From January 1, 2024, accounting entities could keep accounts in a foreign currency (in euros, dollars, or British pounds). The Accounting Act draft bill, which is a part of the so called consolidation package, provides for this option.

However, only those accounting entities for which the foreign currency represents the so-called functional currency could keep accounts in such a foreign currency. In effect, it means that if an accounting entity conducts most of its transactions in a given foreign currency, it can use it to record all accounting entries.

At the moment, the draft bill is being discussed in the Chamber of Deputies. We continue to monitor legislative developments for you and will inform you of any changes in a timely manner.