Poland requires financial statement disclosure for related parties
December 15, 2008
The amendment to the Polish Accounting Act of March 18 2008, part of which came into force on August 22 2008, has changed the scope of information and data to be provided in additional information to the financial statements
Under this amendment, taxpayers are expressly required to disclose in their financial statements the existence of non-arm’s length transactions with related parties realised by the entity required to prepare the financial statements (corporate income taxpayer of personal income taxpayer). The preparer of financial statements thus has a new disclosure obligation in connection with related-party transactions.
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