An obligation to publish the financial statements arises for every entity recorded in the public register of companies (most frequently in the Commercial Register, Register of Publicly Beneficial Associations or Register of Associations). The publication means the insertion of the financial statements in the collection of deedsof the court maintaining the Register of Companies in which the entity is recorded. In accordance with the Accounting Act, the period for the publication of the financial statements follows its approval by a relevant body, specifically within 30 days after the approval, however no longer than within 12 months from the balance sheet date, i.e., end of the reporting period. If the financial statements are published in 12 months without being approved, in such case it is necessary to publish the information on the fact that the financial statements were not approved. In accordance with the Business Corporations Act, the financial statements are approved by the general meeting (or a body that is authorised to approve the financial statements) which should be held within 6 months after the end of the reporting period.
The above indicates that all entities whose reporting periods cover the calendar year should have their financial statements for the prior calendar year published in the collection of documents by no later than 30 July. Only when the general meeting is not held, or the financial statements were not approved, the deadline for the publication is 31 December of the following calendar year. For the sake of completeness, we would like to state that sanctions determined in accordance with the Accounting Act may be imposed for the failure to publish the financial statements.
In this context, we would like to additionally draw attention to a change involving a possibility for the specified entities, since 2021, to meet the obligation by a publication through the tax administrator, in the form of an annex to the tax return filed electronically. For the first time, this manner of publication can be used for the financial statements prepared for the periods starting no sooner than on 1 January 2021 and ending no sooner than on 31 December 2021. Until then, it is necessary to publish the financial statements in a standard manner, i.e., send it to the relevant court maintaining the Register of Companies in the specified form.