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Updates
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Financial Reporting Framework in Poland
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Adoption of IFRSs in Europe Effective in 2005
In June 2002, the European Union adopted an IAS Regulation requiring European companies listed in an EU securities market, including banks and insurance companies, to prepare their consolidated financial statements in accordance with IFRSs starting with financial statements for financial year 2005 onwards. EU countries have the option to:
- Require or permit IFRSs for unlisted companies.
- Require or permit IFRSs in parent company (unconsolidated) financial statements.
- Permit companies whose only listed securities are debt securities to delay IFRS adoption until 2007.
- Permit companies that are listed on exchanges outside of the EU and that currently prepare their primary financial statements using a non-EU GAAP (in most cases this would be US GAAP) to delay IFRS adoption until 2007.
The European IAS regulation applies not only to the 27 EU Member States but also to the three members of the European Economic Area (EEA) – Iceland, Liechtenstein, and Norway.
Poland is an EU Member State. Consequently, Polish companies listed in an EU/EEA securities market follow IFRSs
since 2005. In July 2010, the European Commission published the results of a survey of the 27 EU member states and the 3 EEA member states regarding the four options above. For information on each country's plans, click to download:
The European Commission has adopted the following wording for use in the notes to the accounts and in the audit reports of companies subject to EU Regulation 1606/2002/EC (the 'IAS regulation'):
- "in accordance with International Financial Reporting Standards as adopted by the EU" or
- "in accordance with IFRSs as adopted by the EU".
Companies may also state, in a footnote, compliance with IFRSs as adopted by the IASB, if that is the case.
In September 2011, the European Commission services published a report an update on the extent to which certain options included within the
Accounting Directives have been incorporated into the law of the Member States and EEA countries. Please click for
access to the report (PDF 816k, link to EC website). |
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IFRS newsletters in Polish
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Deloitte (Poland) publishes Biuletyn MSSF, a Polish-language monthly publication for IFRS practitioners and MSSF dla spółek giełdowych, a Polish-language quarterly publication dealing with IFRS for public companies. The table below lists recent editions of Biuletyn MSSF and MSSF dla spółek giełdowych. You can find back issues of the publications on the Deloitte (Poland) website.
| Biuletyn MSSF |
| Issue number |
Topic |
PDF size |
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2011/08
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Financial reporting standards
| 532k |
| 2011/07 |
Annual improvements 2011, IASB agenda consultation, mandatory
application of IFRS 9, investment entities | 400k |
| 2011/06 |
IFRS 13, Amendments to IAS 19, Amendments to IAS 1 | 472k |
| 2011/05 |
Differing standards | 610k |
| 2011/04 |
Summary of IASB projects aimed at improving the accounting of financial instruments and other related projects | 626k |
| 2011/03 |
Impairment of financial assets and offsetting financial assets and liabilities | 446k |
| 2011/02 |
Amendments to IFRS 1 and IAS 12 | 452k |
| 2011/01 |
Summary of changes to IFRS in 2010 | 628k |
| 2010/11 |
Management commentary and hedge accounting | 475k |
| 2010/10 |
Amendments to IFRS 7, IFRS 9 and IASB effective dates consultation | 477k |
| 2010/09 |
Conceptual framework, severe hyperinflation, deferred tax and accounting for stripping costs in open cut mines | 368k |
| 2010/08 |
'Fixed dates' amendment to IFRS 1 and leases | 581k |
| 2010/07 |
Fair value measurement and insurance contracts | 581k |
| 2010/06 |
Presentation of comprehensinve income and revenue recognition | 462k |
| 2010/05 |
Annual improvements (2010), accounting for retirement benefits, and the fair value option for financial instruments | 451k |
| 2010/04 |
Practical aspects of the revised IFRS 3 Business Combinations and the impairment of financial assets | 388k |
| 2010/03 |
Overview of IFRIC 13 and the conceptual framework (definition of the reporting entity) | 396k |
| 2010/02 |
Amendment to IFRS 1 for IFRS 7 disclosures, measurement of liabilities under IAS 37 | 396k |
| 2010/01 |
Summary of changes to IFRS in 2009 | 734k |
| MSSF dla spółek giełdowych |
| Issue number |
Topic |
PDF size |
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2011/04
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Summary of IASB activities in the second quarter of 2011, consolidation and accounting in the manufacturing industry | 403k |
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2011/03
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Summary of IASB activities in the first quarter of 2011, and revenue recalculation for the technology industry | 493k |
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2011/02
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Summary of IASB activities in the fourth quarter of 2010, and lease accounting, particularly for the retail industry | 402k |
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2010/01
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Summary of IASB activities in the third quarter of 2010, and revenue accounting for the telecommunications industry | 541k |
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| IFRS in your Pocket 2011 in Polish |
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Praktyczny przewodnik po MSSF – IFRS in your Pocket in Polish
Deloitte Poland has published Idealnie podany — Praktyczny przewodnik po MSSF (PDF 2.3MB), the Polish language version of IFRSs in Your Pocket 2011. This publication is a translation into Polish of IFRSs in your Pocket 2011. It includes changes in Standards and Interpretations through 31 October 2011, and a comparison between IFRS and the Polish accounting act.
