cash flow accounts drawn up by a direct or indirect method, depending on the choice made by the head of the entity, shall show the data for the current and the previous financial year, including the information in the fixed terms:

1. for units other than banks, insurance undertakings and reinsurance undertakings-in Annex No 1 to the Act;

2) for banks-in Annex No. 2 to the Act;

3) for insurance and reinsurance undertakings-in Annex no 3 to the Act.

2. In the case of making a cash flow account for another reporting period than specified in the paragraph. 1, the cash flow statement shall be drawn up for the current reporting period and the corresponding reference period of the previous financial year.

3. In the cash flow statement account shall be taken of all the proceeds and expenses from the operating, investment and financial activities of the entity, with the exception of the receipts and expenses resulting from the purchase or sale of cash, with the the appropriate determination of the cash flow values:

1. by operating activities, the basic activity of the entity and other activities not included in the investment activity (placement) or financial activity shall be understood;

2) by the investment activity (placement) means the acquisition or disposal of assets of fixed assets and short-term financial assets and all of them related to cash costs and benefits;

3) by financial activity means the acquisition or loss of sources of financing [ changes in the size and relationships of the capital (fund) of one's own and foreign in the entity] and all of them related monetary costs and benefits.

4. The micro unit may not draw up the cash flow statement referred to in paragraph. 1.

5. A small unit may not draw up the cash flow statement referred to in paragraph 1. 1.

Article 49. [ Report on the activity of the entity] 1. In the case of capital companies, limited liability companies, mutual societies, mutual reinsurance companies, cooperatives, state-owned enterprises, as well as such non-confidential and limited companies, all of which are members of the company with unlimited liability are capital companies, limited liability companies or companies from other countries with a similar legal form, the head of the entity shall draw up, together with the annual accounts, a report on entity's activities.

2. The report on the activity of the entity should include relevant information about the assets and financial situation, including the assessment of the effects obtained and an indication of the risk factors and description of the hazards, and in particular the information about:

1) events significantly affecting the business of the unit that occurred during the financial year and, after its completion, until the date of approval of the financial statements;

2) the expected development of the unit;

3) major achievements in the field of research and development;

4) the current and foreseeable financial situation;

(5) own shares, including:

(a) to contribute to the acquisition of own shares in the financial year,

(b) the number and nominal value of the shares acquired and disposed of in the financial year of the shares and, in the absence of a nominal value, of their accounting values and of the part of the core capital which the shares represent,

(c) in the case of acquisitions or disposals of the payment, the equivalent of the shares,

(d) the number and nominal value of all the shares acquired and retained and, in the absence of a nominal value, of the book value, as well as of the proportion of the core capital which the shares represent;

6) owned by the unit of branches (plants);

7. financial instruments in the field of:

(a) risks: changes in prices, credit, significant cash flow distortions and the loss of financial liquidity to which the entity is exposed,

(b) the objectives and methods of financial risk management adopted by the entity, including the methods of securing the relevant types of planned transactions for which the security accounting is applied;

8) (repealed).

2a. Report on the activities of the issuer whose securities have been admitted to trading on one of the regulated markets of the European Economic Area should also include-as an isolated part-a statement on the use of the charge corporate, the scope of which sets out the implementing rules adopted on the basis of art. 60 par. 2 of the Act of 29 July 2005. public offering and conditions for the introduction of financial instruments to an organised trading system and on public companies (Dz. U. of 2013 r. items 1382 and from 2015 items 978 and 1260) or regulations issued on the basis of art. 61 of that Act.

3. The report on the activity of the entity should also include, as far as is relevant for the assessment of the entity's situation, financial and non-financial indicators, including information on environmental issues and employment, and additional clarifications to the amounts shown in the financial statements.

4. The micro unit referred to in art. 3 para. 1a pt. 1 and paragraph 1 1b, which is required to report on the activity of the entity in accordance with paragraph 1. 1, may not draw up this report, provided that in the additional information, and in the case referred to in Article 48 (1) 3, as supplementary information to the balance sheet, will present information on the acquisition of own shares (shares) set out in Annex No. 4 to the Act.

5. A small unit that has the obligation to report on activities in accordance with the paragraph. 1, may not draw up this report, provided that the additional information provides information on the acquisition of the own shares referred to in paragraph 1. 2 point 5.

(6) A small unit may not report on the activities of non-financial indicators as well as information on the environment and employment referred to in paragraph 6. 3.

Article 49a. [ Financial report by micro-unit] It shall be understood that the financial statements drawn up by the micro-unit using Article 4 (1) of the 46 (1) 5 point 4, art. 47 para. 4 point 4, art. 48 (1) 3, art. 48a ust. 3, art. 48b (b) 4 or Art. 49 (1) 4 presents a fair and clearly defined financial and financial situation and financial result of this entity.

Article 50. [ Detail of information in financial statements] 1. The information contained in the financial statements may be shown with a detail greater than that specified in the annexes to the Act, if this is due to the needs or specificity of the entity.

2. (repealed).

3. Where the information relating to individual items of the financial statements has not occurred in the unit both in the financial year and for the year preceding the financial year, the items shall be disregarded when drawing up the financial statements.

4. (repealed).

Article 51. [ Total Financial Statement] 1. An entity consisting of organizational units preparing independent financial statements shall draw up a joint financial statement, which is the sum of the financial statements of the entity and all its branches (plants), excluding as follows:

1) the assets and the funds allocated;

2. mutual claims and obligations and other accounts of a similar nature;

3) the revenues and costs of operations carried out between the entity and its branches (plants) or between its branches (establishments);

4) the financial result of economic operations carried out within the entity, contained in the assets of the entity or its branches (plants).

The exemptions referred to in points 2 to 4 may not be granted if this does not adversely affect the fulfilment of the obligations laid down in Article 4. 4 par. 1.

2. To the financial statement of the entity, which consists of branches (bets) located outside the territory of the Republic of Poland and there compiling financial statements, the relevant data resulting from the balance sheets of these branches shall be included (bets), denominated in foreign currency, converted into the Polish currency after the current balance sheet date of the average rate announced for the currency in question by the National Bank of Poland, and from the profit and loss account at the rate of average arithmetic mean of the courses for the day ending each month of the financial year, and in justified cases cases-after the course being the arithmetic mean of the average courses for the day ending the previous financial year and the day ending the current financial year, announced for the currency concerned by the National Bank of Poland. The differences resulting from these conversions are shown in the unit's total financial statements, under the heading "Currency translation differences", as a component of the capital (fund) from the revaluation.

Article 52. [ The timing of the report] 1. The unit's manager shall ensure that the annual financial statements are prepared not later than within 3 months from the balance sheet date and submit them to the competent authorities, in accordance with the applicable body of law, the provisions of the statutes or contracts.

2. The financial report shall sign, at the same time, the date of signature, the person entrusted with the conduct of the accounts and the head of the unit, and, if the unit is headed by a multiplayer authority, all members of that body. The refusal of the signature shall require a written statement of reasons attached to the financial statements.

3. The provisions of the paragraph. 1 and 2 shall also apply mutatis mutandis to:

1) financial statements drawn up on the date specified in art. 12 (1) 2 or on another balance sheet date;

2) the report on the activities of the entity referred to in art. 49, except that he/she is not signed by the person entrusted with the keeping of the accounts.

Article 53. [ Approval of reports] 1. The annual financial statement of the entity, subject to the paragraph. 2b, shall be subject to approval by the approval authority, not later than 6 months from the balance sheet date. Prior to the approval of the annual accounts of the entities referred to in Article 64, it shall be tested in accordance with the rules set out in Chapter 7.

2. (repealed).

2a. Recipe of paragraph. 1 shall not apply to the units in respect of which the bankruptcy was declared.

2b. The annual financial statements of the foreign entrepreneur's branch shall be considered to have been approved if the financial statements of the foreign entrepreneur have been approved, covering the financial statements of the foreign entrepreneur.

3. The breakdown or coverage of the net financial result of the obligated entities, in accordance with art. 64 par. 1, the examination of the annual accounts may take place after the approval of the financial statements by the approval authority, preceded by an opinion of the auditor of that report, without reservations or with reservations. The breakdown or coverage of the net financial result, carried out without the fulfilment of this condition, shall be invalid under the law.

4. The breakdown or coverage of the net financial result of the units not required to be subject to the examination of the annual accounts may be made after the approval of the financial statements by the approval authority.

5. The write-offs of the financial result of the current financial year, including payments from profit, made on the basis of separate provisions shall be considered to be the breakdown of the net financial result of the units during the financial year.

Article 54. [ Change of report] 1. If, after the preparation of the annual accounts, and before its approval, the entity has received information about events that have a material impact on this financial report, or causing that the assumption of continuing operations by the entity is not justified, it should amend the report accordingly, while making appropriate records in the accounts of the financial year of which the financial statements relate, and notify the auditor who the report shall examine or examine. If the events that occurred after the balance sheet date do not result in a change in the balance that exists at the balance sheet date, the explanatory notes shall be provided in the notes.

2. If an entity has received information about the events referred to in paragraph. 1, after the approval of the annual accounts, their effects shall be recorded in the accounts of the financial year in which the information was received.

3. If, in a given financial year or before the approval of the financial statements for that financial year, an entity has committed in previous years the turnover of the error, following which the financial statements for the year or years may not be considered previous to meet the requirements laid down in Article 4 par. 1, the amount of the correction resulting from the erasure of this error relates to equity (fund) and shows as "profit (loss) from previous years".

Chapter 6

Consolidated financial statements of the capital group

Article 55. [ Consolidated Financial Statements] 1. The parent undertaking, having its registered office or place of management in the territory of the Republic of Poland, shall draw up the annual consolidated financial statements of the capital group, comprising the parent's and the units from it the subsidiaries of all levels, irrespective of their geographical location, are compiled as if the group constituted a single unit; this report also includes the data of the other subsidiaries, in accordance with the rules laid down in the this chapter.

2. The consolidated financial statements shall consist of:

1) the consolidated balance sheet;

2) the consolidated profit and loss account;

3) a consolidated cash flow statement;

4) a consolidated statement of changes in the equity (fund) of its own;

5) additional information, including the introduction to the consolidated financial statements and additional information and explanatory notes.

2a. The annual consolidated financial statements shall be accompanied by a report on the activities of the capital group, drawn up in accordance with the requirements referred to in Article 3 (2) of the Financial Regulation. 49 (1) 2-3, except in the case of the information referred to in art. 49 (1) For the purposes of this Article 2 (5), it is necessary to provide information on the own shares held by the parent undertaking, the entities in the capital group, and persons acting on their behalf. A report on the activities of a group may be drawn up together with a report on the activities of the parent undertaking as a single report.

3. The consolidated financial statements shall also be drawn up on a different balance sheet date, if such an obligation is based on separate provisions.

4. Where the provisions of this Chapter do not provide otherwise, the provisions of Chapters 4, 4a and 5 shall apply mutatis mutandis to the preparation of the consolidated financial statements.

5. Consolidated financial statements of issuers of securities referred to in art. 4 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002. on the application of international accounting standards (Dz. Urz. EC L 243, 11.09.2002, p. 1; Dz. Urz. EU Polish Special Edition, rozdz. 13, t. 29, p. 609, z późn. ism.), and banks shall be drawn up in accordance with IAS.

6. Consolidated financial statements of issuers of securities intending to apply or to apply for their admission to trading on one of the regulated markets of the countries of the European Economic Area may be drawn up in accordance with the from IAS.

7. Consolidated financial statements of the lower-level parent companies, which are part of the capital group in which a senior parent undertaking draws up a consolidated financial statement in accordance with the IAS, may be drawn up in accordance with IAS.

8. The decision on the preparation of consolidated financial statements in accordance with the IAS, by the entities referred to in paragraph. 6 and 7 shall be taken by the approval authority of the parent undertaking.

9. The approval authority of the parent may decide on the cessation of the application of IAS when drawing up consolidated financial statements by the entities in case of cessation of the circumstances referred to in paragraph. 6 and 7.

10. The provisions of the paragraph. 9 shall apply mutatis mutandis to the non-banks referred to in paragraph 1. 5.

Article 56. [ Exemption from the obligation to report] 1. The parent may not draw up consolidated financial statements if at the balance sheet date of the financial year and on the balance sheet date of the year preceding the financial year combined data of the parent and all units of each level:

1) prior to the elimination of the consolidation referred to in art. 60 par. 2 and 6, not more than at least two of the following three sizes:

(a) PLN 38 400 000-in the case of the sum of assets of the balance sheet at the end of

(b) PLN 76 800 000-in the case of net proceeds from the sale of goods and products for the financial year,

(c) 250 persons, in the case of semi-annual employment on a full-time basis;

2. after the elimination of the consolidation referred to in Article 60 par. 2 and 6, not more than at least two of the following three sizes:

a) 32 000 000 PLN-for the sum of the assets of the balance sheet at the end of the financial year,

(b) 64 000 000 PLN-in the case of net proceeds from the sale of goods and products for the financial year,

(c) 250 persons, in the case of semi-annual employment in full-time terms.

1a. The parent undertaking, which is exempted from the preparation of the consolidated financial statements on the basis of the paragraph. In accordance with Article 1 (1), point 1 or 2, it shall lose that right if, at the balance sheet date of the financial year and on the balance sheet date of the year preceding the financial year, two of the conditions referred to in 1 point 1 or 2 of the size, with effect for the current financial year.

2. A parent undertaking, dependent on another undertaking, established or held in the territory of the European Economic Area, may not draw up a consolidated financial statement if:

1) the senior parent undertaking holds 100% of the shares of that entity, without taking into account the shares in that entity held by the members of its administrative, management or supervisory bodies under the law or under the title the obligations laid down in its statutes or contract, or

2) the senior parent company holds at least 90% of the shares of that entity, and the other shareholders of that entity have approved the decision not to regulation the consolidated financial statements.

2a. Recipe of paragraph. 2 shall apply if the following cumulative conditions are met:

1) the senior parent undertaking shall include the consolidation of both the parent undertaking of the non-regulation of the consolidated financial statements and all its subsidiaries, which would have been consolidated by the entity. a dominant position having regard to the provisions of Article 57 and Art. 58;

2) the manager of the parent of a non-consolidated consolidated financial statements shall fulfil the obligation laid down in the Article. 69 par. 4;

3) a parent undertaking not drawing up the consolidated financial statements shall disclose in the additional information listed in Annex No. 1 to the Act in the "Additional information and explanations" section of the paragraph. 6 point 4.

2b. In the case referred to in paragraph. The consolidated financial statements of the senior parent undertaking shall be drawn up in accordance with the laws of the Member State of the Economic Area to which it is subject, or the IAS. 2a.

(3) The parent may not draw up a consolidated financial statement even if all the subsidiaries are excluded from the obligation to cover their consolidation on the basis of art. 57 or Art. 58.

4. The provision of the paragraph. 1 shall not apply if the parent undertaking or its subsidiary is a unit referred to in Article 3. 3 para. 1e points 1 to 6.

5. The provision of the paragraph. If the parent is an issuer of securities admitted to trading on one of the regulated markets of the European Economic Area, the parent undertaking shall not apply.

Article 57. [ Off Consolidation] The consolidation may not be included in the subsidiary if:

1) the shares of that entity have been acquired, purchased or acquired in another form, with the exclusive use of them for subsequent resale, within one year from the date of their acquisition, purchase or acquisition in another form;

(2) there are serious long-term constraints in the exercise of control over an entity that has excluded the free allocation of its net assets, including the net profit developed by that entity, or which exclude the exercise of control over authorities. This unit is

(3) without incurring a disproportionate cost or without undue delay, the information necessary for the preparation of the consolidated financial statements cannot be obtained, and this may apply in exceptional cases, which will be properly documented.

Article 58. [ Exempt from consolidation obligation] 1. Consolidation may not be included in the subsidiary, if the financial data of this entity is irrelevant for the implementation of the obligation laid down in Art. 4 par. 1.

2. If two or more subsidiaries meet the criterion referred to in paragraph. 1, but their aggregate data is relevant for the implementation of the obligation referred to in art. 4 par. 1, these entities should be included in the consolidation.

Article 59. [ Consolidation methods] 1. The data of the subsidiary shall be consolidated by the full consolidation method referred to in Art. 60.

