Liabilities, and Changes in Accounting Policies. A further two Polish Accounting Standards (Building contracts and Management report) were being developed as at the end of 2013. The following table summarizes the accounting, auditing, and reporting obligations of Polish companies, and should be read in conjunction with paragraphs 17 - 28. Public Accounting Supervisory Publication Requirements Requirements Authority Listed companies Endorsed IFRS Yes; 5-yr key audit Court register, Consolidated partner rotation Accounting Act; or company’s Legal Entity with 2-yr website; a endorsed IFRS period; for summary f/s is Financial listed insurance also published Supervision entities also 5-yr on the Stock Authority audit firm rotation Exchange (KNF) with 2-yr website* period; audit committee required Banks (non-listed) Endorsed IFRS Yes; 5-yr key audit register* Consolidated Accounting Act and partner rotation Legal Entity with 2-yr MOF regulations; KNF period; audit or endorsed IFRS committee required Insurance (non-listed) Yes; 5-yr audit Court register* Consolidated firm rotation; 5-yr Legal Entity Accounting Act and key audit partner KNF MOF regulations; rotation with 2-yr or endorsed IFRS cooling-off period audit committee required Other PIE’s (non-listed) KNF Accounting Act and Yes; 5-yr key audit register Consolidated MOF regulations; partner rotation Legal Entity or endorsed IFRS with 2-yr period; audit committee required Non-listed, including SMEs None Yes Consolidated
Liabilities, and Changes in Accounting Policies. A further two Polish Accounting Standards (Building contracts and Management report) were being developed as at the end of 2013. The following table summarizes the accounting, auditing, and reporting obligations of Polish companies, and should be read in conjunction with paragraphs 17 - 28. Public Supervisory Authority Accounting Requirements Requirements Publication Listed companies Consolidated Financial Supervision Authority (KNF) Endorsed IFRS Yes; 5-yr key audit partner rotation with 2-yr period; for listed insurance entities also 5-yr audit firm rotation with 2-yr period; audit committee required Court register, company’s website; a summary f/s is also published on the Stock Exchange website* Legal Entity Accounting Act; or endorsed IFRS Banks (non-listed) Consolidated KNF Endorsed IFRS Yes; 5-yr key audit partner rotation with 2-yr period; audit committee required register* Legal Entity Accounting Act and MOF regulations; or endorsed IFRS Insurance (non-listed) Consolidated KNF Accounting Act and MOF regulations; or endorsed IFRS Yes; 5-yr audit firm rotation; 5-yr key audit partner rotation with 2-yr cooling-off period audit committee required Court register* Legal Entity Other PIE’s (non-listed) Consolidated KNF Accounting Act and MOF regulations; or endorsed IFRS Yes; 5-yr key audit partner rotation with 2-yr period; audit committee required register Legal Entity Non-listed, including SMEs Consolidated None Yes