E-reporting: since when?

The obligation to prepare and submit financial statements in electronic form in Poland has been in force since 1 October 2018. From then on, entities obliged to keep accounts must prepare their annual financial statements exclusively in electronic form, which means a complete departure from traditional paper forms or scans.

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How do we report?

Financial statements in Poland are reported according to two main paths: to the National Court Register (KRS) for entities registered there and to the Head of the National Fiscal Administration (KAS) for other obliged entities. Key to the correct fulfilment of the obligations is strict adherence to the requirements for the electronic format (mainly XML logical structures or XHTML/iXBRL formats for those applying the IAS), deadlines and rules for signing documents with accepted electronic signatures.

Who is obliged to report?

The obligation to report e-Financial Statements applies to all entities obliged to keep accounts in accordance with the Accounting Act. This group includes, among others, limited liability companies (Sp. z o.o., S.A.), partnerships (limited partnerships, limited joint-stock partnerships), general partnerships and partnerships (after exceeding a certain revenue threshold), sole proprietorships (if they keep books) and other entities such as foundations or associations, if they are CIT taxpayers.

In response to these requirements, CRIDO has developed the Compass ESF tool to support the preparation and submission of electronic financial statements.

The busy reporting period is behind us - both the initial e-reports for audit purposes and the final versions of the documents submitted by our clients to the National Court Register. We would be happy to support your company in this process, but before this happens, we will briefly introduce Compass ESF below, so you can see why it is worth having our tool in your resources.

1. What is the Compass ESF?

Compass ESF is an application developed by CRIDO experts to generate electronic financial statements in the required XML format. The tool is tailored to the needs of various economic entities, including financial institutions such as banks, insurance companies, as well as micro, macro and small enterprises. The tool enables the production of reports in accordance with the guidelines contained in the annexes attached to the Accounting Act.

2. Key functionalities of the Compass ESF

  • Automating the file validation process: Compass ESF automates the technical validation process of XML files during file generation, based on a pre-prepared Excel template, significantly reducing the risk of errors and saving time.
  • Versatility: the tool is adapted to different types of entities, both economic and financial, meeting their specific reporting requirements.
  • Regulatory compliance: Compass ESF ensures full compliance with current legislation on compliance with the structure currently in place.
  • Expert support: Compass ESF users have access to CRIDO's expert support to help prepare the correct files and answer questions about the reporting process.

3. Why choose Compass ESF?

By choosing Compass ESF, you gain confidence that your financial statements are prepared in accordance with applicable standards and regulations. This tool not only simplifies the reporting process, but also minimises the risk of errors that can lead to sanctions. With the support of CRIDO experts, you can rest assured that your reporting obligations are correct and on time.

We make our tool available in two variants:

  1. ESF Comfort – we will prepare the e-report for you, based on the financial data previously sent to us.
  2. ESF Standard – we provide you with a template and tool for a one-year subscription period so that you can generate the e-report yourself.

If you would like to learn more about Compass ESF and use this tool, visit CRIDO's website: Compass ESF - Electronic Financial Statements.

E-reporting doesn't have to be complicated – see how Compass ESF can help!