2. The data of the co-dependent entities shall be shown in the consolidated financial statements using the proportional method referred to in art. 61, or the method of property rights referred to in art. 63.

2a. If the joint-subsidiary's partner, which is the parent undertaking drawing up the consolidated financial statements, shows the subsidiaries using the proportional method, then the provisions of Article 4 (2) of the Rules of procedure shall apply. 56 par. 3, art. 57 and Art. 58 shall apply mutatis mutandis.

3. Shares in the associate shall be exhibited in the consolidated financial statements by the equity method.

4. If the units of the capital group included in the consolidation hold shares in the interdependent units, the data of those units shall be included in the consolidated financial statements using the proportional method or the method of ownership.

5. If the units of the capital group included in the consolidation hold shares in associates, the data of these units shall be shown in the consolidated financial statements by the equity method. Where those affiliated entities prepare consolidated financial statements, the equity method applies to the net assets shown in their consolidated financial statements.

6. If the conditions referred to in Article 6 are met. 57 point 2, and the subsidiary was previously included in the consolidation or the parent undertaking has entered into the right of a significant investor or a partner of the co-dependent entity, the data of these entities are shown in the consolidated financial statements the proportional method or the equity method, as appropriate.

Article 60. [ Full Consolidation Method] 1. The method of full consolidation consists in the aggregation, in the full value, of the individual items of the respective financial statements of the parent entity and of the subsidiaries, the exemptions referred to in paragraph. 2 and 6, as well as other adjustments referred to in paragraph 1. 8-9.

2. The exclusion shall be subject to the purchase price of the value of the shares held by the parent undertaking and other undertakings included in the consolidation in the subsidiaries with that part, measured at the fair value of the net assets of the subsidiaries, which corresponds to the participation of the parent undertaking and other entities of the capital group included in the consolidation in subsidiaries, at the date on which they began to exercise control over them. If the value of the shares held and the corresponding portion of the net assets of the subsidiaries, measured at their fair value, varies, then, subject to paragraph. 3 and 4:

1) the excess value of the shares over the corresponding part of the net assets measured at their fair value-goodwill value, is shown in the assets of the consolidated balance sheet in a separate item of fixed assets as " Value of company of units subordinated ';

2) the excess of the relevant part of the net assets measured at their fair value over the value of the shares-negative goodwill, is shown in the liabilities of the consolidated balance sheet in a separate position as " Negative value of company of units subordinated '.

3. If the control of the control of a subsidiary arises or is reinforced as a result of several significant transactions, or these transactions occur at significant intervals, the differences referred to in paragraph 2 shall be made. 2, it shall be fixed for each day of the acquisition of the individual shares, the first time being set at no later than the date of the establishment of the ratio of subordination of the entity.

4. In the case of changes in the percentage of the share of the parent or group in the net assets of the subsidiary as a result of the issue (issue) of the shares, the resulting difference referred to in the paragraph shall be made. 2, that is to be counted as a whole for revenue or financial costs.

(5) For the establishment of the basis for the valuation of net assets in fair values and the settling of goodwill or negative goodwill, the rules laid down in Article 4 shall apply mutatis mutandis. 28 para. 5 and in art. 44b (b) 4, 11 and 12.

6. The exemptions are also subject to the following:

1. mutual claims and liabilities and other accounts of a similar nature of the undertakings included in the consolidation;

2) the revenues and costs of the economic operations carried out between the undertakings included in the consolidation;

3. profits or losses arising from economic operations carried out between the undertakings included in the consolidation, contained in the value of the assets to be consolidated;

4) dividends accrued or paid by subsidiaries of the parent entity and other entities included in the consolidation.

7. The exemptions referred to in paragraph 1 may not be made. 6 if they are not relevant for the implementation of the obligation laid down in Article 4. 4 par. 1.

8. If, during the financial year, the shares in the subsidiary are disposed of, the following shall be shown in the consolidated profit and loss account:

1) the results of the activity achieved by that subsidiary until the date of disposal of the shares by the parent undertaking or another entity included in the consolidation;

2) the result from the disposal of the shares of the subsidiary, determined as the difference between the income from the disposal of the shares and the corresponding part of the net assets of the subsidiary, adjusted for the unwritten part of the goodwill or negative goodwill of the company, concerning disposals of shares.

9. Shares in the equity of subsidiaries, belonging to persons or entities other than the ones included in the consolidation, shall be shown in a separate liability item of the consolidated balance sheet, after the equity capital as the "Capital of Minorities". The initial value of those equity shall be determined at the level of the fair value of the net assets fixed at the date of the start of the exercise of control. This value shall be increased or decreased as appropriate for changes in the net assets of the subsidiaries. For other persons or entities not included in the consolidation, the profit or loss shall be shown in the consolidated profit and loss account after the item "Net financial result" as "Minority (losses)", taking into account the correction of the result from the title specified in the paragraph. 6 point 4. If the losses of the subsidiaries per minority capital exceed the amounts to cover their coverage, the excess amount shall be accounted for by the capital group's own capital group.

Article 61. [ Proportional Consolidation Method] 1. The use of the proportional method in the consolidated financial statements consists in the aggregation of individual items of the financial statements of the partner of the joint-dependent entity, in full value, with part of the value of the individual reporting items financial co-subsidiaries, proportional to the shares held by the entities of the capital group included in the consolidation of the shares, the exclusions referred to in paragraph. 2 and 6 and other corrections referred to in paragraph 1. 8.

2. The exclusion shall be subject to the acquisition price of the shares held by the parent undertaking and other undertakings included in the consolidation in the subsidiaries with that part, measured at the fair value of the net assets of the units co-dependent, which corresponds to the participation of the parent undertaking and other entities of the capital group included in the consolidation in the co-dependent units at the date of commencement of the co-control. If the value of the shares held and the corresponding part of the valued at their fair value, the net assets of the interdependent units differ, then, subject to paragraph. 3 and 4:

1) the value of the company is shown in the assets of the consolidated balance sheet, in a separate item of fixed assets, as "The value of the company of the subsidiaries";

2) the negative value of the company is shown in the liabilities of the consolidated balance sheet, in a separate item, as the "Negative value of the company of subsidiaries".

3. If the exercise of joint control of the subsidiary is created or strengthened as a result of a number of significant transactions, or these transactions occur at significant intervals, the differences referred to in paragraph shall be made. 2, it shall be fixed for each day of acquisition of the individual shares, the first time being determined on the day of the formation of the subordination ratio.

4. In the case of changes in the percentage of the share of the parent or group in the net assets of the co-subsidiary, as a result of the issue (issue) of the shares, the resulting difference referred to in the paragraph shall be made. 2, that is to be counted as a whole for revenue or financial costs.

(5) For the establishment of the basis for the valuation of net assets in fair values and the settling of goodwill or negative goodwill, the rules laid down in Article 4 shall apply mutatis mutandis. 28 para. 5 and in art. 44b (b) 4, 11 and 12.

6. The exemption shall also be subject to the full amounts, or in proportion to the shares held by the joint-subsidiary undertaking, respectively:

1. mutual claims and liabilities and other accounts of a similar nature of the entities included in the consolidated financial statements;

2) the revenues and costs of economic operations carried out between the units covered by the consolidated financial statements;

3) gains or losses arising from operations carried out between entities included in the consolidated financial statements, contained in the value of the assets subject to consolidation;

4) dividends accruing or disbursed by the interdependent entities of their partners and other entities covered by the consolidated financial statements.

7. The exemptions referred to in paragraph 1 may not be made. 6 if they are not relevant for the implementation of the obligation laid down in Article 4. 4 par. 1.

8. If, during the financial year, the disposal of the shares in the co-subsidiary is shown in the consolidated profit and loss account:

1) the result of the activity achieved by that co-dependent entity until the date of disposal of the shares by the partner of the co-dependent entity or another entity covered by the consolidated financial statements, in proportion to the divestments;

2) the result from the disposal of the shares of the co-dependent entity, established as the difference between the proceeds from the disposal of the shares and the corresponding part of the net assets of the co-dependent entity, adjusted for the unwritten part of the goodwill or negative goodwill value of the company, concerning the disposal of shares.

9. There shall be no shares in the equity of the interdependent units, including net profit (loss), belonging to persons or entities other than the partner of the co-dependent entity and the units of its capital group.

Article 62. (repealed).

Article 63. [ Determination of goodwill at the property rights method] 1. The method of property rights shall consist in the demonstration in the assets of the permanent balance sheet of the item "Shares in subsidiaries valued by the equity method", in the price of their acquisition increased or reduced by, to the benefit of the parent, the partner of the co-dependent entity or a significant investor to increase or decrease the equity of the subsidiary that has taken place since the date of the audit, to obtain joint control or significant impact on the balance sheet date, including reduction from the account with the owners, with the fact that the share of the profit The net loss of the subordinated entity shall be adjusted by a copy of the goodwill or negative value of the company, subject to the principles referred to in Article 4. 44b (b) 10, 11 and 12, and a copy of the difference in the valuation of the net assets at their fair values and book values for the reporting period in question.

2. When applying the method of property rights in the profit and loss account shall be shown, in a separate position the share in the profit (loss) of the net subordinated entity. From the net profit (losses) of the subordinated entity, the profit or loss of transactions made between the units covered by the financial statements and the subordinated entity in proportion to its holdings is excluded from the profit or loss. shares.

3. The methods of property rights shall not apply in the cases referred to in art. 57 and may not be used in the cases referred to in Article 4. 58.

Article 63a. [ Exclusion of the application of the equity method] In the event of a permanent loss of the value of the shares in the subsidiaries, fixed at the date of acquisition of the shares the value of the company or the negative value of the company shall be written off against the financial result in the amount equal to the difference between the previous the value of the shares and their value determined after taking into account the permanent impairment.

Article 63b. [ Adoption of a single accounting policy] 1. Units whose data are covered by consolidated financial statements, and in particular subsidiaries and co-dependent entities, should apply the same methods of valuation of assets and liabilities and the drawing up of financial statements, consistent with the adopted the accounting principles (policy) of the parent undertaking, subject to paragraph (a). 2.

2. If it is not possible for important reasons to use the same method of valuation and preparation of financial statements or if the parent undertaking draws up financial statements in accordance with the IAS and the entities to which the data are consolidated the financial statements, the financial statements and the consolidated accounts are not prepared in accordance with the IAS, the financial statements of those entities whose financial data are relevant to the financial statements are not prepared. the implementation of the obligation laid down in Article 4 par. 1.

3. (repealed).

Article 63c. [ Adoption of a single balance sheet date] 1. The financial statements referred to in art. 55 par. 1, it shall be made on the same balance sheet date and for the same financial year as the parent's financial statements. If the same balance sheet date cannot be accepted by individual units of a capital group, this consolidation may be extended to a financial report drawn up for a different annual period than the financial year, provided that the balance sheet date of those reports is included in the accounts. the financial year is not earlier than 3 months before the balance sheet date adopted for the group. This also applies to the financial statements of the entities for which the equity method is applied.

2. The parent undertaking shall draw up the consolidated financial statements, not later than within 3 months from the balance sheet date, on which the parent undertaking shall draw up an annual financial statement.

3. The consolidated financial statements shall be signed by the head of the parent undertaking and other persons responsible for drawing up the report. Article Recipe 52 par. 2 shall apply mutatis mutandis.

4. The annual consolidated financial statements shall be approved by the approval authority of the parent undertaking, not later than 6 months after the balance sheet date for which the annual accounts of the parent undertaking should be drawn up.

Art. 63d. [ Financial statements of public companies] Consolidated financial statements and reports on the activities of groups of capital, where the parent undertakings are issuers of securities admitted, issuers intending to apply or to apply for their admission to be traded on a regulated market of one of the countries of the European Economic Area, shall be drawn up on the basis of the provisions of the Act, taking into account the provisions on the trading of securities.

Chapter 6a

Report on payments to the public administration

Art. 63e. [ Definitions] Whenever you are in a chapter, you are talking about:

1) a unit operating in the extractive industry-it is understood by this unit of activity consisting in exploration, search, discovery, operation and extraction of mineral deposits, oil, natural gas or other raw materials, within the types of business activities listed in Section B in chapters 05-08 of the Polish Classification of Activities;

2) a unit dealing with the logging of primary forests-it is understood by this unit conducting the activity referred to in Section A in Division 02, in group 02.2 of the Polish Classification of Activities, in the areas of primary forests;

3) primary forest-it is understood by this forest with native species, where there is no clear visible traces of human activity, and ecological processes have not been significantly affected;

4) public administration-it is understood by the authorities of government or local government and bodies supervised or controlled by these authorities, and in the case of the other countries of the European Economic Area or countries outside European Economic Area-bodies of state, regional or local government of the European Economic Area or countries outside the European Economic Area and bodies supervised or controlled by those authorities;

(5) the project, which is understood by the operating activities carried out under the contract, in particular the lease, the lease, the licence or the concession, which is the basis for payment obligations to the public administrations of the various countries; if Whereas a number of such contracts are substantially related to one another, the operating activities carried out on their basis are considered to be one project;

(6) payments-shall mean the amount paid, in cash or in kind, from the activities referred to in points 1 or 2, by:

(a) receivables on production,

(b) taxes levied on the income, production or profits of companies, excluding consumption tax, such as tax on goods and services, personal income tax or sales tax,

(c) royalties,

(d) dividends,

(e) the concession fees and the premium for discovery and production,

(f) royalties, leasecharges, start-up fees and other benefits for the award of licences or concessions,

(g) payments for improvements in infrastructure;

7) related payments-this is understood by the contractual or recurrent payment contract provided;

(8) the payment report shall be understood by this report on payments to the public administration.

Article 63f. [ Report of an entity operating in the extractive or logging industry of primary forests] 1. An entity operating in the extractive industry or the logging unit of primary forests shall be drawn up at the balance sheet date, together with the annual accounts, the payment report if it is:

1) the entity referred to in art. 3 para. 1e points 1 to 6, which is a capital company, a limited joint-stock company or a public limited partnership or a limited partnership, of which all the partners with unlimited liability are capital companies, limited liability companies or companies from other countries. of a similar legal form to these companies, or

(2) a capital company, a limited partnership or a public limited partnership or a limited partnership or a limited liability company of which all the shareholders of which are unlimited liability are capital companies, limited liability companies or companies from other countries similar to those of the those companies in legal form, provided that, in the financial year for which the financial statements are drawn up, and in the year preceding that year, they exceed at least two of the following three volumes:

a) PLN 850,000,000-for the sum of assets of the balance sheet at the end of the financial year,

(b) PLN 170 000 000-in the case of net proceeds from the sale of goods and products for the financial year,

(c) 250 persons-in the case of semi-annual employment on a full-time basis

-and if the single payment or the sum of the payments of the related payments made by that entity represented in the financial year at least the equivalent of the amount of 424 700 zł.

2. The payment report shall show, for the financial year concerned, the following information:

1) the total amount of payments made to the public administration of the state concerned, broken down by payments to the relevant levels of public administration;

2) the total amount of the payment, broken down by the titles indicated in Art. 63e point 6 for the relevant level of public administration of the State concerned;

3) where the payments have been allocated by the entity to a specific project-the total amount of payments made for individual projects together with the division into the payment titles indicated in Art. 63e, point 6.

3. Paragraph Recipe 2 point 3 does not apply to payments made by the entity in relation to the requirements imposed at the level of that entity. In this case, these payments can be presented at the company level, not at the project level.

4. In the payment report, you may not include individual payments or amounts of related payments, lower than indicated in the paragraph. 1 value. Payments or activities may not be artificially divided or aggregated in order to avoid them being shown in the payment report.

5. In the case of payment in kind, the payment report shall show their value, if possible, also in natural units, together with an indication of the manner in which it is established.

Article 63g. [ Consolidated Payment Report] 1. An entity referred to in art. 63f ust. 1, which is the parent undertaking referred to in Article 1. 55 par. 1 shall draw up a consolidated statement of payments in accordance with Article 4. 63f ust. 2-5.

2. Paragraph Recipe 1 shall apply mutatis mutandis to the parent undertaking referred to in Article 4. 55 par. 1, if it fulfils the conditions laid down in Article 4 (1) 63f ust. 1 (1) or 1 (2) and any of its subsidiaries is a unit operating in the extractive industry or a unit dealing with the logging of primary forests and a single payment or sum of related payments made by its subsidiary constituted in the financial year at least the equivalent of the amount of 424 700 zł.

