Tax customs & excise /

Draft amendment from 14 December 2020 to the Accounting Act

On the website of the Government Centre for Legislation they have published  the draft amendment from 14 December 2020 to the Accounting Act. It presents, among others, a simplification within the scope of undersigning financial statements of units managed by multi-person bodies. The present legal rules do not allow the possibility of undersigning financial statements by one member of the management board if a unit is managed by a multi-person body. The amendment to the Accounting Act is to introduce the possibility of undersigning the statement solely by one person who is a member of this body. However, it will be necessary to obtain by this person confirmations from the remaining persons comprising the body referring to the fact that a given financial statement fulfils requirements contained in the Act. The application of the new solution will be voluntary. This long-awaited change is a beneficial solution for companies managed by foreign persons who at present find it difficult to meet their statutory obligations due to organizational and technical matters. 

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