Accounting policy that brings order to your finances

No. An accounting policy is mandatory only for entities maintaining full accounting books in accordance with the Accounting Act.
This obligation applies, among others, to capital companies (limited liability companies, joint-stock companies, simple joint-stock companies), limited partnerships and limited joint-stock partnerships, foundations, associations, and entrepreneurs who exceeded the revenue threshold of EUR 2 million in the previous financial year.

Yes. Depending on the client’s expectations, we can prepare two types of accounting policies.

The first option is a policy compliant with statutory requirements, containing all elements necessary to meet formal obligations – adapted to the configuration of accounting systems and standard recording processes.

The second option is a fully customized policy, prepared for management and reporting purposes, including adjustments to the chart of accounts, reporting principles and controlling solutions, while remaining fully compliant with legal requirements.

In accordance with Article 10(1) of the Accounting Act, the document should specify, among others:

• accounting principles applied,

• methods of valuation of assets and liabilities,

• rules for determining financial results,

• a list of synthetic and analytical accounts (chart of accounts),

• inventory procedures,

• description of the IT system used for accounting records.

The accounting policy should be updated whenever regulations, the company’s structure or bookkeeping methods change.
In practice, it is advisable to review the document at least once a year, for example at the closing of the financial year.

Yes, but it requires thorough knowledge of accounting regulations and practice.
Most entrepreneurs entrust its preparation to an accounting office or advisor to ensure compliance with the law and avoid formal errors.

The lack of an accounting policy or having an outdated one is treated as a violation of the Accounting Act and may be considered unreliable bookkeeping.
In the event of an inspection, this may result in financial penalties or even criminal liability as provided for in Article 77 of the Act.

The accounting policy should be prepared before starting to maintain accounting books or at the latest on the day they are opened in a given financial year.
If a company switches to full accounting (e.g. after exceeding the EUR 2 million threshold), the document should be prepared before the first accounting entry is made.