Click to download IFRSs in your Pocket 2011 in Polish (PDF 2.3 MB).
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IFRS in your Pocket 2010 in Polish
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Praktyczny przewodnik po MSSF – IFRS in your Pocket in Polish
Deloitte Poland has published Nadajemy właściwy ton – Praktyczny przewodnik po MSSF (PDF 1,956k), the Polish language version of IFRSs in Your Pocket 2010. This publication is a translation into Polish of IFRSs in your Pocket 2010 including changes in Standards and Interpretations till 31 October 2010 and additionally includes a comparison between IFRS and the Polish accounting act.
Click to download IFRSs in your Pocket 2010 in Polish (PDF 1,956k).
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Model Consolidated IFRS Financial Statements for 2010 in Polish
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IFRS Illustrative Financial Statements for 2010 in Polish
Deloitte Poland has published Wzorcowe Skonsolidowane Sprawozdanie Finansowe 2010 według MSSF – Model IFRS Consolidated Financial Statements for 2010 in the Polish language (PDF 2,996k, 128 pages). These model financial statements illustrate the accounting and disclosures required by IFRSs as endorsed by the European Union for reporting periods beginning on or after 1 January 2010. Please note that these financial statements reflect those IFRSs endorsed by the EU as of 31 October 2010. They do not reflect other IFRSs that are effective for 2010 but that were not endorsed by 31 October 2010.
Click to download Model IFRS Consolidated Financial Statements for 2010 in Polish (PDF 2,996k)
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IFRS Presentation and Disclosure Checklist for 2010 in Polish
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Guide to the revised IFRS 3 and IAS 27 in Polish
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Guide to IFRS 8 Operating Segments in Polish
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Deloitte Poland has published MSSF 8 Segmenty operacyjne – Przewodnik po Standardzie (PDF 1,205k), a Polish language guide to IFRS 8 Operating Segments. The publication presents key principles related to implementation and adoption of IFRS 8, with numerous examples of application of individual issues covered by the standard, as well as sample forms of presentation of data about operating segments. IFRS 8 has replaced IAS 14 Segment Reporting effective 1 January 2009.
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Guide to IAS 34 Interim Financial Reporting in Polish
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Deloitte Poland has published a Polish language version of Guide to IAS 34 (Revised 2009)- Sródroczna sprawozdawczosc finansowa – Przewodnik po MSR 34. The guide explains the standard and describes Polish practices in applying IAS 34. Click to Download the Polish Language Guide to IAS 34 (PDF 1,336k).
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August 2011 Update
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Polish translation of the IFRS for SMEs published
The IFRS Foundation has announced that a Polish translation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) 2009 has now been published online.
A translation of the core text of IFRS for SMEs is now
available in eleven languages; in six cases the basis for conclusions
and the implementation guidance have also been translated. All
translations are available free of charge on the
IASB's IFRS for SMEs website.
A summary of the requirements of the IFRS for SMEs is available
here.
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