Reporting of enterpriss. The main theoretical problems and legal regulations

Ryszard Kamiński

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ISBN/ISSN:

978-83-232-3539-2

DOI:

Wydawnictwo:

Wydawnictwo Naukowe Uniwersytetu im. Adama Mickiewicza

Rok wydania:

2019

Liczba stron:

264

XML:ISBN/ISSN:

ONIX MARC21

Bibliografia:

Kamiński, Ryszard. Reporting of enterpriss. The main theoretical problems and legal regulations. Red. . : Wydawnictwo Naukowe Uniwersytetu im. Adama Mickiewicza, 2019, 264 s. ISBN 978-83-232-3539-2

Bibliografia refWorks:

RT Book, Whole

SR Electronic(1)

A1 Kamiński, R.

T1 Reporting of enterpriss. The main theoretical problems and legal regulations

PB Wydawnictwo Naukowe Uniwersytetu im. Adama Mickiewicza

YR 2019

SN 978-83-232-3539-2

Bibliografia BibTex:

@Book{ 217462, author = "Kamiński, Ryszard", editor = "", title = "Reporting of enterpriss. The main theoretical problems and legal regulations", publisher = "Wydawnictwo Naukowe Uniwersytetu im. Adama Mickiewicza", year = "2019", address = "", isbn = "978-83-232-3539-2" }

Bibliografia endNote:

TY - BOOK

AU - Kamiński, Ryszard

ED -

TI - Reporting of enterpriss. The main theoretical problems and legal regulations

PB - Wydawnictwo Naukowe Uniwersytetu im. Adama Mickiewicza

CY -

PY - 2019

SN - 978-83-232-3539-2

ER -

Netografia (standard APA):

Kamiński, Ryszard. Reporting of enterpriss. The main theoretical problems and legal regulations [baza danych online] : Wydawnictwo Naukowe Uniwersytetu im. Adama Mickiewicza, 2019 [dostęp: 05 07 2024]. Dostęp w Ibuk Libra: https://libra.ibuk.pl/reader/reporting-of-enterpriss-the-main-theoretical-problems-and-legal-ryszard-kaminski-217462.

rachunkowość finansowa, standardy rachunkowości, sprawozdawczość przedsiębiorstw, sprawozdawczość niefinansowa

The monograph Reporting of enterprises. The main theoretical problems and legal regulations is part of the discussion about the current state and the future of accounting and corporate reporting. There is an opinion that new directions of theoreti...

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ISBN/ISSN:

978-83-232-3539-2

DOI:

Wydawnictwo:

Wydawnictwo Naukowe Uniwersytetu im. Adama Mickiewicza

Rok wydania:

2019

Liczba stron:

264

XML:ISBN/ISSN:

ONIX MARC21

Preface 10
List of acronyms 12
Introduction14
Chapter I 18
Financial accounting as a source of business information 18
1.1. The concept of accounting and its functions18
1.2. Accounting principles22
1.3. Users of information provided by accounting25
1.4. Legal accounting regulations in Poland The Accounting Act29
1.4.1. Sources of accounting law in Poland29
1.4.2. The structure of the Accounting Act30
1.4.3. Areas regulated by the Accounting Act32
1.4.3.1. Accounting policies33
1.4.3.2. Account books35
1.4.3.3. Inventory37
1.4.3.4. Valuation methods39
1.5. Final remarks41
Chapter II 44
Financial statements as the final product of the accounting system in the light of basic theoretical concepts and Polish regulations 44
2.1. The concept of financial statements, their purpose and types44
2.2. “True and fair view” as the main principle of preparing financial statements47
2.3. Quality characteristics of financial statements50
2.4. Financial statements according to the Accounting Act52
2.4.1. Preparation of financial statements52
2.4.2. Balance sheet as a static account of assets and equity54
2.4.3. Profit and loss account59
2.4.4. Statement of changes in equity (found)63
2.4.5. Cash flow statement66
2.4.6. Notes to financial statements71
2.5. Management report72
2.6. Financial reporting of micro entities74
2.7. Financial reporting of small entities78
2.8. Consolidated financial report80
2.9. Examination of financial statements83
2.10. Approval, availability and publication of the financial statements86
2.11. Final remarks89
Chapter III 90
International regulation of financial statement90
3.1. The accounting harmonisation process90
3.2. Financial reporting according to the International Accounting Standards Board94
3.2.1. Conceptual framework of financial reporting94
3.2.2. Statement of financial position98
3.2.3. Statement of profit or loss and other comprehensive income101
3.2.4. Statement of the cash flows106
3.2.5. Statement of changes in equity108
3.2.6. Notes to financial statements109
3.3. International Financial Reporting Standard for Small and Medium-sized Companies114
3.4. European Union regulations122
3.5. Common financial reporting concept of IASB and FASB128
3.6. Final remarks135
Chapter IV 136
Reporting of non-financial information136
4.1. The essence of reporting non-financial information136
4.2. Practice of reporting non-financial information138
4.3. Actions for the standardization of non-financial information reporting142
4.4. Non-financial reporting under EU Directives145
4.4.1. Directives 2013/34/EU and 2014/95/EU145
4.4.2. Guidelines on disclosure of non-financial information149
4.5. Non-financial reporting under Polish regulation153
4.7. Final remarks157
Chapter V160
Integrated reporting as a holistic model of showing the results of the company’s operations 160
5.1. The essence of integrated reporting160
5.2. Efforts for standardization of integrated reports163
5.2.1. Integrated reporting framework of IIRC163
5.2.2. GRI guidelines167
5.3. Integrated reporting in practice170
5.4. Final remarks175
Chapter VI 178
Shaping financial reporting by enterprises in theory and practice178
6.1. The right of choice as the premise of accounting policy178
6.2. The goals and instruments of the accounting policy of an enterprise183
6.3. Limits of creativity in accounting188
6.4. The essence of fraudulent accounting195
6.5. The reasons for financial and accounting crimes and their favorable circumstances197
6.6. Methods of accounting fraud201
6.7. Final remarks206
Chapter VII 208
Measures to ensure high quality of financial statements of enterprises 208
7.1. The essence of the system of supervision and control of financial reporting208
7.2. The reform of the system of supervision of public enterprises in the USA(The Sarbanes-Oxley Act)212
7.3. Directives of the European Union217
7.4. Regulations in force in Poland221
7.5. Corporate governance – part of the system of supervision of financial statements224
7.6. Ethical norms231
7.7. Final remarks238
Conclusions240
References242
List of acts258
Other sourses262
List of figures and tables263

ChapterI

FINANCIALACCOUNTINGASASOURCE

OFBUSINESSINFORMATION

1.1.Theconceptofaccounﬁnganditsfuncﬁons

Economicactivityrequiresapreciseorientationonthestatusandtheinvolve-

mentofthecompany’sresourcesandtheresultsachieved.Suchknowledgeis

providedbytheeconomicregistrysystem.Thebasicelementofthissystemis

accounting.Thesubjectofaccountingistheeconomicphenomenaandprocess-

esoccurringwhenrunningbusiness(inenterprises,inbudgetaryunits,innon-

profitcompanies,etc.).

Intheeconomicliterature,variousdefinitionsofaccountingcanbefound.

Amongthemisthewell-knowntraditionaldefinitionofStanisławSkrzywan,

whostatesthataccountingisaspecialtypeofeconomicrecords.Itisasystemof

continuousrecognition,grouping,presentingandinterpretingexpressedinmoney

andbalancedgeneralandspecificnumericaldataabouteconomicactivityand

theeconomicsituationofanenterprise.2WłodzimierzBrzezinproposesanother

definitionemphasizingitsroleincompanymanagement,accordingtowhichac-

countingisaspecialinformationandcontrolsystemofaretro-andprospective

natureadaptedtotheobjectivesofbroadlyunderstoodfinancialmanagementof

aneconomicentity(organization).3

Accountingisrecognizedasabusinesslanguage.Wecanusethislanguage

tocommunicatefinancialtransactionsandtheirresults4.Accountingisacom-

prehensivesystemofidentifying,measuring,recording,andcommunicatingan

organization’seconomicactivitiestousers.Usersneedinformationfordecision

making.Externalusersdonotworkfortheorganization.Theyincludestock-

holders,suppliers,banks,employees,governmentagencies,businessowners,

andotherstakeholders.Financialaccountingistheareaofaccountingthatcal-

culatesandrecordsbusinesstransactionsandpreparesfinancialstatementsfor

2S.Skrzywan,Teoretycznepodstawyrachunkowości,PWE,Warszawa1968,p.15.

3W.Brzezin,Ogólnateoriarachunkowości,WyższaSzkołaHandluiPrawawWarszawie,War-

szawa1998,p.20.

4Sprawozdaniefinansowebeztajemnic,collectiveworkedited:G.K.Świderska,Difin,Warszawa

2003,p.1-1.

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