Extended time limit for approval of financial statements

The changes in respect of financial reporting have been introduced by the amendment to the act on the special solutions related to the prevention of, counteracting and combating COVID-19 (special purpose act). After its adoption, the Minister of Finance issued a regulation that extended the time limits.

The time limit referred to in the Art. 395 § 1 of Commercial Companies Code, i.e. the time limit for holding of the ordinary general meeting on consideration and approval of the management report on the activities of the company and of the financial statement for the previous fiscal year, has been extended by 2 months, i.e. by 31 August 2020. 

During the Ordinary General Meeting taking place on a later date, it will be possible to adopt a resolution not only on the approval of financial statement, but also on the profit distribution or on acknowledgement of the fulfilment of duties by members of the bodies.