Against the backdrop of strong and stable economic relations between Poland and Germany, many companies from both countries are already conducting their business activities in the neighbouring country. Despite the geographical proximity and similar functioning legal and financial system, there are many regulations which are specific only for each country.
One of the areas where these differences are visible, is within accounting. Despite the applicability of International Financial Reporting Standards and the introduction of the Polish Accounting Act, there are still significant differences to the International Financial Reporting Standards or the BilMoG reforms in Germany. The getsix® Group as a leading accounting services company in Poland, that exemplifies the German capital, fully understands these differences thoroughly and frequently points out the variances when properly reporting financial information, so to meet the regulations in the two countries. This applies both to the Polish branches or subsidiaries of German capital groups, and more often Polish companies with offices in Germany.
To meet these challenges, getsix® Group together with the German-Polish Chamber of Commerce (AHK) organised a training seminar in Wrocław titled ‘Similarities and differences in the Polish and German Accounting Law’. The event was open to employees of finance and accounting departments, in particular, finance directors, financial controllers or chief accountants and took place on 12th May, 2015.
This training session was conducted by two instructors. Firstly, Monika Martynkiewicz-Frank (Partner getsix® Group) presented to the attendees the German model of accounting principles, with particular focus on the key differences between German and Polish reporting. As part of several case studies, Monika also presented to the attendees best practice developed by getsix® Group regarding the correct reporting of financial information by Polish companies to German parent companies. While advising the corresponding principles of converting Polish financial statements for German accounting regulations.
Secondly, Marek Iwo Kilian (Associate Partner getsix® Group), on the other hand, presented the potential of the German market for Polish companies, while highlighting the most important aspects of the German legal and tax systems. Marek also emphasised the important market entry models of Polish companies in Germany, thus presenting the new business opportunities which have been opened up by this internationalism.
As part of the training, a small competition was held with traditional boxes of ‘Krowki’ sweets as prizes for the winners. At the end of the training each attendee received a completion certificate.
On behalf of getsix® Group, we would like to thank the people who attended and we look forward to you attending our next training session.