The financial statement is a document that contains basic information about the annual activities of the company, which are included in financial terms. Its task is to present the current financial condition of the enterprise. The day on which the financial statements are prepared is called the balance sheet day. If the company's fiscal year is the same as the calendar year, then the balance sheet day is December 31. 

Financial statements are prepared in Polish and in Polish currency. 

The obligation to prepare financial statements is: 

• companies that are required to keep books of accounts, in accordance with the Accounting Act, e.g., by earned income, 
• companies that have voluntarily chosen to keep books of accounts in accordance with the Accounting Act. 

All companies registered with the KRS have 3 months to prepare financial statements from the balance sheet date. If the fiscal year coincides with the calendar year, the deadline for preparing the report is March 31.. 

Failure to file financial statements by the given deadline risks various sanctions, which are described in the Accounting Law. According to this law, whoever fails to fulfill this obligation is subject to a fine or even restriction of freedom. 

In such a situation, this is treated as a crime, for which the court can impose a fine from 10 to 720 daily rates, where the amount of a daily rate can range from PLN 10 to PLN 2,000. The court may also impose a penalty of restriction of liberty from 1 month to 2 years. Other sanctions for failure to file a report on time can be coercive proceedings (a summons to file a report within 7 days of receiving the summons, under penalty of a fine or dissolution of the company), dissolution of the company and deletion from the National Court Register, probation supervision.