Publication date: April 14, 2026
A letter of credit is a financial instrument. It constitutes a form of domestic or international settlement conducted through a bank. It is a written commitment by the bank to pay a specified amount for documents submitted within a specified timeframe, as specified in the letter of credit. It protects the interests of both parties to the contract by ensuring the exporter’s immediate transfer of the receivable, while allowing the importer to condition payment upon the supplier’s fulfillment of specific conditions. Letters of credit are offered by banks operating in the Polish market – details regarding fees can be found in the tables of fees and commissions published on the banks’ websites.
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Publication date: February 25, 2026
Competition and consumer protection are a crucial issue for businesses and the consumers who use their services. On July 7, 2025, the President of the Polish Office of Competition and Consumer Protection issued two binding decisions against PayPal.
A PayPal account created by a user acts as an electronic wallet integrated with their bank account. A payment card can be linked to this virtual wallet. Besides connecting their bank card, the user can simply top up their digital wallet using funds from their own, previously held bank account. Furthermore, the services offered by this application include the ability to exchange currencies – currently, payments in over 20 currencies are possible.
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Publication date: February 23, 2026
Disputes over overtime payment are among the most common disputes arising in employment relationships. Their specific nature lies in the fact that they do not solely involve the interpretation of labor law provisions, but rather, for the most part, require a detailed determination of the factual circumstances. It is crucial to determine whether the employee actually performed work outside the applicable working hours, to what extent, and whether this work meets the criteria for being considered overtime work under the Labor Code.
Pursuant to Article 151 § 1 of the Labor Code, overtime work is work performed in excess of the employee’s standard working hours or in excess of the extended daily working time resulting from the applicable work time system and schedule. This means that simply exceeding the standard working time does not always result in overtime – the working time system and the settlement period to which the employee is subject must always be taken into account.
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Publication date: February 23, 2026
Labor law, as it regulates one of the key aspects of life, which is performing work in order to obtain funds ensuring a decent living, is one of the most important branches of law. As such, it must be constantly amended to adapt to the dynamically changing reality of life.
Information obligations
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Publication date: February 2, 2026
The valuation of assets and liabilities is one of the fundamental mechanisms of financial accounting, determining the recognition of economic events in financial statements. Through the valuation process, economic events are translated into measurable monetary terms, enabling the preparation of a balance sheet, profit and loss account, and other elements of a financial statement. Both the Polish Accounting Act and international financial reporting standards are based on the assumption that there is no single universal valuation method. The accounting system allows for the use of diverse valuation bases, depending on the type of asset, its purpose, and the expected realization of future economic benefits or liabilities. This leads to a mixed valuation model, in which cost-based and market-based solutions coexist. Against this backdrop, changes in international accounting regulations, including the annual amendments to IFRS and IAS effective from 2026 and the introduction of the new IFRS 18 standard, are particularly significant. Although these regulations do not directly change the basis for the valuation of assets and liabilities, they do impact the presentation and disclosure of the effects of adopted valuation decisions. The purpose of this article is to discuss the principles of valuation of assets and liabilities in accounting, taking into account the regulations of the Accounting Act and international financial reporting standards, as well as to present the significance of the changes in force from 2026 for financial reporting.
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