Financial reporting and accounting for companies operating in both Norway and Poland

Accounting frameworks, financial reporting requirements, intercompany transactions and group consolidation

Two accounting frameworks - one set of group numbers

Running a business across Norway and Poland puts you at the intersection of two very different accounting worlds. The frameworks differ, the filing platforms differ, and the rules around group reporting are not straightforward to reconcile. For companies managing financial reporting Norway Poland operations - whether as a Norwegian parent with a Polish subsidiary, or the other way around - understanding those differences is the foundation of a compliant and efficient finance function.

This article covers the accounting side: what each country requires, where the biggest structural differences lie, and what to plan for when producing group accounts across both jurisdictions.

The starting point for any group managing financial statements Norway-Poland entities is understanding that the two countries operate under different accounting standards.

Norway: NGAAP or IFRS

Non-listed Norwegian companies follow Norwegian Generally Accepted Accounting Principles (NGAAP), governed by the Norwegian Accounting Act of 1997.

Listed companies and certain financial institutions apply IFRS.

Non-listed companies may also voluntarily adopt IFRS.

One important structural point: NGAAP is income-statement oriented, while IFRS is balance-sheet oriented - meaning the same underlying business can produce notably different reported figures depending on which standard is applied.

Poland: PAS or IFRS

Polish companies primarily follow Polish Accounting Standards (PAS), governed by the Accounting Act of 1994.

IFRS applies to listed companies, banks, and insurers - and is permitted for others, for example entities within a capital group where the parent uses IFRS.

Under PAS, every entity must establish a formal Accounting Policy that documents its chosen principles within the boundaries the law permits.

All financial statements must be prepared and signed electronically, and submitted to the National Court Register (KRS) or the National Tax Administration (KAS).

Since 2018, only electronic signatures are accepted - and foreign-issued trusted signatures can cause technical issues in the Polish system.

For groups using cross-border accounting Norway-Poland, this often means reconciling NGAAP-based Norwegian accounts with PAS-based Polish accounts - and potentially translating both into IFRS for group-level consolidated accounts Norway-Poland subsidiaries.

This recurring reconciliation challenge is one of the main reasons companies turn to an accounting firm Norway Poland presence.

Get in touch!

Aider Group has accounting and advisory specialists in both Norway and Poland.

Our coordinated team across borders Poland - Norway can help you manage cross border operations!

What each country's annual reporting requires:

For monthly accounting Norway-Poland subsidiaries, timing is critical.

Polish payroll and social security reporting runs on tight monthly deadlines, while Norwegian A-melding reporting is due by the 5th of the following month.

A shared calendar and clear ownership between jurisdictions are not optional - they are essential.

- The Norwegian annual report must include a balance sheet, income statement, notes to the accounts, and - for larger companies - a cash flow statement.
  
  All limited liability companies submit their accounts to the Brønnøysund Register of Business Enterprises within one month of adoption at the annual general meeting.
  
  Branches of foreign companies operating in Norway must also file a copy of the parent entity's accounts.
  
  One practical implication for multi-country accounting Norway-Poland groups: Norwegian reporting deadlines are tightly tied to the AGM process, so internal group consolidation timelines must account for this.
- Polish entities must prepare a balance sheet, income statement, and supplementary notes as a minimum.
  
  Larger entities are also required to produce a cash flow statement and a statement of changes in equity.
  
  Under 2025 amendments to the Polish Accounting Act, size classification thresholds have been updated to align more closely with EU directives.
  
  For groups, the Act sets specific thresholds for consolidated financial statements, with some exemptions for smaller groups.
  
  From 2025, larger Polish entities are also subject to new CSRD (Corporate Sustainability Reporting Directive) requirements - adding to the reporting burden for Polish subsidiaries of international groups.

TOPIC	NORWAY	POLAND
Primary standard	NGAAP or IFRS	PAS or IFRS
Listed companies	IFRS required (consolidated)	IFRS required (consolidated)
Non-listed companies	NGAAP (IFRS optional)	PAS (IFRS permitted in some cases)
Theoretical orientation	Income-statement oriented (NGAAP)	Rule-based, balance-sheet oriented (IFRS)
Electronic filing	Brønnøysund Register	KRS/KAS (mandatory e-signature)
Financial year	Calendar Year (Jan-Dec)	Calendar year (Jan-Dec)
Annual report deadline	Within 1 month of AGM	Within 3 months of year-end (general)
Audit threshold	revenue: <NOK 7M, assets: <NOK 27M, <10 employees	At least 2 of 3 criteria: assets: > EUR 3.125M, revenue: > EUR 6.25M, or > 50 employees (from 2025)

Intercompany transactions and group consolidation

For groups with entities in both countries, intercompany accounting Norway-Poland adds another layer of complexity.

Intercompany loans, management fees, shared services, and intragroup sales all need to be properly documented, priced at arm's length, and eliminated on consolidation.

Transfer pricing rules apply in both Norway and Poland, and both countries' tax authorities actively scrutinize intragroup arrangements.

On consolidation, the group must handle currency translation between NOK and PLN (or a group reporting currency such as EUR), reconcile different accounting policy choices under NGAAP versus PAS, and produce consistent group-level figures.

Group accounting services Norway-Poland therefore requires a robust intercompany reconciliation process and a clearly documented consolidation methodology that all entities follow.

Transfer pricing is an area where both Norwegian and Polish tax authorities are increasingly active.

Intragroup transactions must be documented in line with OECD guidelines, with country-by-country reporting required for larger groups in both jurisdictions.

Intercompany loan agreements must be in writing, with market-rate interest terms, and disclosed in each entity's notes.

Management fees and shared service charges must be supported by substance and documented allocation keys.

FX exposure from NOK/PLN intercompany balances must be measured and disclosed.

The consolidation methodology - including which accounting policies apply at group level - should be set in a group accounting manual accessible to both Norwegian and Polish finance teams.

Digital infrastructure: two platforms, no overlap

Both countries have invested heavily in digital reporting, but on entirely separate platforms.

In Norway, the A-melding system consolidates salary, tax withholding, and social security data in a single monthly electronic submission.

Financial statements are filed through the Brønnøysund Register, and BankID underpins authentication across most public services.

In Poland, annual financial statements go to the KRS or KAS with a mandatory trusted electronic signature.

Poland is also implementing KSeF - the national mandatory e-invoicing system - which will significantly affect businesses operating there, including foreign subsidiaries.

For accounting outsourcing Norway- Poland, ensuring that local deadlines in each country do not fall through the cracks requires a shared reporting calendar and, ideally, a single point of coordination across both jurisdictions.

How Aider supports your Norway-Poland accounting

Aider Group has accounting and advisory specialists in both Norway and Poland. Our group accounting services Norway Poland are designed for exactly this situation: one coordinated team, two jurisdictions, full visibility.

For companies managing financial reporting Norway Poland operations, we provide:

Bookkeeping services Norway and Poland: local statutory bookkeeping in each country, using consistent chart of accounts where possible.
Financial statements Norway Poland entities: preparation of annual accounts under NGAAP for Norwegian entities and PAS for Polish entities.
Consolidated accounts Norway Poland subsidiaries: intercompany elimination, currency translation, and group consolidation support.
Intercompany accounting Norway Poland: documentation, pricing review, and reconciliation of intragroup balances.
Accounting for companies in Norway and Poland that are setting up for the first time: structure advice, accounting policy setup, and digital onboarding in each country.

Contact us!

Rafal Michniewicz

Partner • Poland

Rafal.Michniewicz@mddp-outsourcing.pl

+48 509 155 107

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