3. The consolidated payment report shall include the data of the parent undertaking and the units of all levels dependent on it. The consolidated payment report may not include the data of the entity which is not included in the consolidation on the basis of art. 57.

4. The provisions of Article 4 shall apply mutatis mutandis to the consolidated payment report. 63c ust. 2 and 3.

Art. 63h. [ Exemption from the obligation to draw up a payment report] 1. An entity referred to in art. 63f ust. 1, which is a subsidiary, may not draw up a payment report if its parent undertaking having its head office or place of management in the territory of the European Economic Area draws up a consolidated payment report in accordance with the laws of the European Economic Area to which it is subject, and the payments made by that subsidiary to the public administration are included in that consolidated payment report.

2. The parent may not draw up a payment report if it draws up a consolidated payment report in accordance with the rules laid down in art. 63g, and the payments made by this parent undertaking to the public administration are included in this consolidated payment report.

3. An entity referred to in art. 63g ust. 1, which is a lower-level parent undertaking, may not prepare a consolidated payment report if its senior parent has its head office or place of management in the European Area The economic operator shall draw up a consolidated payment report in accordance with the provisions of law of the European Economic Area to which it is subject, and payments made by that parent undertaking to the public administration are included in this consolidated payment report.

Art. 63i. [ Payment report or consolidated payment report recognised as equivalent to Union legislation] Units referred to in Article 63f ust. 1 or Art. 63g ust. 1 which draw up and publish a payment report or a consolidated payment report in accordance with the provisions of the law of a country outside the European Economic Area recognised by the European Commission as being equivalent to the Union rules, may do not apply the provisions of the Act on the preparation of these reports, subject to the submission of a payment report or a consolidated payment report in the relevant court register.

Article 63j [ Application of provisions of the Act] The payment report and the consolidated payment report shall be subject to the provisions of Article 4. 52 par. 1 and 2, except that they are not signed by the person entrusted with the keeping of the accounts.

Chapter 7

Examination, submission to the competent court register, making available and announcing financial statements

Article 64. [ Reports subject to examination and publication] 1. The annual consolidated financial statements of the capital groups and the annual financial statements-continuing operations shall be audited:

(1) banks, insurance undertakings and reinsurance undertakings;

(1a) cooperative savings and credit unions;

2) entities operating on the basis of regulations on trading securities and provisions on investment funds;

(2a) entities acting on the basis of the provisions on the organisation and functioning of pension funds;

(2b) national payment institutions and electronic money institutions;

3. public limited liability companies, with the exception of companies which are at the balance sheet date of the organisation;

4. other units which, in the preceding financial year for which the financial statements have been drawn up, have met at least two of the following conditions:

(a) the average annual employment of at least 50 persons has been employed,

(b) the sum of the assets of the balance sheet at the end of the financial year was the equivalent in Polish currency of at least EUR 2 500 000,

(c) net revenue from the sale of goods and products and financial operations for the financial year represented the equivalent in the Polish currency of at least 5 000 000 euro.

2. In the units drawing up the total financial statements referred to in art. 51 (1) 1, the conditions set out in the paragraph. 1 shall apply to the total annual accounts.

3. The financial statements of the acquiring companies and the newly-tied companies, drawn up for the financial year in which the merger took place, and the annual financial statements of the units drawn up in accordance with the IAS shall be audited.

4. The annual combined financial statements of investment funds with separate sub-funds and annual separate accounts of sub-funds shall also be audited.

5. (repealed).

6. (repealed).

Article 64a. (repealed).

Article 64b. (repealed).

Article 65. [ Opinion and Auditor Report] 1. The purpose of the audit of the financial statements is to express the statement by the auditor of the written opinion together with the report on whether the financial statement reliably and clearly presents the financial and financial situation and the financial result of the audited entity in accordance with the applicable provisions of the Act and the adopted accounting principles (policy).

2. The opinion referred to in paragraph 2. 1, should, in particular, determine whether the audited financial statements:

1) has been drawn up on the basis of properly conducted accounting books;

2. (repealed);

3) is in accordance with the form and content with the applicable body of laws, statutes or contract;

4) (repealed).

3. The opinion shall also include:

1) inform about the failure to comply, until the date of the expression of the opinions referred to in art. 69 and 70 of the duties of the deposit in the competent court register and to the publication of the financial statements for the year or years preceding the financial year;

2) indicate on the identified during the investigation a serious threat to the continuation of the activity by the entity;

(3) indicate whether the information contained in the activity report takes account of the provisions of the Article. 49 (1) 2 and are consistent with the information contained in the annual accounts;

4) make a statement, whether in the light of the knowledge of the entity and its surroundings obtained during the examination, it has been identified in the activity report of significant distortions, and indicate what they rely on;

5) indicate whether the issuer required to submit a statement of application of corporate governance concluded in this statement the information required according to the scope set out in the implementing provisions issued on the basis of art. 60 par. 2 of the Act of 29 July 2005. the public offering and conditions for the introduction of financial instruments to an organised trading system and on public companies or in regulations issued on the basis of art. 61 of that Act, and in relation to certain information specified in those laws or regulations-determine whether they comply with the applicable regulations and with the information contained in the annual financial statements.

(4) The opinion should clearly indicate the reasons for the statement of objections to the financial statements, the expression of the negative opinion or the refusal to express an opinion, given the existence of circumstances preventing it from being formulated. Reservations should be expressed in a manner indicating their scope.

5. The report referred to in paragraph. 1, should present in particular:

1) the general characteristics of the entity (data identifying the unit);

2) statement of obtaining from the entity the requested information, explanations and statements;

3) an assessment of the correctness of the accounting system used;

4) the characteristics of the position or group of items of the financial statements, if the auditor considers that they need to be discussed;

5) the determination of the bank's application to the applicable prudential rules as laid down in the separate provisions, and the statement of the correctness of the solvency ratio;

(5a) a declaration of compliance by cooperative credit and credit institutions with the applicable prudential rules as laid down in the separate rules and stating that the solvency ratio has been correctly determined;

6. the establishment by the insurance undertaking of technical provisions in the amount which ensures full compliance with current and future obligations arising out of the contracts of insurance and reinsurance contracts concluded, and protection of these reserves, in accordance with the provisions on insurance and reinsurance activities, as well as the correctness of the calculation of the solvency margin and of the financial coverage of that margin;

6a) the establishment by the reinsurance undertaking of technical provisions of a level which ensures full fulfilment of the current and future obligations arising from the reinsurance contracts concluded and the security of those reserves the deposits, in accordance with the provisions on reinsurance business, as well as the regularity of the calculation of the solvency margin and the holding of the financial coverage of that margin;

(7) the presentation of the financial and financial situation and the financial result of the entity, with an indication of phenomena which, in comparison with the previous reporting periods, significantly affect the situation and, in particular, jeopardise the situation continuing operations by the entity. If, in the course of the examination of the entity, the auditor finds relevant, affecting financial statements, infringement of the law, the statutes or the agreement of the company, he should inform it in the report, and if necessary also in the opinion.

6. The opinion and the report should be based on the audit documentation that has been collected and produced during the audit. They should make it possible for the auditor, who does not participate in the investigation, to follow the course of the investigation and to find a justification for the opinion expressed on the financial statements being examined.

7. The opinion and the report on the audit of the financial statements shall be signed by a key auditor conducting the survey.

8. The provisions of the paragraph. 1-7 shall apply mutatis mutandis to the opinion and report of the audit of the consolidated financial statements.

Article 66. [ The impartiality and independence of the auditor] 1. (repealed).

2. (repealed).

3. (repealed).

4. The selection of the entity authorized to audit financial statements for the execution of the examination or review of the financial statements shall be carried out by the body approving the financial statements of the entity, unless the statute, agreement or other binding entity of law the law provides otherwise. The unit manager cannot make such a selection.

5. The entity's manager shall include with the entity authorized to audit the financial statements the contract for examination or review of the financial statements in time enabling it to participate in the inventory of significant property components. The costs of carrying out the audit shall be borne by the

6. Examination or review of the financial statements carried out in violation of the provisions of Art. 56 par. 2-4 of the Act of 7 May 2009. about the experts and their local authorities, entities entitled to audit financial statements and on public supervision (Dz. U. Nr 77, pos. 649, 2010 No. 182, pos. 1228 and 2012 items 1166) are void of the power of law.

7. Solution of the contract referred to in paragraph. 5, it is possible only if there is a reasonable basis. Differences of opinion on the application of accounting rules or auditing standards do not constitute a reasonable basis for the termination of the contract. The head of the entity and the entity authorised to audit the financial statements shall inform the Audit Oversight Commission without delay of termination of the examination agreement or review of the financial statements.

Article 67. [ Auditor's powers] 1. The manager of the audited entity shall ensure that the auditor is made available to the auditor, conducting the examination of the financial statements, the accounts and the documents underlying the records and any other documents, as also provides comprehensive information, clarifications and representations, which are necessary for the opinion of the auditor of the audited financial statements of the entity.

2. The auditor shall be entitled to obtain information related to the conduct of the study from the counterparties of the audited entity, including the banks and its legal advisers-under the authority of the manager of the audited entity.

3. If the subject of the examination is the financial statements of the parent, then the powers of the statutory auditor referred to in the paragraph. 1 and 2, they are also entitled to subsidiaries, codependent and affiliated.

4. The auditors, who carried out the audit of the financial statements:

1) entities, subsidiaries, co-subsidiaries or associates-for reporting periods prior to the financial year,

2) subsidiaries, co-subsidiaries or associates-for the financial year

-are required to provide the relevant information and explanations to the auditor, who shall be responsible for the financial statements of the entity for the financial year, including the parent undertaking.

Art. 67a. [ Relevant application of the provisions] The provisions of Article 4 65, art. 66 (1) 4, 5 and 7 and art. 67 shall apply mutatis mutandis to the examination of financial statements other than those referred to in Article 4. 64.

Article 68. [ Reporting available] Limited liability companies, mutual societies, mutual reinsurance undertakings, joint-stock companies and cooperatives shall be required to make available to the shareholders, shareholders or members of the annual accounts and reports on the activity of the entity, and if the financial statements are subject to the examination obligation-also opinions together with the auditor's report-at the latest 15 days before the shareholders ' meeting, the general meeting of shareholders or the general public the assembly of members or representatives of members of the cooperative. The joint-stock company shall also make available to the shareholders a report of the supervisory board or the audit committee or the administrative organ.

Article 69. [ Data provided to registry authorities] 1. The head of the entity shall deposit the annual financial statements in the competent judicial register, the auditor's opinion, if it was subject to examination, a copy of the resolution or the provisions of the approval authority to approve the annual report. financial and distribution of profit or loss, and in the case of the units referred to in art. 49 (1) 1-also the activity report-within 15 days from the date of the approval of the annual accounts.

1a. (repealed).

1b. The head of the branch of the foreign entrepreneur shall deposit the annual accounts of the branch in the competent court register.

1c. Head of the branch, located outside the territory of the Republic of Poland insurance company, reinsurance undertaking, foreign bank, credit institution or financial institution-within the meaning of the provisions of the Banking Law, hereinafter referred to as 'credit or financial institution' shall deposit, in a competent judicial register, drawn up and examined in accordance with the laws in force in the country of the seat of the credit or financial institution and translated into Polish by an interpreter. sworn in, the annual accounts of the institution together with the report on the activity and the opinion of the auditor.

1d. Paragraph Recipe 1c shall apply mutatis mutandis to the consolidated financial statements together with the consolidated accounts and the auditor's opinion.

1e. The gold in the competent court register shall not be subject, subject to the paragraph. 1f, annual accounts of the branch of the credit or financial institution.

1f. Head of a branch of a credit or financial institution established in a country outside the European Economic Area, in addition to the documents mentioned in the paragraph. 1c, also in the competent court register subject to the obligation to audit the annual accounts of the branch, together with the opinion of the auditor, if:

1. the annual accounts of that credit or financial institution shall not be drawn up in accordance with rules adopted or equivalent to those adopted in the European Economic Area, or

2. in the country of establishment of that credit or financial institution, the condition of reciprocity with regard to credit or financial institutions located in a country of the European Economic Area shall not be met.

1g. Head of the unit referred to in Art. 63f ust. 1 or Art. 63g ust. 1, shall submit in the appropriate judicial register the report of the payment to the public administration or the consolidated payment report to the public administration respectively, together with the annual financial statements, within the period specified in paragraph 1.

2. If the financial statements have not been approved within the time limit laid down in the Article 53 (1) 1, that shall be filed in the court register within 15 days after that date, as well as 15 days after its approval together with the documents referred to in the paragraph. 1.

3. Paragraph Recipe 1 and 2 shall apply mutatis mutandis to the parent undertaking drawing up the annual consolidated financial statements of the capital group.

4. The manager of the parent entity of the non-consolidated financial statements in accordance with art. 56 par. 2, submits in the appropriate court register translated into Polish by a sworn translator:

1) the consolidated financial statements of the senior parent together with the opinion of the auditor from the audit of this report,

2) a consolidated report on the activities of the senior parent company

-within 30 days of the date of approval of the report referred to in point 1, no later than 12 months after the date of the balance sheet of the parent undertaking not in charge of the consolidated financial statements.

Article 70. [ Duties of Unit Manager] 1. Head of the unit referred to in art. 64 to which art does not apply. 69, is required to submit the introduction to the financial statements forming part of the notes, balance sheet, profit and loss account, statement of changes in equity capital (fund) and cash flow statement for the financial year, to announcements within 15 days from the date of their approval, together with the auditor's opinion and the write-off of the resolution or the provisions of the approval authority on the approval of the financial statement and the distribution of profit or loss of loss.

1a. (repealed).

1b. (repealed).

1c. (repealed).

1d. (repealed).

2. The notice referred to in paragraph 2. 1, follows in "Monitor Sądowy i Economic".

3. (repealed).

Art. 70a. [ Statement of no obligation to draw up and submit an annual financial statement] The manager of an entity that is a publicly owned company or a partner company whose net revenues from the sale of goods, products and financial operations for the previous financial year amounted to less than the equivalent in the Polish currency of 1 200 000 euro and which does not apply the accounting rules defined by the Law on the basis of Article 2. 2, shall lodge in the registry court conducting the National Court Register, within 6 months from the date of the ending financial year, a statement of the lack of obligation to draw up and submit the annual financial statements.

Chapter 8

Data protection

Article 71. [ Obligation to store files] 1. The documentation referred to in art. 10 para. 1, accounting books, accounting evidence, inventory documents and financial statements, hereinafter also referred to as "harvesting", should be kept in a proper manner and protected against unauthorised changes, unauthorised distribution, damage, or destruction.

2. When carrying out accounting books using a computer, data protection should rely on the use of resistant data media, on the selection of appropriate external protection measures, on the systematic creation of reserve copies of the files data recorded on IT data carriers, provided that the recording of the accounting system information is ensured, for a period not less than that required for the storage of the accounts, and for the protection of the programmes computer and data of the accounting information system, through application of appropriate programming and organizational solutions to protect against unauthorised access or destruction.

Article 72. [ Accounting books persisted on computer media] 1. The accounting books may take the form, subject to art. 13 (1) 2 and 3, files established on IT data carriers, subject to the application of the solutions mentioned in Art. 71 (1) 2.

2. If the system of data protection of the accounting data, established on the IT data carriers, does not meet the requirements of the art. 71 (1) 2. These records shall be printed within the time limits laid down in the Article. 13 (1) 6.

3. Storage of accounting books on a different medium than that mentioned in the mouth. 2 is acceptable on condition that the books are reproduced in the form of printouts.

Article 73. [ Retention of accounting and probing documents] 1. Evidence of accountants and probing documents shall be kept in the unit, subject to the paragraph. 4, in its original form, in a fixed order adapted to the way in which the accounts are kept, broken down by reference period, in such a way as to enable them to be easily found. The annual collection of accounting and probing documents shall mean the name of their type and the end-of-year symbol and the final numbers in the file.

2. With the exclusion of documents concerning the transfer of property rights to the property, entruning responsibility for the assets, significant contracts and other important documents specified by the Head of the Company, upon approval of the report the financial content of the accounting evidence can be transferred to IT data media, enabling the content of evidence to be preserved in a durable form. The condition for the use of this method of data storage is to have devices enabling the reproduction of evidence in the form of a printout, unless otherwise provided for by other provisions.

