The Polish Accounting Act does not define the concept of liabilities, however the balance sheet layouts indicated in Annexes 1-6 to the Accounting Act allow us to state that liabilities are sources of financing assets. Liabilities indicate where the funds from which the assets were acquired or created came from. The main groups of sources from which the financial resources from which the assets shown in the balance sheet were obtained are: 1) equity of the entity preparing the balance sheet, 2) liabilities and 3) accrued expenses. Such an understanding of liabilities leads to the conclusion that the sum of assets and the sum of liabilities shown in the balance sheet must be equal. This view was presented by the Judgment of the Polish Regional Administrative Court in Warsaw of 17 October 2017, III SA/Wa 2678/16, LEX no. 2760834.
Shadow banking, or the parallel banking system, includes financial institutions and credit intermediation mechanisms that operate outside the traditional banking system. These entities, unlike commercial banks, are not subject to strict regulatory oversight, which raises numerous legal and regulatory challenges. Shadow banking performs functions similar to banking, such as accepting deposits, granting loans, or financing assets, but operates in less transparent structures.
arm’s length principle; the obligation to establish transfer prices on the same terms as unrelated entities would establish; market price in real property sector; asset approach; the income approach; the comparative approach.
What is market price?
The Act of 28 July 1983 on Polish inheritance and gift tax defines the market value of goods or services. It turns out that this value is determined based on average prices used in the trade of goods of the same type and kind, taking into account their location, condition and degree of wear and tear, as well as in the trade of property rights of the same type. In other words, it is the highest price at which the buyer is willing and able to acquire a given good, as well as the lowest that the seller can agree to.
KIELTYKA GLADKOWSKI KG LEGAL, as a proud member of Life Science Cluster, took part in LieScience4EU Conference, devoted to life science of the future; technology, innovation and policy.
LifeScience4EU Conference 2025, held under the Polish Presidency of the Council of the European Union, brought together top experts to explore how biotechnology, digital health, and next-generation medical technologies can drive meaningful change. By aligning innovation with policy and regulation, the conference aimed to build a more resilient and competitive European healthcare sector.
