Poland Poland is included in the IFAD GAAP Convergence Studies National Professional Organisation Website: National Board of Chartered Accountants Association in Poland National Professional Organisation: National Chamber of Statutory Auditors World Bank ROSC Accounting and Auditing Report Financial Reporting Framework in Poland 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 companies listed in an EU securities market must follow IFRSs starting in 2005. In January 2005, the European Commission published the results of a survey of the 25 EU member states and the 3 EEA member states on their plans regarding the four options above. For information on each country's plans, click to download: Table on Use of IFRS Options in 27 Member and 3 EEA States (PDF 52k) 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. IFRS in your Pocket 2008 in Polish Deloitte Poland has published Sygnalizujemy właściwy kierunek: Praktyczny przewodnik po MSSF 2008 – IFRS in your Pocket 2008 in Polish (PDF 823k, April 2009, 89 pages). This publication is a translation into Polish of the English language IFRSs in your Pocket 2008 guide updated to October 2008, and additionally includes a comparison between IFRSs and the accounting requirements of the Polish Accounting Act. As a member of the European Union, Poland requires all listed companies preparing consolidated financial statements to use IFRSs. Poland also requires all banks preparing consolidated financial statements, whether or not listed, to use IFRSs. Some other companies are permitted to use IFRSs in their consolidated or separate financial statements – those that are listed or have filed for admission to public trading and a parent company that is, itself, a subsidiary of an entity that prepares its consolidated financial statements using IFRSs. Other companies follow Polish Accounting Standards. Model Consolidated IFRS Financial Statements for 2009 in Polish Deloitte Poland has published Wzorcowe Skonsolidowane Sprawozdanie Finansowe 2009 według MSSF – Model IFRS Consolidated Financial Statements for 2009 in Polish. 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 2009. Click to download Wzorcowe Skonsolidowane Sprawozdanie Finansowe 2009 według MSSF – model IFRS consolidated financial statements for year ended 31 December 2009 in the Polish language (PDF 3,697k, 120 pages). Please note that these financial statements reflect those IFRSs endorsed by the EU as of 5 March 2009. They do not reflect other IFRSs that are effective for 2009 but that were not endorsed by 5 March 2009. Guide to IFRS 8 Operating Segments in Polish 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.