3. After the approval of the financial statements for a given financial year, the documentation of the accounting rules adopted, the accounting books and the financial statements, including the report on the unit's activities, shall be kept accordingly in the manner specified in the paragraph. 1.

4. The collections referred to in art. 71 (1) 1, may be stored, in the manner specified in the paragraph. 1-3, in addition to the unit, where they are transferred to the storage of another entity that provides document storage services. Article Recipe 11a shall apply mutatis mutandis.

Article 74. [ Retention periods of the annual report and other harvest] 1. The approved annual accounts shall be kept subject to permanent storage.

2. The remaining harvests shall be kept for at least the following period:

1) ledger accounts-5 years;

(2) the remuneration cards of employees or their counterparts, for the duration of the access to this information, resulting from pension, pension and tax provisions, but not less than 5 years;

3) accounting evidence of the proceeds from retail sale-until the date of the approval of the financial statements for a given financial year, not less than the date of the settlement of the persons entrusted with the components of the assets covered by the retail sale;

4) accounting evidence of fixed assets under construction, loans, loans and commercial contracts, claims made in civil proceedings or under criminal or tax proceedings-for 5 years from the beginning of the year following the year the turnover in which operations, transactions and proceedings have been definitively completed, repaid, cleared or expired;

5) documentation of the adopted method of accounting-for a period of not less than 5 years from the expiry of its validity;

6) documents relating to the warranty and complaint-1 year after the expiry date of the warranty or the settlement of the complaint;

7) probing documents-5 years;

(8) other accounting evidence and reports the obligation to draw up on the basis of the Act-5 years.

3. The storage periods set in the mouth. 2 shall be calculated from the beginning of the year following the financial year for which the harvest concerned is concerned.

Article 75. [ The rules for making files available to third parties] Make available to a third party of files or parts thereof:

1) for inspection on the premises of the unit-requires the consent of the head of the unit or the person authorized by him,

2) outside the seat of the Management Board (branch) of the entity-requires the written consent of the head of the entity and the remnations of the confirmed inventory of the acquisitions of documents

unless separate provisions provide otherwise.

Article 76. [ Storing sets of transformed or liquidated units] 1. Collection of units which:

1) have ceased their activities as a result of a merger with another entity or a transformation of the legal form-holds the entity continuing operations;

2) have been liquidated-holds the designated person or entity; the place of storage of the manager, the liquidator of the entity or the receiver of the insolvency mass shall inform the competent court or other authority keeping the register or records of the business activity and the tax office.

2. In the cases referred to in paragraph. 1, the provisions of art. 72-74 shall apply mutatis mutandis.

Chapter 8a

Service keeping of accounts

Article 76a. [ Carrying-out of accounting books] 1. The service of accounting books is an economic activity, within the meaning of the provisions on the freedom of economic activity, consisting in the provision of services in the scope of activities referred to in art. 4 par. 3 points 2 to 6.

2. (repealed).

3. The activities referred to in paragraph. 1, may execute entrepreneurs, provided that the activities in this scope are carried out by persons who:

1) have full capacity for legal acts;

2) they have not been convicted by a final judgment of the court for a crime against the reliability of the documents, property, economic defence, the turnover of money and securities, the treasury offence and for the offences referred to in Chapter 9.

4. (repealed).

5. (repealed).

6. (repealed).

Article 76b. (repealed).

Article 76c. (repealed).

Art. 76d. (repealed).

Art. 76e. (repealed).

Art. 76f. (repealed).

Article 76g. (repealed).

Art. 76h. [ Insurance against civil liability] 1. Entrepreneurs, referred to in art. 76a (a) 3, shall be obliged to enter into a contract of civil liability insurance for damage caused in connection with the conducted activities referred to in art. 76a (a) 1.

2. The Minister responsible for financial institutions shall determine, by way of regulation, the detailed scope of the compulsory insurance referred to in paragraph 1. 1, the term of the insurance obligation and the minimum guarantee sum, taking into account, in particular, the specificity of the tasks performed and the scope of the tasks carried out.

3. The provisions of the paragraph. 1 shall not apply to, who are entrepreneurs, statutory auditors and tax advisers, if they insure against civil liability for the damage caused in the performance of those professions in the field referred to in paragraph 1. 1.

Art. 76i. (repealed).

Chapter 9

Criminal liability

Article 77. [ Violation of the Act] Who, contrary to the law, allows for:

1) not to keep the accounts, to conduct them against the provisions of the Act, or to provide in these books unreliable data,

2) non-regulation of the financial statements, consolidated financial statements, activity reports, reports on the activities of the capital group, reports on payment to the public administration, consolidated report of the payments to the public administration, to draw up their failure to do so in accordance with the provisions of the Act or to conclude in these reports unreliable data

-shall be subject to a fine or a custodial sentence of up to 2 years, or to the two of those penalties.

Article 78. [ Liability of the auditor's criminal record] 1. The auditor who draws up the non-factual opinion of the financial statements and underlying it to draw up the accounts of the entity or the financial and property situation of the entity,

shall be punished by the fine or imprisonment for the years 2 or both of those penalties.

2. If the perpetrator of the act referred to in paragraph. 1 acts inadvertently,

shall be subject to a fine or penalty of restriction of liberty.

Article 79. [ Criminal liability] Who against the provisions of the Act:

1) do not submit a financial report to the audit by a statutory auditor,

2) does not grant or grant any information which is not in conformity with the facts, explanations, statements made to the auditor, or does not allow him to perform his duties,

3) does not submit a financial report to be announced,

4) does not submit the financial statements, the consolidated financial statements, the activity report, the report on the activities of the capital group, the report on the payment to the public administration, the consolidated report of the payments to the public administration in the appropriate court register,

5) do not make available the financial statements and other documents referred to in art. 68,

6) conducts business activity in the scope of the service of the keeping of the accounts without meeting the conditions referred to in art. 76a (a) 3,

7) conducts business activity in the scope of the service of the keeping of the accounts without fulfilling the obligation to conclude an insurance contract referred to in art. 76h ust. 1

-shall be subject to a fine or penalty of restriction of liberty.

Chapter 10

Specific and transitional provisions

Article 80. [ Delegation] 1. To the units referred to in art. 2. The provisions of Chapters 5, 6 and 7 of the Act are not applicable in paragraph 1.

2. The Minister responsible for public finance may, by way of regulation, introduce an obligation to audit the financial statements of the entities referred to in art. 2. 1 point 4.

3. To associations, trade unions, employers 'organizations, chambers of commerce, foundations, representation offices of foreign entrepreneurs, within the meaning of the provisions on freedom of economic activity, socio-occupational farmers' organizations, the organization of professional self-government, the organization of self-government of the craft industry and the Polish Office of Communications Insurers, if they do not conduct business activity, the provisions of Chapters 6 and 7 of the Act do not apply.

Art. 80a. (repealed).

Article 81. [ Delegations] 1. (repealed).

2. The Minister responsible for public finance shall determine by way of regulation:

1) after consulting the Chairman of the Polish Financial Supervision Authority, special rules for the accounting of investment funds, including:

(a) the extent of the information reported in the financial statements, the combined financial statements of the investment fund with the allocated sub-funds and the separate sub-funds reports,

(b) the rules for the preparation of the financial statements, the combined accounts of the investment fund with separate sub-funds and sub-fund-specific reports,

(c) the time limits for the preparation and submission of the annual accounts and the annual consolidated accounts of the investment fund and the annual separate accounts of the sub-funds,

(d) the time limits for drawing up and reviewing the half-yearly financial statements and the half-yearly combined financial statements of the investment fund and the half-yearly separate accounts of sub-funds,

(e) the time limits for the approval of the annual accounts, the annual combined financial statements of the investment fund with the sub-funds allocated and the annual accounts of the sub-funds

2) after consulting the Chairman of the Polish Financial Supervision Authority, the specific rules of accounting of brokerage houses, including the scope of the information displayed in the financial statements and respectively in the consolidated financial statements capital groups and in the activity reports;

3. detailed rules for the drawing up of consolidated financial statements by entities other than banks, insurance and reinsurance undertakings of the consolidated financial statements, including the scope of the information reported in those reports and in the reports of the activities;

4) detailed rules for the recognition, valuation methods, scope of disclosure and presentation of financial instruments;

5) (repealed);

6) after consulting the Financial Supervision Commission:

(a) the specific accounting rules of insurance and reinsurance undertakings, including the establishment of technical provisions and the extent of the information to be provided in the notes, the rules for the preparation of consolidated accounts financial capital groups, including the scope of the information shown in the consolidated financial statements of the capital groups and in the activity reports,

(b) specific rules for the accounting of pension funds, including the scope of the information reported in the financial statements, the time limits for the preparation and submission of the annual accounts, the scope of the publication of the annual accounts and the date of approval of the annual accounts;

7) (repealed);

8) after consulting the Financial Supervision Commission:

(a) the specific accounting rules of the banks, including the extent of the information to be provided in the notes on the accounts,

(b) (repealed),

(c) rules on the creation of provisions for the risk of banking activities,

(d) the specific accounting rules of the cooperative credit and savings banks, including:

-the scope of the information shown in the financial statements,

-principles of valuation of assets and liabilities, including the creation of update write-off

-having regard to the specificities of the cooperative societies and of the credit unions;

9) the scope of the action, the number of members and entities entitled to their notification and the manner of organization of the Accounting Standards Committee, referred to in art. 10 para. 3;

10) (repealed).

Article 82. [ Delegation] The Minister responsible for public finance may by regulation:

1) (repealed);

2) after consulting the Chairman of the Polish Financial Supervision Authority, determine the specific rules of the accounting of the National Depository for Securities and the clearing fund referred to in the regulations on trading securities, including the extent of the information reported in the financial statements and the consolidated financial statements of the capital group as appropriate, and the activities reports;

3) after consulting the Chairman of the Polish Financial Supervision Authority, determine the specific accounting principles of the guarantee fund referred to in the rules on trading in securities, including the scope of the information shown in the report financial;

4) after consulting the Chairman of the Polish Financial Supervision Authority, determine the specific accounting principles of the listed companies and the OTC market, including the scope of the information displayed in the financial statements, respectively the consolidated financial statements of the capital group and of the activity reports;

5) after consulting the Chairman of the Polish Financial Supervision Authority, determine the specific accounting rules of the national payment institutions, including the scope of the information shown in the financial statements, respectively in the consolidated report the financial group's financial group and its activities.

Article 83. [ Master Chart of Accounts] 1. In order to harmonise the rules for the grouping of economic operations and the limitation of the effort associated with the establishment of the establishment plan of accounts, the master chart of accounts may be used.

2. The Minister responsible for public finance may determine, by means of a regulation, the master plan of accounts:

1) after consulting the Polish Financial Supervision Authority-for banks;

2) after consulting the Chairman of the Polish Financial Supervision Authority-for entities acting on the basis of regulations on trading securities;

3) after consulting the Chairman of the Polish Financial Supervision Authority-for investment funds;

4) after consulting the Polish Financial Supervision Authority-for insurance undertakings, reinsurance undertakings or pension funds;

5) (repealed);

6) for other units;

7) after consulting the Polish Financial Supervision Authority-for the cooperative savings banks and the National Cooperative Savings Fund.

Chapter 11

Amendments to the provisions in force, final provisions

Article 84. (bypassed).

Article 85. [ Repealed provisions] 1. The power shall be traced, subject to paragraph. 2:

1. 244-252, 418-420, 422-426 and art. 428 of the Regulation of the President of the Republic of 27 June 1934. -Commercial Code [ 13] ;

2. Article 26a (a) 1 of the Act of 6 July 1982. rules of conduct on the territory of the Polish People's Republic of Poland in the field of small manufacturing by foreign legal persons (Dz. U. 1989 r. Nr 27, pos. 148 and No. 74, pos. 442 and 1991. Nr 60, poz. 253 and No. 111, pos. 480);

3. Article 39 and 40 of the Act of 10 July 1985. o blended enterprises (Dz. U. Nr 32, pos. 142, of 1986. No 12, pos. 72 and 1987. Nr 33, pos. 181);

4. Article 20 para. 2 of the Act of 31 January 1989. about the financial economy of state-owned enterprises (Dz. U. of 1992. Nr 6, pos. 27 and 1993 Nr 18, pos. 82);

5) art. 48 1 the Act of 31 January 1989. -Banking law (Dz. U. of 1992. Nr 72, pos. 359, of 1993 Nr 6, pos. 29, Nr 28, pos. 127 and No. 134, pos. 646 and 1994. Nr 80, pos. 369) [ 14] ;

6) art. 14 of the Act of 13 July 1990. on the privatisation of SOEs (Dz. U. Nr. 51, pos. 298 and 1991 Nr 60, poz. 253 and No. 111, pos. 480) [ 15] ;

7) art. 41 par. 3, art. 47, art. 58 points 1 and art. 59 of the Act of 28 July 1990. o insurance activities [ 16] ;

8) art. 29 par. 2 and 3 of the Act of 12 September 1990. of higher education (Dz. U. Nr. 65, pos. 385, of 1992. Nr 54, poz. 254 and No 63, pos. 314 and 1994 No. 1, pos. 3, Nr 43, poz. 163 and No. 105, pos. 509) [ 17] ;

9. Article 30 par. 2 of the Act of 25 October 1991. about the organisation and running of cultural activities (Dz. U. No 114, pos. 493);

10) art. 32 § 3 and art. 95 of the Act of 22 March 1991. -Law on the public trading of securities and trustees (Dz. U. 1994 r. Nr 58, pos. 239 i Nr 71, poz. 313) [ 18] ;

11) art. 61 (1) 2 and 3 of the Act of 30 August 1991. o health care facilities (Dz. U. Nr 91, pos. 408 and 1992 Nr 63, poz. 315) [ 19] .

2. (bypassed).

Article 86. [ Entry into force] The Act shall enter into force on 1 January 1995. and is applicable for the first time to the financial statements for the financial year beginning in 1995.

1) This Act shall apply to the implementation of the following Directives of the European Communities as regards its implementation:

(1) Directive 2001 /65/EC of 27 September 2001 (OJ 2001 L 31, p. amending Directives 78 /660/EEC, 83 /349/EEC and 86 /635/EEC as regards the rules for the assessment of the annual and consolidated accounts of certain types of companies as well as of banks and other financial institutions (Dz. Urz. EC L 283 of 27.10.2001);

(2) Directive 2003 /38/EC of 13 May 2003. amending Directive 78 /660/EEC on the annual accounts of certain types of companies with regard to the amounts expressed in euro (Dz. Urz. EC L 120 of 15.05.2003);

(3) Directive 2003 /51/EC of 18 June 2003 (3). amending Directives 78 /660/EEC, 83 /349/EEC, 86 /635/EEC and 91 /674/EEC on the annual accounts and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings (Dz. Urz. EC L 178, 17.07.2003).

The data relating to the publication of the acts of the European Union, as set out in this Act, on the date of accession by the Republic of Poland of membership of the European Union, shall refer to the publication of those acts in the Official Journal of the European Union. Special

Annex 1. [ COVERAGE OF INFORMATION REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW, FOR UNITS OTHER THAN BANKS, INSURANCE UNDERTAKINGS AND REINSURANCE UNDERTAKINGS]

Annexes to the Act of 29 September 1994.

Annex No 1

SCOPE OF INFORMATION REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW, FOR UNITS OTHER THAN BANKS, INSURANCE AND REINSURANCE UNDERTAKINGS

Introduction to the financial statements

includes in particular:

1) the company, the registered office and address or the place of residence and address, the principal object of the activity of the entity and the number in the competent court register or records;

2) an indication of the duration of the unit's activity, if limited;

3) indication of the period covered by the financial statements;

4) an indication that the financial statement contains the combined data, if the composition of the entity includes internal organisational units that draw up independent financial statements;

(5) an indication of whether the financial statements were drawn up on the assumption that the entity had continued business in the foreseeable future and whether there were no circumstances indicating that it would continue to be a threat to the continuation of the financial statements. activities;

6) in the case of the financial statements drawn up for the period during which the merger took place, an indication that it is a financial report drawn up after the merger of the companies, and an indication of the applied method of settlement of the merger (acquisition, the merger of shares);

7) discuss the accepted accounting policies (policies), including methods of valuation of assets and liabilities (including depreciation), the determination of the financial result and the manner in which the financial statements are drawn up to the extent that the Act leaves the entity the right to choose.

