Financial statements provide information on the company, its business, assets and financial position. As such, they constitute a final product of the accounting system, and implement the rule that a true and fair view of the entity must be reflected therein.
Materiał powstał przy współpracy z partnerem:
If we assumed that the statements are prepared according to the same standards, based on some uniform measuring methods, we would get a mechanism for comparing the value of various businesses, regardless of where they operate. This, however, is not the case.
Legislation issued at the European Union level does not correspond directly with the legislation in force in individual Member States, and they also differ from the US regulations. These differences are most evident in the areas such as valuation/measurement, presentation and disclosures of information.
Consequently, while analysing year-end closing procedures in the light of national and international accounting regulations, we should definitely keep in mind that despite the orientation of the Polish accounting regulations on the adoption of the International Accounting Standards’ solutions, numerous discrepancies between the two systems can still be traced1.
Although the International Accounting Standards Board (IASB), a body which establishes binding standards for Europe, and the Financial Accounting Standards Board (FASB) in the United States have resolved to develop a common format for the financial statements, differences are still discernible. We can also observe them at the level of IAS and the national law, i.e. the Polish Accounting Act. A selection of such differences is presented in Table 1, compiled on the basis of IAS and the Accounting Act2.
Pozostałe 86% artykułu dostępne jest dla zalogowanych użytkowników serwisu.
Jeśli posiadasz aktywną prenumeratę przejdź do LOGOWANIA. Jeśli nie jesteś jeszcze naszym Czytelnikiem wybierz najkorzystniejszy WARIANT PRENUMERATY.
Zaloguj Zamów prenumeratę Kup dostęp do artykułuMożesz zobaczyć ten artykuł, jak i wiele innych w naszym portalu Controlling 24. Wystarczy, że klikniesz tutaj.
