Accounting and bookkeeping regulations in Poland

Accounting is vital to every company, regardless of its field of activity, size, or plans for the future. Keeping accounting books in order is not only necessary to have a proper overview of company operations, costs, and profits, but is above all a legal obligation.

In Poland, accountancy and bookkeeping is regulated by Accounting act of 29 September 1994. The chief rule behind all bookkeeping is that it should present a true a fair image of the entity’s financial position and result.

Any entity doing business in Poland, whether it is a small business or a big bank, shall apply to the same general accounting rules and regulations. What is important to note is that the company’s president bears the responsibility to comply with accounting obligations. They may designate the task of keeping accounting books and other related duties to someone else, for example company accountant or an external accounting office, but in the end, they are the ones responsible for any transgressions of law.

The information in the accounting books regarding different financial years needs to be comparable. That is why bookkeeping operations need to be recorded in the way that allows for that. Each company should have accounting policy or principles in the form of a written document governing bookkeeping.

The chief assumption for accounting in Poland is that the entity will continue as a going concern. In other words, the business is operating normally and will continue to do so in the foreseeable future. It is not likeable that it will go into bankruptcy or be liquidated or that it will have the intention of curtailing its operations. The “foreseeable future” is usually meant to be the next twelve months, i.e. the upcoming financial year.

It should be noted that the Accountancy Act is not the only legal regulation governing the accounting rules in Poland. Accountants must apply to various regulations of the Ministry of Finance. They also need to be familiar with National and International Accounting Standards.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our bank account opening services, or contact us for a free consultation.