Balance

Assets

A. Permanent assets

I. Intangible assets

1. Costs of Completed Development

2. Value of the company

3. Other intangible assets

4. Advances on intangible assets

II. Tangible fixed assets

1. Permanent measures

(a) land (including the right to use perpetual land)

(b) buildings, premises, housing rights and civil engineering structures

(c) technical equipment and machinery

d) means of transport

(e) other fixed assets

2. Fixed assets under construction

3. Advances for fixed assets under construction

III. Long-term claims

1. From associated entities

2. From other units in which the entity has an involvement in the capital

3. From other units

IV. Long-term investments

1. Real Estate

2. Intangible assets and legal values

3. Long-term financial assets

(a) in associated undertakings

-shares or shares

-other securities

-loans granted

-other long-term financial assets

(b) in the other units in which the entity has a commitment to capital

-shares or shares

-other securities

-loans granted

-other long-term financial assets

(c) in other units

-shares or shares

-other securities

-loans granted

-other long-term financial assets

4. Other long-term investments

V. Long-term accruals

1. Deferred income tax assets

2. Other accruals

B. Rotating assets

I. Stocks

1. Materials

2. Semi-products and products in progress

3. Ready products

4. Goods

5. Advances on supplies and services

II. Short-term receivables

1. Receivables from affiliated entities

(a) in respect of supplies and services, of a repayment period:

-up to 12 months

-over 12 months

b) other

2. Receivables from other entities in which the entity has an involvement in the capital

(a) in respect of supplies and services, of a repayment period:

-up to 12 months

-over 12 months

b) other

3. Receivables from other units

(a) in respect of supplies and services, of a repayment period:

-up to 12 months

-over 12 months

(b) in respect of taxes, grants, duties, social and health insurance and other public-law titles

c) others

(d) by means of judicial proceedings

III. Short-term investments

1. Short term financial assets

(a) in associated undertakings

-shares or shares

-other securities

-loans granted

-other short-term financial assets

(b) in other units

-shares or shares

-other securities

-loans granted

-other short-term financial assets

(c) cash and other monetary assets

-cash in cash and in accounts

-other cash

-other cash assets

2. Other short-term investments

IV. Short-term Accruals

C. Contributions to capital (fund) to be paid

D. Shares (shares)

Total assets

Liabilities

A. Capital (fund) own

I. Capital (fund) basic

II. Reserve capital (fund), including:

-surplus of the value of the sale (issue value) over the nominal value of the shares (shares)

III. Capital (fund) from revaluation, including:

-from the fair value update

IV. Other reserve capital (funds), including:

-created in accordance with the contract (statutes) of the company

-on own shares (shares)

V. Profit (loss) from previous years

VI. Net profit (loss)

VII. Write-offs from net profit during the financial year (negative amount)

B. Obligations and provisions for commitments

I. Provisions for commitments

1. deferred tax provision

2. Reserve for pension benefits and similar

-long term

-short term

3. Other reserves

-long term

-short-term

II. Long-term liabilities

1. In relation to related entities

2. In the case of the other units in which the entity has an involvement in the capital

3. Other units

(a) loans

(b) in the form of debt securities issued

(c) other financial commitments

(d) promissory notes

e) Other

III. Short-term liabilities

1. Liabilities to affiliated entities

(a) in respect of supplies and services, of a period of due:

-up to 12 months

-over 12 months

b) other

2. Liabilities to other units in which the entity has an involvement in the capital

(a) in respect of supplies and services, of a period of due:

-up to 12 months

-over 12 months

b) other

3. Liabilities to Other Units

(a) loans

(b) in the form of debt securities issued

(c) other financial commitments

(d) in respect of supplies and services, of a period of due:

-up to 12 months

-over 12 months

(e) advances received for supplies and services

(f) promissory notes

(g) in respect of taxes, duties, social security and health and other public-law titles

(h) remuneration

i) others

4. Special Funds

IV. Accruals

1. Negative Company Value

2. Other accruals

-long term

-short-term

Total liabilities

Profit and loss account

(Calculation Variant)

A. Net revenue from the sale of products, goods and materials, including:

-from affiliated units

I. Net income from sales of products

II. Net income from sales of goods and materials

B. Costs of products, goods and materials sold, including:

-related units

I. Cost of manufacture of products sold

II. Value of goods and materials sold

C. Profit (loss) gross of sales (A-B)

D. Sales costs

E. General management costs

F. Profit (loss) from sales (C-D-E)

G. Other operating income

I. Profit for the non-financial assets of fixed assets

II. Grants

III. Update of the value of non-financial assets

IV. Other operating income

H. Other operating expenses

I. Loss of non-financial assets of fixed assets

II. Update of the value of non-financial assets

III. Other operating costs

I. Profit (loss) from operating activities (F + G-H)

J. Financial income

I. Dividends and profit shares, including:

(a) from related undertakings, including:

-in which the entity has an involvement in the capital

(b) from units remaining, including:

-in which the entity has an involvement in the capital

II. Interest, including:

-from affiliated units

III. Profit for the financial asset dissolution, including:

-in associated companies

IV. Update of financial assets

V. Other

K. Financial costs

I. Interest, including:

-for associated entities

II. Loss on the financial asset dissolution, including:

-in associated companies

III. Update of financial assets

IV. Other

L. Profit (loss) gross (I + J-K)

M. Income Tax

N. Other mandatory profit reductions (increase in loss)

O. Net profit (loss) (L-M-N)

(Comparative variant)

A. Net income from sales and equations, including:

-from affiliated units

I. Net income from sales of products

II. Product state change (positive increase, decrease-negative)

III. Cost of manufacturing of products for the entity's own needs

IV. Net income from sales of goods and materials

B. Operating costs

I. Depreciation

II. Material and energy consumption

III. Foreign services

IV. Taxes and charges, including:

-excise duty

V. Salaries

VI. Social security and other benefits, including:

-pension

VII. Other generic costs

VIII. Value of goods and materials sold

C. Profit (loss) on sales (A-B)

D. Other operating income

I. Profit for the non-financial assets of fixed assets

II. Grants

III. Update of the value of non-financial assets

IV. Other operating income

E. Other operating costs

I. Loss of non-financial assets of fixed assets

II. Update of the value of non-financial assets

III. Other operating costs

F. Profit (loss) from operating activities (C + D-E)

G. Financial income

I. Dividends and profit shares, including:

(a) from related undertakings, including:

-in which the entity has an involvement in the capital

(b) from units remaining, including:

-in which the entity has an involvement in the capital

II. Interest, including:

-from affiliated units

III. Profit for the financial asset dissolution, including:

-in associated companies

IV. Update of financial assets

V. Other

H. Financial expenses

I. Interest, including:

-for associated entities

II. Loss on the financial asset dissolution, including:

-in associated companies

III. Update of financial assets

IV. Other

I. Profit (loss) gross (F + G-H)

J. Income tax

K. Residual compulsory profit reduction (increase in loss)

L. Profit (loss) net (I-J-K)

Statement of changes in equity capital (fund)

I. Capital (fund) own for the beginning of the period (BO)

-changes in accounting policies

-correction of errors

I.a. Capital (fund) own for the beginning of the period (BO), after the correction

1. Core Capital (Fund) for the beginning of the period

1.1. Changes in core capital (funds)

(a) increase (from title)

-the issue of shares (share issue)

...

(b) reduction (from title)

-redemption of shares (shares)

...

1.2. Core Capital (Fund) at the end of the period

2. Capital (fund) spare for the beginning of the period

2.1. Changes in capital (fund)

(a) increase (from title)

-the issue of shares above par value

-profit distribution (statutory)

-profit distribution (above the statutory minimum value)

...

(b) reduction (from title)

-loss coverage

...

2.2. State of the reserve capital (fund) at the end of the period

3. Capital (fund) from revaluation at the beginning of the period-changes in accounting policies (policies)

3.1. Revaluation of capital (fund) from revaluation

(a) increase (from title)

...

(b) reduction (from title)

-divestment of fixed assets

...

3.2. Capital (fund) from revaluation at the end of the period

4. Other reserves (funds) for the beginning of the period

4.1. Changes to the remaining reserves (funds)

(a) increase (from title)

...

(b) reduction (from title)

...

4.2. Other reserve capital (funds) at the end of the period

5. Profit (loss) from previous years to the beginning of the period

5.1. Profit from previous years to the beginning of the period

-changes in accounting policies

-correction of errors

5.2. Profit from previous years to the beginning of the period, after correction

(a) increase (from title)

-distribution of profit from previous years

...

(b) reduction (from title)

...

5.3. Profit from previous years at the end of the period

5.4. Loss from previous years to the beginning of the period

-changes in accounting policies

-correction of errors

5.5. Loss from previous years to the beginning of the period, after the correction

(a) increase (from title)

-transfer of loss from previous years to cover

...

(b) reduction (from title)

...

5.6. Loss from previous years at the end of the period

5.7. Profit (loss) from previous years at the end of the period

6. Net result

(a) net profit

(b) net loss

(c) deductions from profit

II. Equity (fund) equity at the end of the period (BZ)

III. Equity capital (fund), taking into account the proposed profit distribution (loss coverage)

Cash flow statement

(direct method)

A. Cash-flow from operating activities

I. Receipts

1. Sales

2. Other proceeds from operating activities

II. Expenditure

1. Delivery and Services

2. Net remuneration

3. Social and health insurance and other benefits

4. Taxes and public-law charges

5. Other operating expenditure

III. Net cash flow from operating activities (I-II)

B. Cash flows from investment activities

I. Receipts

1. Dispute of intangible assets and property, tangible assets

2. Dispute of real estate investments and intangible assets

3. From financial assets, including:

(a) in associated undertakings

(b) in other units

-divestment of financial assets

-dividends and shares in profits

-repayment of long-term loans granted

-interest

-other receipts from financial assets

4. Other Investment receipts

II. Expenditure

1. Acquisition of intangible assets and tangible fixed assets

2. Investments in immovable property and intangible assets

3. On financial assets, including:

(a) in associated undertakings

(b) in other units

-acquisition of financial assets

-long-term loans granted

4. Other investment expenditure

III. Net cash flow from investment activities (I-II)

C. Cash-flow from Financial Activity

I. Receipts

1. Net outflows from the issue of shares (share issue) and other equity instruments and capital payments

2. Credits and loans

3. Issuing of debt securities

4. Other financial influences

II. Expenditure

1. Acquisition of own shares (shares)

2. Dividends and other payments to the owners

3. Other than payments to owners, expenditure on distribution of profits

4. repayment of loans and loans

5. Buyout of debt securities

6. From the title of other financial obligations

7. Payment of commitments under financial leasing contracts

8. Hundreds

9. Other financial expenses

III. Net cash flow from financial activities (I-II)

D. Net cash flows, together (A. III + /-B. III + /-C. III)

E. Balance Sheet change of cash flow, including:

-change in cash from exchange rate differences

F. Cash at the beginning of the period

G. Cash at the end of the period (F + /-D), including:

-With Limited Disposal

(intermediate method)

A. Cash-flow from operating activities

I. Profit (loss) net

II. Total adjustments

1. Amortization

2. Profit (losses) from exchange rate differences

3. Hundreds and profits in profits (dividends)

4. Profit (loss) from investment activity

5. Change of the state of reserves

6. Change of stock

7. Change of receivables status

8. Change in the state of short-term liabilities, except for loans and loans

9. Change of the state of accruals

10. Other corrections

III. Net cash flow from operating activities (I + /-II)

B. Cash flows from investment activities

I. Receipts

1. Dispute of intangible assets and property, tangible assets

2. Dispute of real estate investments and intangible assets

3. From financial assets, including:

(a) in associated undertakings

(b) in other units

-divestment of financial assets

-dividends and shares in profits

-repayment of long-term loans granted

-interest

-other receipts from financial assets

4. Other Investment receipts

II. Expenditure

1. Acquisition of intangible assets and tangible fixed assets

2. Investments in immovable property and intangible assets

3. On financial assets, including:

(a) in associated undertakings

(b) in other units

-acquisition of financial assets

-long-term loans granted

4. Other investment expenditure

III. Net cash flow from investment activities (I-II)

C. Cash-flow from Financial Activity

I. Receipts

1. Net outflows from the issue of shares (share issue) and other equity instruments and capital payments

2. Credits and loans

3. Issuing of debt securities

4. Other financial influences

II. Expenditure

1. Acquisition of own shares (shares)

2. Dividends and other payments to the owners

3. Other than payments to owners, expenditure on distribution of profits

4. repayment of loans and loans

5. Buyout of debt securities

6. From the title of other financial obligations

7. Payment of commitments under financial leasing contracts

8. Hundreds

9. Other financial expenses

III. Net cash flow from financial activities (I-II)

D. Net Cash Flows together (A. III + /-B. III + /-C. III)

E. Balance Sheet change of cash flow, including:

-change in cash from exchange rate differences

F. Cash at the beginning of the period

G. Cash at the end of the period (F + /-D), including:

-With Limited Disposal

Additional information and explanatory notes

include in particular:

1.

1) a detailed scope of changes in the value of a group of types of fixed assets, intangible assets and long-term investments, containing the state of these assets for the beginning of the financial year, increase and decrease in the title of: update the values, acquisitions, dislocations, internal movements and the final state, and for amortised assets-a similar representation of stocks and titles of changes to existing depreciation or redemptions;

2) the amount committed during the financial year of the write-off of the value of fixed assets separately for long-term non-financial assets and long-term financial assets;

3) the amount of the costs of completed development works and the amount of the company's value, as well as an explanation of the period of their write-off, set out respectively in art 33 (1) 3 and Art. 44b (b) 10;

4) the value of the land used for the perpetrations;

5) the value of non-depreciated or non-redeemed by the entity of fixed assets, used on the basis of lease, lease and other contracts, including lease agreements;

6) the number and value of securities held or rights held, including equities, convertible debt securities, warrants and options, with an indication of the rights they grant;

7) data on the write-off of the value of receivables, with an indication of the state for the beginning of the financial year, increases, use, solution and standing at the end of the financial year;

8) data on the structure of the ownership of the basic capital and the number and nominal value of the subscribed shares, including the favoured;

9. the state for the beginning of the financial year, the increase and use, and the final state of the capital (funds) of spare, reserve, and capital (fund) from the revaluation, unless the entity compiles a statement of changes in the equity (fund) of its own;

10) proposals on how to divide the profit or cover the loss for the financial year;

11) data on the stock of reserves by the purpose of their formation at the beginning of the financial year, increases, use, solution and final status;

(12) the breakdown of long-term liabilities by balance sheet item with the remaining balance sheet date, as expected by the contract, period of repayment:

(a) up to 1 year,

(b) over 1 and up to 3 years,

(c) over 3 to 5 years,

(d) over 5 years;

13) the total amount of the liabilities secured on the assets of the entity with an indication of the nature and form of these safeguards

14) a list of relevant active positions and passive accruals, including the amount of active settlement of accrued costs constituting the difference between the value of the financial assets received and the obligation to pay for them;

(15) where the asset or liability component is shown in more than one balance sheet item, its association between those items; this applies in particular to the distribution of claims and liabilities to the long-term and short-term components;

16. the total amount of the contingent liabilities, including those granted by the guarantee and guarantee unit, including promissory notes, not shown in the balance sheet, with an indication of the obligations secured on the assets of the undertaking and the nature and form of such collateral; the information on contingent liabilities relating to pensions and similar benefits and to associated or associated undertakings should be demonstrated separately;

17. in the case of assets other than financial instruments are measured at fair value:

(a) the relevant assumptions used to establish fair value where the data accepted to set this value do not come from an active market,

(b) for each category of asset which is not a financial instrument, the fair value shown in the balance sheet, as well as the corresponding effects of the revaluation of the income or financial costs or transferred to the capital (fund), revaluations during the reporting period,

(c) a table of changes in the capital (fund) from the revaluation of the capital (fund) to the beginning and end of the reporting period and to its increase and decrease during the financial year.

2.

