Reform of the accounting system with special regard to digitalisation

The Commission is supporting the Polish Ministry of Finance (Beneficiary) in  the reform of the accounting system in Poland with a specific regard to digitalisation.

Context

The Accounting Act in Poland came into force in 1994 and was changed several times since then, however in some aspects it does not correspond to the needs of the contemporary business environment. Due to the digital evolution of financial reporting in Poland is constantly accelerating, development of financial reporting and advancement in technology, some provisions are perceived as out of date and not allowing to take advantage of new IT systems. The desired modernisation and digitalisation in accounting is a policy priority in Poland and links to EU policy priorities in Digital Transformation of Governance and Public Administration.

Support delivered

This project is ongoing with recent completion and publication of a report containing a review of the accounting act.  This report summarises a comprehensive review of the Polish Accounting Act that has been completed by the Contractor in order to identify the problems, burdens and current practices of various stakeholders (specifically the preparers and users of financial statements). It wasconducted a desktop review of available documentation, gathered the necessary information via interviews and workshops with key stakeholders. The Project activities relating to this Report were carried out from November 2022 to May 2023.

Results achieved

The work resulted in identifying priority areas with a need for further analysis in next phases of the Project. Those included but were not limited to the structure of the Act and other accounting regulations, the adoption of International Financial Reporting Standards and the reflection of information technologies in the Act in book-keeping, stocktaking and other relevant processes.

This work will allow development of recommendations for updates in regulations to lower current burden for users and utilise the advance of information technology. The project is ongoing and is expected to be finalized in April 2024.

More about the project

You can read the Review of the Accounting Act In Poland: