The Polish Accounting Standards Committee issued recommendations Financial statements in the time of pandemic

The Polish Accounting Standards Committee issued recommendations Financial statements in the time of pandemic. They may be helpful for your bookkeeping and preparing the 2020 financial statements. The document is intended for those responsible for financial statements preparation, ie. entities’ directors and those in charge of bookkeeping.

The document, published on the website, covers the following:

• Going concern assumption during COVID-19 pandemic, considering also the subsequent events,
• Inventory counts during the pandemic,
• Recognition in the books of account, and presentation and disclosure,
• Support received in the form of anti-crisis shield as well as other means,
• Additional operating costs resulting from COVID-19,
• Prudent valuation of assets and liabilities to reflect COVID-19 economic consequences, including update of estimates and fair value accounting,
• Valuation of finished products in the situation of unused capacities,
• Management reports on activities – additional information related to COVID-19.

The detailed recommendation can be found in the attachment, and at the link below.

https://www.gov.pl/web/finanse/rekomendacje-i-inne-publikacje2

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