(1) the factual structure (types of activity) and territorial (geographic markets) of net revenue from the sale of goods and products, in so far as these types and markets differ significantly from each other, having regard to the rules of the organization of sales products and services;

2. in the case of units which draw up the profit and loss account in the calculation option, the cost of manufacturing of the products for their own needs and on the types of costs:

(a) depreciation,

(b) consumption of materials and energy,

(c) foreign services,

(d) taxes and charges,

(e) salaries,

(f) insurance and other benefits, including pensions,

(g) other types of costs;

(3) the amount and explanation of the reasons for the write-off of the permanent measures;

4) the amount of the write-down of the stocks;

5. information on the revenue, costs and results of the activity abandoned in the financial year or the omission for the following year;

6. settlement of the difference between the taxable amount of income tax and the financial result (profit, loss) gross;

(7) the cost of creating fixed assets under construction, including interest and exchange-rate differences, which increased the cost of creating fixed assets under construction in the financial year;

(8) interest and exchange-rate differences, which have increased the purchase price of the goods or the cost of production of the products in the financial year;

9) incurred in the last year and planned for the following year investments for non-financial fixed assets; separate the incurred and planned investments in environmental protection shall be separately demonstrated;

10) the amount and nature of the individual items of income or costs of extraordinary value or which have occurred incidental.

3. For the position of the financial statements, expressed in foreign currency, the courses accepted for their valuation.

4. An explanation of the structure of cash accepted into the cash flow statement, and in the case when the cash flow statement is made out by the direct method, in addition, it is necessary to provide an arrangement of the net cash flows from operating activities carried out by an indirect method; in the event of differences between changes in the balance of certain items in the balance sheet and changes in the same positions as shown in the cash flow statement, the reasons for their reasons should be clarified.

5. Information on:

1) the nature and economic purpose of the entity's contracts not included in the balance sheet to the extent necessary to assess their impact on the entity's property, financial situation and financial result;

2) transactions (including their amounts) concluded by the entity on other terms than the market with related parties, by which the related entities defined in the international accounting standards adopted in accordance with the Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002. on the application of international accounting standards, together with information identifying the nature of the relationship with related parties and other information relating to the transactions necessary to understand their impact on the property situation, financial and financial result of the entity. The information relating to individual transactions may be grouped by their nature, except where information on individual transactions is necessary to assess their impact on the entity's property, financial situation and financial result;

(3) on average in the financial year of employment, broken down by professional group;

(4) remuneration, including remuneration, of profit, paid or payable to persons in the management, supervisory or administrative management bodies of commercial companies (for each group separately) for the financial year and any obligations arising from pensions and similar benefits to former members of those bodies or of commitments entered into in connection with those pensions, with an indication of the total amount for each category of body;

5) the amounts of advances, loans, loans and similar benefits provided to persons in the management, supervisory and administrative bodies of the entity, with an indication of their main conditions, the amount of the interest rate and the amount of the loans granted to them. any amounts repaid, discharged or decommitted, as well as commitments entered into on their behalf by title of guarantees and guarantees of any kind, with an indication of the total amount for each of these authorities;

6. the remuneration of a certified auditor or entity authorized to audit financial statements, paid or due for the financial year separately for:

(a) a mandatory examination of the annual accounts,

(b) other endorsing services,

(c) tax advisory services,

(d) other services.

6.

1. information on the revenue and costs of errors committed in previous years in the financial year on the capital (fund) own funds and the amounts and nature of the funds;

2) information on the relevant events that occurred after the balance sheet date, and not included in the financial statements, and their impact on the property, financial situation and financial result of the entity;

3) presentation made in the financial year changes of accounting policies, including valuation methods, if they exert a material impact on the property, financial and financial result of the entity, their causes and caused by changes the amount of the result the financial and financial changes in the capital (fund), and the presentation of a change in the manner in which the financial statements are drawn up together with the reasons for

4) the figures, together with an explanation, ensuring the comparability of the financial statements concerned for the year prior to the report for the financial year.

7.

1. information on joint ventures which are not subject to consolidation, including:

(a) the name of the activities of the Joint Undertaking

(b) the percentage share,

(c) the share of jointly controlled tangible assets and intangible assets,

(d) the commitments entered into for the purpose of the project or purchase of the tangible assets in use of the fixed assets,

(e) the part of the commitments jointly incurred,

(f) the revenue obtained from the Joint Undertaking and the costs associated with them,

(g) contingent and investment commitments relating to the Joint Undertaking;

2) information about transactions with related entities;

3) a list of companies (name, registered office) in which the entity has an involvement in the capital or 20% in the total number of votes in the body constituting the company; this list should also include information about the percentage of the ownership of the capital and of the the amount of equity and profit or loss of net profit of those companies for the last financial year;

4. if the entity does not draw up consolidated financial statements, using the exemption or exclusions, information about:

(a) the legal basis, together with the data justifying the waiver,

(b) the name and premises of the entity drawing up the consolidated financial statements at the higher level of the capital group and the place of publication thereof,

(c) the basic economic and financial indicators, which are characterised by the activities of associated undertakings in the previous financial year, such as:

-net revenue from the sale of products, goods and materials, and financial revenue,

-the net financial result and the amount of the equity (fund), broken down by group,

-value of assets,

-average annual employment,

(d) the type of accounting standards used (national or international) by the related entities;

5. information on:

(a) the name and premises of the entity drawing up the consolidated financial statements at the highest level of the capital group, composed of the company as a subsidiary, and the place where the report is available,

(b) the name and premises of the entity drawing up the consolidated financial statements at the lowest level of the capital group, which includes the company as a subsidiary, and the place where the report is available;

6) the name, address of the head office or registered office of the entity and the legal form of each of the units of which the entity is a partner bearing unlimited liability of the property.

8. In the case of the financial statements drawn up for the period during which the merger took place:

(1) if the merger has been cleared by the acquisition method:

(a) the company and description of the business of the acquired company,

(b) the number, nominal value and type of shares (shares) issued for the purpose of the merger,

(c) the acquisition price, the value of the net assets at the fair value of the company taken over at the date of the merger, the goodwill or the negative goodwill and the description of the rules for its depreciation;

(2) if the merger has been settled by the merger method:

a) the companies and the description of the subject of the activities of the companies which as a result of the merger have been deleted from the register,

(b) the number, nominal value and type of shares (shares) issued for the purpose of the merger,

(c) income and expenses, profits and losses, and changes in the capital of the merged companies for the period from the beginning of the financial year during which the merger took place, until the date of the merger.

(9) In the event of uncertainty as to the possibility of continuing operations, a description of those uncertainties and the statement that such uncertainty exists, and an indication of whether the financial statements contain adjustments in relation to that uncertainty; the information should be include also a description of the activities undertaken or planned by the unit of action aimed at eliminating uncertainties.

(10) Other information than those mentioned above, if they could significantly affect the assessment of the financial and financial situation and the financial result of the entity.

Annex 2. [ COVERAGE OF INFORMATION REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW, FOR BANKS]

Annex No 2

SCOPE OF INFORMATION TO BE REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW, FOR BANKS

Introduction to the financial statements

includes the scope of information specified in the provisions issued on the basis of art. 81 (1) 2 point 8 (a) and the Act

Balance

Assets

I. Kasa, Operations with the Central Bank

1. In the current account

2. Mandatory reserve

3. Other measures

II. Debt securities authorised to be revalued at the Central Bank

III. Claims on the financial sector

1. In the current account

2. Timesheets

IV. Receivables from the non-financial sector

1. In the current account

2. Timesheets

V. Contributions from the budgetary sector

1. In the current account

2. Timesheets

VI. Claims on purchased securities with a repurchase agreement

VII. Securities other than shares

1. Banks

2. State budget and field budgets

3. Other

VIII. Shares or shares in subsidiaries

1. In financial institutions

2. In other units

IX. Shares or Shares in Co-Dependent Units

1. In financial institutions

2. In other units

X. Shares or Shares in Associates

1. In financial institutions

2. In other units

XI. Shares or shares in other entities

1. In financial institutions

2. In other units

XII. Other securities and other financial assets

XIII. Intangible assets, including:

-goodwill

XIV. Tangible fixed assets

XV. Other assets

1. The transferred assets-to be sold

2. Other

XVI. Accruals

1. Deferred income tax assets

2. Other accruals

XVII. Payments due on capital (fund)

XVIII. Own shares

Total assets

Liabilities

I. Liabilities to the Central Bank

II. Commitments to the financial sector

1. In the current account

2. Timesheets

III. Liabilities to the non-financial sector

1. Austerity accounts, including:

a) current

b) forward

2. Other, including:

a) current

b) forward

IV. Commitments to the budget sector

1. Current

2. Timesheets

V. Liabilities arising from securities sold with repurchase agreements

VI. Debt securities issued

VII. Other financial instrument obligations

VIII. Special funds and other commitments

IX. Time-settled costs and revenues, and reserved

1. Intertime deductions

2. Negative Company Value

3. Other income of future periods and reserved

X. Reserves

1. deferred tax provision

2. Other reserves

XI. Subordinated liabilities

XII. Core Capital (Fund)

XIII. Reserve capital (fund)

XIV. Revaluation fund capital (fund)

XV. Other reserves (funds)

1. General bank risk fund

2. Other

XVI. Profit (loss) from previous years

XVII. Net profit (loss)

XVIII. Write-offs from net profit during the financial year (negative amount)

Total liabilities

Solvency ratio

Off-balance sheet items

I. Conditional obligations granted and received

1. Commitments granted:

a) financial

(b) Warranty

2. Liabilities received:

a) financial

(b) Warranty

II. Obligations related to the execution of the buy/sell operation

III. Other

Profit and loss account

I. Interest income

1. From the financial sector

2. From the non-financial sector

3. From the budget sector

4. From securities with fixed income

II. Interest costs

1. From the financial sector

2. From the non-financial sector

3. From the budget sector

III. Interest result (I-II)

IV. Commissions income

V. Costs of commissions

VI. Commissions Score (IV-V)

VII. Income from shares or shares, other securities and other financial instruments, variable income

1. From dependent entities

2. From Interdependent Units

3. From associated units

4. From other units

VIII. Result of financial operations

1. Securities and other financial instruments

2. Other

IX. Exchange Item Result

X. The result of banking activities

XI. Other operating income

XII. Other operating costs

XIII. Bank costs

1. Remuneration

2. Insurance and other benefits

3. Other

XIV. Depreciation of fixed assets and intangible assets

XV. Write-offs on reserves and update of value

1. Footnotes to the special-purpose reserves and the general banking risk

2. Update of the value of financial assets

XVI. Provision of reserves and value update

1. Solution of special-purpose reserves and provisions for general banking risk

2. Update of the value of financial assets

XVII. Reserve and update value difference (XV-XVI)

XVIII. Operating result

XIX. Result of emergency operations

1. Extraordinary Zysk

2. Extraordinary Stratts

XX. Gross profit (loss)

XXI. Income Tax

XXII. Other compulsory profit reduction (increase in loss)

XXIII. Net profit (loss)

Statement of changes in equity capital (fund)

I. Capital (fund) own for the beginning of the period (BO)

-correction of basic errors

II. Equity (fund) for the beginning of the period (BO), after correction

1. Core Capital (Fund) for the beginning of the period

1.1. Changes in core capital (funds)

(a) increase (from title)

-share issue

...

(b) reduction (under title)

-remission of shares

...

1.2. Core Capital (Fund) at the end of the period

2. Capital (fund) spare for the beginning of the period

2.1. Changes in capital (fund)

(a) increase (from title)

-the issue of shares above par value

-profit distribution (statutory)

-profit distribution (above the statutory minimum value)

...

(b) reduction (under title)

-loss coverage

...

2.2. Reserve capital (fund) at the end of the period

3. Capital (fund) from revaluation at the beginning of the period

3.1. Revaluation of capital (fund) from revaluation

(a) increase (from title)

...

(b) reduction (from title)

-divestment or disposal of fixed assets

...

3.2. Capital (fund) from revaluation at the end of the period

4. General bank risk fund for the beginning of the period

4.1. Changes to the general banking risk fund

(a) increase (from title)

...

(b) reduction (from title)

...

4.2. General Banking Risk Fund at the end of the period

5. Other reserves (funds) for the beginning of the period

5.1. Changes to the remaining reserves (funds)

(a) increase (from title)

...

(b) reduction (under title)

...

5.2. Other reserve capital (funds) at the end of the period

6. Profit (loss) from previous years to the beginning of the period

6.1. Profit from previous years to the beginning of the period

-correction of basic errors

6.2. Profit from previous years to the beginning of the period, after correction

6.3. Change in profit from previous years

(a) increase (from title)

-distribution of profit from previous years

...

(b) reduction (from title)

...

6.4. Profit from previous years at the end of the period

6.5. Loss from previous years to the beginning of the period

-correction of basic errors

6.6. Loss from previous years to the beginning of the period, after the correction

6.7. Change in loss from previous years

(a) increase (from title)

-transfer of loss from previous years to cover

...

(b) reduction (from title)

...

6.8. Loss from previous years at the end of the period

6.9. Profit (loss) from previous years at the end of the period

7. Net result

(a) net profit

(b) net loss

(c) deductions from profit

III. Equity (fund) equity at the end of the period (BZ)

IV. Equity capital (fund) after taking into account the proposed profit distribution (loss coverage)

Cash flow statement

(direct method)

A. Cash-flow from operating activities

I. Receipts

1. Hundreds

2. Commissions

3. Other operating receipts

II. Expenditure

1. Hundreds

2. Commissions

3. Remuneration

4. Insurance and other benefits

5. Other costs of the bank

6. Taxes and public-law charges

7. Other operating expenditure

III. Net cash flow from operating activities (I-II)

B. Cash flows from investment activities

I. Receipts

1. Share of shares or shares in subsidiaries

2. Dispensing of shares or shares in interdependent entities

3. Disporations of shares or shares in associates

4. The disposal of shares or shares in other entities, other securities (including also commercial) and other financial assets

5. Dispute of intangible assets as well as tangible assets

6. Other Investment receipts

II. Expenditure

1. Acquisition of shares or shares in subsidiaries

2. Acquisition of shares or shares in co-dependent entities

3. Acquisition of shares or shares in associates

4. Acquisition of shares or shares in other entities, other securities and other financial assets (localisation)

5. Acquisition of intangible assets and tangible fixed assets

6. Other investment expenditure

III. Net cash flow from investment activities (I-II)

C. Cash-flow from Financial Activity

I. Receipts

1. The haul of long-term loans from other banks

2. Incurring of long-term loans from other than banks of financial institutions

3. Emission of debt securities for other financial institutions

4. Increasing the state of subordinated liabilities

5. Net outflows from the issue of shares and capital payments

6. Other financial influences

II. Expenditure

1. repayment of long-term loans to other banks

2. repayment of long-term loans to other than banks of financial institutions

3. Buyout of debt securities from other financial institutions

4. From the title of other financial obligations

5. Payment of commitments under financial leasing contracts

6. Decrement of subordinated liabilities

7. Dividends and other payments to the owners

(8) Other than payments to owners, expenditure on distribution of profits

9. Acquisition of own shares

10. Other financial expenses

III. Net cash flow from financial activities (I-II)

D. Net cash flows, together (A. III + /-B. III + /-C. III)

E. Balance Sheet change of cash flow, including

-change in cash from exchange rate differences

F. Cash at the beginning of the period

G. Cash at end of period (F + /-D), including

-With Limited Disposal

(intermediate method)

A. Cash-flow from operating activities

I. Profit (loss) net

II. Adjustments together:

1. Amortization

2. Profit (losses) from exchange rate differences

3. Hundreds and profits in profits (dividends)

4. Profit (loss) from investment activity

5. Change of the state of reserves

6. Change of debt securities

7. Change in the state of receivables from financial

8. Change in the state of receivables from the non-financial sector and the budget

9. Change in the status of receivables from purchased securities with reverse repurchase agreements

10. Change in the state of shares or shares, other securities and other financial assets (commercial)

11. To change the state of commitments to the financial sector

12. Change of commitments to the non-financial sector and the budgetary sector

13. Change in the state of the liabilities of sold securities with a repurchase agreement

14. Change in the stock of securities obligations

15. Change of the state of other liabilities

16. Change of the state of accruals

17. Change in the state of the income of future periods and reserved

18. Other corrections

III. Net cash flow from operating activities (I + /-II)

B. Cash flows from investment activities

I. Receipts

1. Share of shares or shares in subsidiaries

2. Dispensing of shares or shares in interdependent entities

3. Disporations of shares or shares in associates

4. Dispenation of shares or shares in other units, other securities and other financial assets (localisation)

5. Dispute of intangible assets as well as tangible assets

6. Other Investment receipts

II. Expenditure

1. Acquisition of shares or shares in subsidiaries

2. Acquisition of shares or shares in co-dependent entities

3. Acquisition of shares or shares in associates

4. Acquisition of shares or shares in other entities, other securities and other financial assets (localisation)

5. Acquisition of intangible assets and tangible fixed assets

6. Other investment expenditure

III. Net cash flow from investment activities (I-II)

C. Cash-flow from Financial Activity

I. Receipts

1. The haul of long-term loans from other banks

2. Incurring of long-term loans from other than banks of financial institutions

3. Emission of debt securities for other financial institutions

4. Increasing the state of subordinated liabilities

5. Net outflows from the issue of shares and capital payments

6. Other financial influences

II. Expenditure

1. repayment of long-term loans to other banks

2. repayment of long-term loans to other than banks of financial institutions

3. Buyout of debt securities from other financial institutions

4. From the title of other financial obligations

5. Payment of commitments under financial leasing contracts

6. Decrement of subordinated liabilities

7. Dividends and other payments to the owners

(8) Other than payments to owners, expenditure on distribution of profits

9. Acquisition of own shares

10. Other financial expenses

III. Net cash flow from financial activities (I-II)

D. Net cash flows, together (A. III + /-B. III + /-C. III)

E. Balance Sheet change of cash flow, including

-change in cash from exchange rate differences

F. Cash at the beginning of the period

G. Cash at end of period (F + /-D), including

-With Limited Disposal

Additional information and explanatory notes

cover the scope of information specified in the provisions issued on the basis of art. 81 (1) 2 point 8 (a) and the Act.

