Accounting Policy

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Czech Republic
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Romania
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Hungary
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Check how to maintain regulatory compliance thanks to an accounting policy

Accounting policy

An accounting policy is a set of principles and guidelines for a company to follow when maintaining accounting records and preparing financial statements. All companies engaged in full accounting are required to have and regularly update their accounting policies. For accounting to function efficiently within a company, it is essential that the established rules are not only compliant with regulations but also tailored to the specific nature of the company and the industry it operates within. The written and adopted accounting policy is the responsibility of the unit manager or a designated person, most often the management board.

Who is required to have an accounting policy?

The obligation to prepare an accounting policy applies to companies that are headquartered or have their management located in Poland, regardless of their size, revenue, or applied simplifications. It is important to note that having a set of rules is the responsibility of the company and those managing its accounting records.

What should an accounting policy include?

An accounting policy outlines the financial principles according to which the company's accounting books will be maintained. It should include, among other things:

Definition of the company's financial year
Definition of reporting periods
Rules for the valuation and depreciation of assets
Methods for maintaining accounting books
Procedures for the circulation and storage of documents
Rules for document security

The document should also designate the person responsible for ensuring compliance with all provisions in the adopted policy. Any changes should be included in an annex, which must be signed by authorized individuals.

An accounting policy is a foundation on which a company's management of finances is based. A well-written policy ensures transparency, consistency, and compliance with regulations, allowing for informed business decisions, but most importantly, minimizing potential risks.

Tomasz Szwed

Chief Operating Officer

Our support

Audit
KR Group conducts a detailed analysis of each client’s situation. During the audit, our experts consider all variables related to the company, such as size, revenue, and industry alignment.

Preparation of the Accounting Policy
Our specialists develop an accounting policy that not only complies with requirements of the Accounting Act but also supports the growth of your business.

Trainings
During the training, KR Group experts provide essential knowledge about the implemented procedures and the newly established accounting policy.

Accounting policy update*
We also assist in updating the accounting policy to ensure it aligns with changing regulations or industry challenges.