Obligations with regard to keeping accounting books are to be broadened in 2011. Starting next year, partnerships and entrepreneurs are to keep accounting books if their turnover in 2010 exceeds PLN 4,784,400. Thus, the limit of incomes will be lower by PLN 280,000 than the limit in 2010, which means that a number of companies which will have to keep the full-scope accountancy will increase. This means higher costs for entrepreneurs and partnerships.

The decrease in the limit is a consequence of fall in the EUR exchange rate. As Article 3 item 3 of the Act of September 29, 1994 on Accountancy stipulates, values in EUR shall be calculated into the Polish currency at the average exchange rate announced by the National Bank of Poland on September 30 of the year preceding the financial year. This year, the difference in the EUR exchange rate exceeded 5% (the EUR exchange rate was PLN 3.9870 whereas last year it had been PLN 4.2226).

Contact person: Małgorzata Lewandowska, mlw@pnplaw.pl