Annex 3. [ COVERAGE OF INFORMATION REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW FOR INSURANCE AND REINSURANCE UNDERTAKINGS]

Annex No 3

SCOPE OF INFORMATION REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW, FOR INSURANCE AND REINSURANCE UNDERTAKINGS [ 20]

Introduction

includes the scope of information specified in the provisions issued on the basis of art. 81 (1) 2 point 6 of the Act

Balance

Assets

A. Intangible assets

1. Value of the company

2. Other intangible assets and advances against intangible assets

B. Lokaty

I. Real Estate

1. Own land and the right of perpetual usuup of land

2. Buildings, buildings and cooperative ownership of the premises

3. Construction investments and advances towards these investments

II. Deposits in subsidiaries

1. Shares or shares in subordinated units

2. Loans granted to subordinated entities and debt securities issued by these entities

3. Other deposits

III. Other financial investments

1. Shares, shares and other securities of a variable amount of income and units of shares and investment certificates in investment funds

2. Debt securities and other fixed-income securities

3. Shares in joint ventures

4. Mortgage-backed Loans

5. Other loans

6. fixed-term deposits in credit institutions

7. Other tenants

IV. Deposit receivables from cedents

C. Net assets of life insurance, when the investment risk (investment) is borne by the policyholder

D. Claims

I. Claims arising from direct insurance

1. Receivables from policyholders, including:

1.1. From subordinated units

1.2. From other units

2. Receivables from insurance intermediaries, including:

2.1. From subordinated units

2.2. From other units

3. Other claims

3.1. From subordinated units

3.2. From other units

II. Claims on reinsurance, including:

1. From units of subordinated

2. From other units

III. Other claims

1. Receivable From Budget

2. Other claims, including:

2.1. From subordinated units

2.2. From other units

E. Other asset items

I. Property of the asset

II. Cash

III. Other asset items

F. Accruals

I. Deferred tax assets

II. Activated acquisition costs

III. Accrued interest and rents

IV. Other accruals

G. Paid contributions to core capital

H. Own shares

Total assets

Liabilities

A. Own capital

I. Basic Capital

II. Backup capital

III. Revaluation capital

IV. Other reserve capital

V. Profit (loss) from previous years

VI. Net profit (loss)

VII. Write-offs from net profit during the financial year (negative amount)

B. Subordinated liabilities

C. Technical provisions

I. Reserve of premiums and provision for non-expired risks

II. Life assurance provision

III. Provisions for unpaid compensation and benefits

IV. Reserves for premiums and rebates for insured persons

V. Equalisation Reserves (Risk)

VI. Reserves for the reimbursement of contributions for members

VII. Other technical provisions laid down in the statutes

VIII. Life insurance provision where the risk of investment (investment) is borne by the policyholder

D. Reinsurance of reinsurers in technical provisions (negative value)

I. Reinsurers ' share of the contribution reserve and in the reserve to cover the risk of unexpired

II. Reinsurers ' share of life insurance provision

III. Reinsurers ' share of the reserve for outstanding claims and benefits

IV. Reinsurers ' share of bonuses on bonuses and rebates for insured persons

V. The share of reinsurers in the remaining technical provisions laid down in the statutes

VI. Reinsurers ' share of the life insurance reserve where the investment risk is borne by the policyholder

E. Estimated RegRs and Ranges (negative size)

1. Estimated RegRanges and Gross Rationals

2. Reinsurers share of estimated regressions and recoveries

F. Other reserves

I. Pensions provision and other compulsory employee benefits

II. Deferred tax reserve

III. Other reserves

G. Reinsurers ' deposit liabilities

H. Other liabilities and special funds

I. Direct insurance obligations

1. Liabilities to insurers, including:

1.1. In respect of subsidiaries

1.2. Towards other units

2. Liabilities to insurance intermediaries, including:

2.1. In respect of subsidiaries

2.2. Towards other units

3. Other liabilities for insurance, including:

3.1. In respect of subsidiaries

3.2. Towards other units

II. Reinsurance obligations, including:

1. In the view of the subsidiaries

2. Other units

III. Liabilities in respect of the issuance of own debt securities and on the loans collected, including:

1. Replacement obligations on the shares of an insurance undertaking

2. Other

IV. Liabilities to credit institutions

V. Other commitments

1. Liabilities to the budget

2. Other liabilities

2.1. In respect of subsidiaries

2.2. Towards other units

VI. Special funds

I. Accruals

1. Intertime deductions

2. Negative Company Value

3. Future Period Revenue

Total liabilities

Off-balance sheet items

1. Contingent Claims, including:

1.1. Guarantee and surety received

1.2 other

2. Contingent Liabilities, including:

2.1. guaranteed guarantees and guarantees

2.2. Accepted and Indosed promissory notes

2.3. assets with a resale obligation

2.4. other liabilities secured on assets or on income

3. Insurance against reinsurance established in favour of an insurance undertaking

4. Insurance against reinsurance laid down by an insurance undertaking in favour of the cedents

5. Obce of assets not included in assets

Surplus (shortfall) of own funds to cover the solvency margin

Amount of technical provisions

Amount of assets to cover technical provisions

Surplus (shortfall) of assets to cover technical provisions

Technical account of property and personal insurance

I. Contributions (1-2-3 + 4)

1. Gross premiums written

2. Reinsurers share in the assigned contribution

3. Change of the reserve of premiums and provisions at the risk of unexpired gross

4. Share of reinsurers in the change of the reserve of premiums

II. Net investment income after taking into account costs transferred from the general profit and loss account

III. Other technical revenues on own contribution

IV. Compensation and benefits (1 + 2)

1. Compensation and benefits paid on own contribution

1.1. Gross compensation and benefits

1.2. Reinsurers ' share of compensation payments and benefits paid

2. The change in the state of the reserve for unpaid compensation and benefits on own contribution

2.1. Change in provisions for unpaid damages and gross benefits

2.2. Reinsurers ' share of the change in the state of the provisions on unpaid compensation and benefits

V. Changes in the state of other technical provisions on own contribution

1. Changes in the state of other gross technical provisions

2. Share of reinsurers in the change of state of other technical provisions

VI. Bonuses and rebates on own share including changes in reserves

VII. Costs of insurance business

1. The costs of acquisition

1.1. Including the change in the state of activated acquisition costs

2. Administrative costs

3. Reinsurance Commissions and the share of reinsurers ' profits

VIII. Other technical costs of own contribution

IX. Changes in equalisation reserves (risk)

X. Technical result of property and personal insurance

Life insurance technical account

I. Contributions

1. Gross premiums written

2. Reinsurers share of the gross assigned premium

3. The change in the state of the reserves of premiums and the unexpired gross risk

4. Share of reinsurers in the change of the reserve of premiums

II. Investment income

1. The Revenue from the Property in Property

2. Revenue from investments in subordinated units

2.1. of shares or shares

2.2. of loans and debt securities

2.3. from other investments

3. Revenue from other financial lodgings

3.1. of shares, shares, other variable-income securities, and investment fund shares and certificates in investment funds

3.2. of debt securities and other fixed income securities

3.3. on time deposits in credit institutions

3.4. of other investments

4. A positive result from the revalorisation of the premises

5. A positive result from the realization of the investments

III. Unrealised gains on investments

IV. Other technical revenues on own contribution

V. Compensation and benefits

1. Compensation and benefits paid on own contribution

1.1. Gross compensation and benefits

1.2. Reinsurers ' share of compensation payments and benefits paid

2. The change in the state of provisions on unpaid damages and benefits on own contribution

2.1. Gross reserves

2.2. Reinsurers ' share

VI. Changes in the state of other technical provisions on own contribution

1. Change of the state of reserves in life insurance on equity

1.1. Gross reserves

1.2. on reinsurers ' share

2. A change in the state of technical provisions on own contribution for life insurance, if the risk of deposits is borne by the policyholder

2.1 gross reserves

2.2. on reinsurers ' share

3. The change in the state of the remaining technical provisions provided for in the statutes on own contribution

3.1. Gross reserves

3.2. on the share of reinsurers

VII. Bonuses and rebates including the change in the state of reserves

VIII. Costs of insurance business

1. The costs of acquisition

1.1. Including the change in the state of activated acquisition costs

2. Administrative costs

3. Reinsurers and profit shares

IX. Costs of the local business

1. Real estate costs

2. Other costs of the business

3. A negative result from the revalorisation of the premises

4. Negative result from realization of investments

X. Unrealised losses on the looted

XI. Other technical costs of own contribution

XII. Net investment income after taking into account costs, transferred to the general profit and loss account

XIII. Life assurance technical result

Overall profit and loss account

I. Technical result of property and personal insurance or life insurance

II. Investment income

1. The Revenue from the Property in Property

2. Revenue from investments in subordinated units

2.1. of shares and shares

2.2. of loans and debt securities

2.3. from other investments

3. Revenue from other financial lodgings

3.1. of shares, shares, other securities of variable income and units and investment certificates in investment funds,

3.2. of debt securities and other fixed income securities

3.3. on time deposits in credit institutions

3.4. of other investments

4. A positive result from the revalorisation of the premises

5. A positive result from the realization of the investments

III. Unrealised gains on investments

IV. Net investment income after taking into account the costs transferred from the technical life insurance account

V. Costs of the local business

1. Real estate costs

2. Other costs of the business

3. A negative result from the revalorisation of the premises

4. Negative result from realization of investments

VI. Unrealised losses on the looted

VII. Net investment income after taking into account costs transferred to the technical account of property and personal insurance

VIII. Other operating income

IX. Other operating costs

X. Profit (loss) from operating activities

XI. Windgains

XII. Extraordinary losses

XIII. Gross profit (loss)

XIV. Income Tax

XV. Other compulsory profit reductions (increase in loss)

XVI. Net profit (loss)

Statement of changes in equity

I. Equity for the beginning of the period (BO)

-Correction of Basic Errors

I.a. Equity for the beginning of the period (BO), after the correction

1. Core capital for the beginning of the period

1.1. Changes in core capital

(a) increase (from title)

-share issue

-...

(b) reduction (from title)

-remission of shares

-...

1.2. Core capital at the end of the period

2. (repealed)

3. (repealed)

4. Spare capital for the beginning of the period

4.1. Changes in capital reserves

(a) increase (from title)

-the issue of shares above par value

-profit distribution (statutory)

-profit distribution (above the statutory minimum value)

-...

(b) reduction (from title)

-loss coverage

-...

4.2. Spare capital at the end of the period

5. Capital revaluation capital at the beginning of the period

5.1. Capital changes from revaluation

(a) increase (from title)

-...

(b) reduction (from title)

-divestment of fixed assets

-...

5.2. Capital from revaluation at the end of the period

6. Other reserve capital for the beginning of the period

6.1. Amendments to other reserve capital

(a) increase (from title)

-...

(b) reduction (from title)

-...

6.2. Other reserve capital at the end of the period

7. Profit (loss) from previous years to the beginning of the period

7.1. Profit from previous years to the beginning of the period

-Correction of Basic Errors

7.2. Profit from previous years to the beginning of the period, after correction

(a) increase (from title)

-distribution of profit from previous years

-...

(b) reduction (from title)

-...

7.3. Profit from previous years at the end of the period

7.4. Loss from previous years to the beginning of the period

-Correction of Basic Errors

7.5. Loss from previous years to the beginning of the period, after the correction

(a) increase (from title)

-transfer of loss from previous years to cover

-...

(b) reduction (from title)

7.6. Loss from previous years at the end of the period

7.7. Profit (loss) from previous years at the end of the period

8. Net result

(a) net profit

(b) net loss

(c) deductions from profit

II. Equity at the end of the period (BZ)

III. Equity after taking into account the proposed profit distribution (loss coverage)

Cash flow statement

(direct method)

A. Cash-flow from operating activities

I. Receipts

1. Proceeds from direct activity and active reinsurance

1.1. Receipts for gross premiums

1.2. Proceeds from regressions, recoveries and reparations

1.3. Other direct business receipts

2. Proceeds with passive reinsurance

2.1. Payments of reinsurers in respect of participation in damages

2.2. Receipts for reinsurance commissions and reinsurers ' shares

2.3. Other receipts of passive reinsurance

3. Proceeds from other operating activities

3.1. Proceeds from the task of the emergency commissioner

3.2. Disposal of intangible assets and tangible assets of fixed assets other than investments

3.3. Other receipts

II. Expenditure

1. Expenditure on direct business and reinsurance

1.1. Reimbursements of gross premiums

1.2. Gross compensation and benefits

1.3. Expenditure on acquisitions

1.4. Administrative expenditure

1.5. Expenditure on injury elimination and recovery of regressions

1.6. Commissions paid and shares in the profit of the active reinsurance

1.7. Other expenditure on direct business and reinsurance

2. Expenditure on passive reinsurance

2.1. Premiums paid on reinsurance

2.2. Other expenditure on passive reinsurance

3. Expenditure on other operating activities

3.1. Expenditure on emergency commissioner activities

3.2. Acquisition of intangible assets and tangible assets of fixed assets other than investments

3.3. Other operating expenditure

III. Net cash flow from operating activities (I-II)

B. Flows from the business

I. Receipts

1. Real Estate Lease

2. Share of shares, shares in subordinated units

3. Displations of shares, shares, in other units and units and investment certificates in investment funds

4. Implementation of debt securities issued by subordinated entities and repayment of loans granted to these entities

5. The realization of debt securities issued by other entities

6. Liquidation of fixings in credit institutions

7. Realization of other investments

8. Inflows from Real Estate

9. Hundreds received

10. Dividends received

11. Other receipts from investments

II. Expenditure

1. Real Estate Acquisition

2. Acquisition of shares, shares in subordinated units

3. Acquisition of shares, shares in other units and units of shares, and investment certificates in investment funds

4. Acquisition of debt securities issued by subordinated entities and the granting of loans to these entities

5. Acquisition of debt securities issued by other entities

6. Acquisition of fixings in credit institutions

7. Acquisition of other investments

8. Expenditure on the maintenance of real estate

9. Other expenditure on deposits

III. Net cash flow from local activities (I-II)

C. Cash-flow from Financial Activity

I. Receipts

1. Net outflows from the issue of shares and the payment of capital

2. Credits, loans and debt securities issued

3. Other financial receipts

II. Expenditure

1. Dividends

2. Other than, payment of dividends, expenditure on distribution of profits

3. Acquisition of own shares

4. Spending of loans, loans and redemption of own debt securities

5. Interest on loans, loans and issued debt securities

6. Other financial expenses

III. Net cash flow from financial activities (I-II)

D. Net cash flows, together (A. III + /-B. III + /-C. III)

E. Balance sheet change of cash, including:

-change in cash from exchange rate differences

F. Cash at the beginning of the period

G. Cash at the end of the period (F + /-D), including:

-With Limited Disposal

Additional information and explanatory notes

cover the scope of information specified in the provisions issued on the basis of art. 81 (1) 2 item 6 of the Act.

Annex 4. [ COVERAGE OF INFORMATION REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW, FOR MICRO UNITS]

Annex No 4

SCOPE OF INFORMATION REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW, FOR MICRO-UNITS

General information:

1) the company, the registered office and address or the place of residence and address and number in the relevant court register or records,

2) an indication of the duration of the unit's activity, if limited,

3) indication of the period covered by the financial statements,

4) an indication of the applied accounting rules provided for micro-units with the specification of the selected simplifications,

(5) an indication of whether the financial statements were drawn up on the assumption that the entity had continued business in the foreseeable future and whether there were no circumstances indicating that it would continue to be a threat to the continuation of the financial statements. activities,

6) discuss the accepted accounting policies (policies), including methods of valuation of assets and liabilities (also depreciation), measurement of the financial result and the manner in which the financial statements are drawn up in so far as the Act leaves the entity the right of choice.

Balance

Assets

A. Fixed assets, including fixed assets

B. Rotary assets, including:

-stocks

-short-term receivables

C. Contributions to capital (fund) to be paid

D. Shares (shares)

Total assets

Liabilities

A. Capital (fund) own, including:

-core capital (fund)

-(repealed)

B. Liabilities and provisions for commitments, including:

-provisions for commitments

-loan and loan commitments

Total liabilities

Reference information to the balance sheet:

1) the amount of any financial liability, including from debt financial instruments, guarantees and guarantees or contingent liabilities not included in the balance sheet, with an indication of the nature and form of the claims secured in kind; any the pension obligations and affiliated or associated entities are disclosed separately,

2) the amount of advances and loans granted to the members of the administrative, management and supervisory bodies, with an indication of the interest rates, main conditions and any amounts repaid, discharged or decommitted, and the commitments entered into in them the title of guarantee and surety of all kinds, indicating the total amount for each category,

3. the shares (shares) of own, including:

(a) the reason for the acquisition of the shares (shares) of its own financial year,

(b) the number and nominal value of the shares acquired and disposed of in the financial year of the shares (shares) and, in the absence of a nominal value, their accounting value, as well as the part of the core capital which the shares (shares) represent,

(c) in the case of acquisitions or disposals of payment, the equivalent of those shares (shares),

(d) the number and nominal value or, in the absence of a nominal value, the accounting par value of all the shares (shares) acquired and retained, as well as the proportion of the core capital which the shares (shares) represent.

Profit and loss account

A. Core operating income and equations, including change of product state (increase-positive, reduction-negative value)

B. Costs of the main operating activities:

I. Depreciation

II. Material and energy consumption

III. Salaries, social security and other benefits

IV. Other costs

C. Other income and profits, including the updating of the asset value

D. Other costs and losses, including updating of assets

E. Income tax

F. Net Profit/loss (A-B + C-D-E)

(for micro-units referred to in art. 3 para. 1a points 1, 3 and 4 and paragraph 4 1b of the Act)

or

G. Total net financial result (A-B + C-D-E), including:

I. Surplus of revenue over costs (positive value)

II. Excess cost over revenue (negative value)

(for micro-units referred to in art. 3 para. 1a item 2 of the Act).

Annex 5. [ COVERAGE OF INFORMATION REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW, FOR SMALL UNITS BENEFITING FROM SIMPLIFICATIONS RELATING TO THE FINANCIAL STATEMENTS]

Annex No 5

SCOPE OF THE INFORMATION REPORTED IN THE FINANCIAL STATEMENTS REFERRED TO IN ARTICLE 45 OF THE LAW, FOR SMALL UNITS BENEFITING FROM SIMPLIFICATIONS RELATING TO THE FINANCIAL STATEMENTS

Introduction to the financial statements

includes in particular:

1) the company, the seat and address or the place of residence and address and the number in the relevant court register or records;

2) an indication of the duration of the unit's activity, if limited;

3) indication of the period covered by the financial statements;

(4) an indication of the simplifications applied to small units;

(5) an indication of whether the financial statements were drawn up on the assumption that the entity had continued business in the foreseeable future and whether there were no circumstances indicating that it would continue to be a threat to the continuation of the financial statements. activities;

6) discuss the accepted accounting policies (policies), including methods of valuation of assets and liabilities (also depreciation), the determination of the financial result and the manner in which the financial statements are drawn up in so far as the Act leaves the entity the right to choose.

Balance

Assets

A. Permanent assets

I. Intangible assets

II. Tangible fixed assets, including:

-fixed assets

-fixed assets under construction

III. Long-term claims

IV. Long-term investments, including:

-real estate

-long-term financial assets

V. Long-term accruals

B. Rotating assets

I. Stocks

II. Short-term receivables, including:

(a) in respect of supplies and services, including:

-up to 12 months

-over 12 months

III. Short-term investments, including:

(a) short-term financial assets, including:

-cash in cash and in accounts

IV. Short-term Accruals

C. Contributions to capital (fund) to be paid

D. Shares (shares)

Total assets

Liabilities

A. Capital (fund) own

I. Capital (fund) basic

II. Reserve capital (fund), including:

-surplus of the value of the sale (issue value) over the nominal value of the shares (shares)

III. Capital (fund) from revaluation, including:

-from the fair value update

IV. Other reserves (funds)

V. Profit (loss) from previous years

VI. Net profit (loss)

VII. Write-offs from net profit during the financial year (negative amount)

B. Obligations and provisions for commitments

I. Provisions for liabilities, including:

-provision for pensions and similar provisions

II. Long-term liabilities, including:

-on loans and loans

III. Short-term liabilities, including:

(a) in respect of loans and loans

(b) in respect of supplies and services, including:

-up to 12 months

-over 12 months

(c) special funds

IV. Accruals

Total liabilities

Profit and loss account

(Calculation Variant)

A. Net revenue from the sale of products, goods and materials

B. Costs of products, goods and materials sold

C. Sales costs

D. General management costs

E. Profit (loss) from sales (A-B-C-D)

F. Other operating revenue, including:

-updating the value of non-financial assets

G. Other operating expenses, including:

-updating the value of non-financial assets

H. Financial Revenues, including:

I. Dividends and shares in profits from the units in which the entity holds a commitment in capital, including:

-from affiliated entities in which the entity has an involvement in the capital

II. Interest, including:

-from affiliated units

III. Profit for the financial asset dissolution, including:

-in associated companies

IV. Update of financial assets

I. Financial costs, including:

I. Interest, including:

-for associated entities

II. Loss on the financial asset dissolution, including:

-in associated companies

III. Update of financial assets

J. Profit (loss) gross (E + F-G + H-I)

K. Income Tax

L. Profit (loss) net (J-K)

(Comparative variant)

A. Net income from sales and equalised with them

I. Net income from sales

II. Product state change (positive increase, decrease-negative)

III. Cost of manufacturing of products for the entity's own needs

B. Operating costs

I. Depreciation

II. Material and energy consumption

III. Foreign services

IV. Wages

V. Social insurance and other benefits, including:

-pension

VI. Other costs, including:

-value of goods and materials sold

C. Profit (loss) on sales (A-B)

D. Other operating revenue, including:

-updating the value of non-financial assets

E. Other operating expenses, including:

-updating the value of non-financial assets

F. Financial revenues, including:

I. Dividends and shares in profits from the units in which the entity holds a commitment in capital, including:

-from affiliated entities in which the entity has an involvement in the capital

II. Interest, including:

-from affiliated units

III. Profit for the financial asset dissolution, including:

-in associated companies

IV. Update of financial assets

G. Financial expenses, including:

I. Interest, including:

-for associated entities

II. Loss on the financial asset dissolution, including:

-in associated companies

III. Update of financial assets

H. Profit (loss) gross (C + D-E + F-G)

I. Income tax

J. Profit (loss) net (H-I)

Additional information and explanatory notes

include in particular:

1) a detailed scope of changes in the value of a group of types of fixed assets, intangible assets and long-term investments, containing the state of these assets for the beginning of the financial year, increase and decrease in the title of: update the values, acquisitions, dislocations, internal movements and the final state, and for amortised assets-a similar representation of stocks and titles of changes to existing depreciation or redemptions;

2) the amount committed during the financial year of the write-off of the value of fixed assets separately for long-term non-financial assets and long-term financial assets;

3) the amount of the value of the company and the explanation of the period of its write-off, specified in art. 44b (b) 10;

4. where financial instruments or asset items other than financial instruments are measured at fair value:

(a) the relevant assumptions used to establish fair value where the data accepted to set this value do not come from an active market,

(b) separately for long-term and short-term financial instruments or non-financial asset components, the fair value shown in the balance sheet, as well as the corresponding revaluation effects on the financial result or to be transferred to the capital (fund) from revaluation during the reporting period,

(c) separate for derivative financial instruments as short-term financial assets or short-term liabilities, information relating to the extent and nature of the instruments, including material conditions liable to affect the amount, time limit and certainty of future cash flows,

(d) a table of changes in the capital (fund) from the revaluation of the capital (fund) to the beginning and end of the reporting period and to its increase and decrease during the financial year;

5) the amount of the active accruals of the costs constituting the difference between the value of the financial assets received and the obligation to pay for them;

6) the division of long-term liabilities by balance sheet item with the remaining balance sheet date, the contract envisaged, the repayment period of more than 5 years, as well as the total amount of liabilities secured on the assets of the entity with an indication of the nature and form those safeguards;

7. where the asset or liability is shown in more than one balance sheet item, its association between those items; this applies in particular to the distribution of claims and liabilities to the long-term and short-term components;

8. the total amount of the contingent liabilities, including those granted by the guarantee and surety unit, including promissory notes, not shown in the balance sheet, with an indication of the obligations secured on the assets of the undertaking and the nature and form of such collateral; the information on contingent liabilities relating to pensions and similar benefits and to associated or associated undertakings should be demonstrated separately;

(9) the cost of creating fixed assets under construction, including interest and exchange differences, which have increased the cost of creating fixed assets under construction in the financial year;

10) interest and exchange differences, which increased the price of the purchase of the goods or the cost of manufacturing the products in the financial year;

11) the amount and nature of the individual items of income or costs of extraordinary value or which have occurred incidental;

(12) information on average in the financial year of employment;

13) the amounts of advances and loans granted to persons in the management, supervisory and administrative bodies of the undertaking, indicating their main conditions, the interest rates and any amounts repaid, written off, or of any kind of guarantee and surety, with an indication of the total amount for each category;

14) information on the relevant events that occurred after the balance sheet date, and not included in the financial statements and their impact on the property, financial situation and financial result of the entity;

15) presentation of changes made during the financial year (policy) of accounting policies, if they have a significant impact on the financial, financial and financial situation of the entity and the presentation of a change in the way in which the financial statements are drawn up together with the reasons for the statement;

16) the figures, together with an explanation, ensuring the comparability of the financial statements concerned for the year prior to the report for the financial year;

17) information on the name and premises of the entity drawing up the consolidated financial statements at the lowest level of the capital group, which is composed of the company as a subsidiary;

(18) where a small unit does not draw up a report on the activity in accordance with Article 4 (2) 49 (1) 5 of the Act additionally provides information on the shares (shares) of its own:

(a) the reason for the acquisition of the shares (shares) of its own financial year,

(b) the number and nominal value of the shares acquired and disposed of in the financial year of the shares (shares) and, in the absence of a nominal value, their accounting value, as well as the part of the core capital which the shares (shares) represent,

(c) in the case of acquisitions or disposals of payment, the equivalent of those shares (shares),

(d) the number and nominal value or, in the absence of a nominal value, the accounting par value of all the shares (shares) acquired and retained, as well as the proportion of the core capital which the shares (shares) represent.

[ 1] Article 2 (1) 5 added by art. 1 point 1 of the Act of 23 July 2015. to amend the Accounting Act and certain other laws (Journal of Laws of the 1333). The amendment came into force on 1 January 2016.

[ 2] Article 3 (1) 1 point 6 as set out by the Article 411 point 1 of the Act of 15 May 2015 − Restructuring law (Journal of Laws item. 978). The amendment came into force on 1 January 2016.

[ 3] Article 3 (1) 1 point 21a added by art. 446 point 1 of the Act of 11 September 2015. o Insurance and Reinsurance (Journal of Laws) (Journal of Laws of the 1844). The amendment came into force on 1 January 2016.

[ 4] Article 4 (1) 5 in the version set by the Article. 13 point 1 of the Act of 25 June 2015. amending the Act on Local Government and certain other laws (Journal of Laws of the Law of the European Communities). 1045). The amendment came into force on 1 January 2016.

[ 5] Article 11 (1) 2 in the version set by the Article. 13 point 2 of the Act of 25 June 2015. amending the Act on Local Government and certain other laws (Journal of Laws of the Law of the European Communities). 1045). The amendment came into force on 1 January 2016.

[ 6] Article 12 (1) 3 point 3 repealed by Article 3. 411 point 2 of the Act of 15 May 2015 − Restructuring law (Journal of Laws item. 978). The amendment came into force on 1 January 2016.

[ 7] Article 26 (1) 5 point 1 repealed by Article 411 point 3 of the Act of 15 May 2015 − Restructuring law (Journal of Laws item. 978). The amendment came into force on 1 January 2016.

[ 8] Article 29 (1) 3 in the version set by the Article. 411 point 4 of the Act of 15 May 2015 − Restructuring law (Journal of Laws item. 978). The amendment came into force on 1 January 2016.

[ 9] Article 35b (b) 1 point 1 in the wording set by Article 1 411 point 5 of the Act of 15 May 2015 − Restructuring law (Journal of Laws item. 978). The amendment came into force on 1 January 2016.

[ 10] Article 35b (b) 1 point 2 as set out by the Article 411 point 5 of the Act of 15 May 2015 − Restructuring law (Journal of Laws item. 978). The amendment came into force on 1 January 2016.

[ 11] Article 36 (1) 2d as set out by the Article. 411 point 6 lit. a) of the Act of 15 May 2015. − Restructuring law (Journal of Laws item. 978). The amendment came into force on 1 January 2016.

[ 12] Article 36 (1) 4 in the version set by the Article. 411 point 6 lit. b) of the Act of 15 May 2015. − Restructuring law (Journal of Laws item. 978). The amendment came into force on 1 January 2016.

[ 13] The Regulation has expired on the basis of art. 631 point 1 of the Act of 15 September 2000. -Code of Commercial Companies (Dz. U. No 94, pos. 1037), which entered into force on 1 January 2001.

[ 14] The Act lost power on the basis of art. 193 of the Act of 29 August 1997. -Banking law (Dz. U. No 140, pos. 939), which entered into force on 1 January 1998.

[ 15] The Act lost power on the basis of art. 74 of the Act of 30 August 1996. on the commercialisation and privatisation of SOEs (Dz. U. No 118, pos. 561 and Nr 156, pos. 775), which entered into force on 8 April 1997.

[ 16] The Act lost power on the basis of art. 256 of the Act of 22 May 2003. about insurance activities (Dz. U. Nr 124, pos. 1151), which entered into force on 1 January 2004.

[ 17] The Act lost power on the basis of art. 276 point 2 of the Law of 27 July 2005. -Law on higher education (Dz. U. No 164, pos. 1365), which entered into force on 1 September 2005.

[ 18] The Act lost power on the basis of art. 191 of the Act of 21 August 1997. -The law on the public trading of securities (Dz. U. No 118, pos. 754), which entered into force on 4 January 1998.

[ 19] The Act lost power on the basis of art. 220 point 1 of the Act of 15 April 2011. about the activity of the medicinal product (Dz. U. No 112, pos. 654), which entered into force on 1 July 2011.

[ 20] Annex No 3 as set out by the Article 446 point 2 of the Act of 11 September 2015. o Insurance and Reinsurance (Journal of Laws) (Journal of Laws of the 1844). The amendment came into force on 1 January 2016.