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1

The problems of consistent IFRS interpretation - the case of Poland and the UK

Koleśnik Katarzyna

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2025

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z. 218

371--381

EN

Purpose: The paper addresses the question whether Polish and British accounting professionals, confronted with identical IFRS excerpts, interpret probability expressions differently. Design/methodology/approach: For the purpose of this study, a questionnaire was distributed, and a sample of accountants and auditors from Poland and the UK was asked to interpret the ‘in context’ probability expressions used in IFRS, establishing the threshold for the recognition of various accounting elements. Findings: Our results indicate differences in the interpretation of probability expressions by the Poles and the British. Additionally, we show that the Polish accountants’ attachment to the prudence principle affects their interpretation. However, we are not in a position to state that this principle would not affect the probability level assigned by the British accountants. Originality/value: The paper contributes to the findings of prior studies by providing the first comparative results for Poland and the UK in the field of surveying professional judgements under IFRS. Poland, like other transition economies, offers an interesting, yet challenging area for accounting studies, because its institutional orientation is significantly different to the Anglo-Saxon origins of IFRS.

2

The importance of EU Taxonomy for sustainable development reporting. Case study of entities listed on the Warsaw Stock Exchange in Poland

Sulik-Górecka Aleksandra, Biały Witold, Strojek-Filus Marzena

Management Systems in Production Engineering

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2024

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nr 3 (32)

317--325

EN

The introduction of the obligation to prepare ESG reports taking into account EU Taxonomy is a challenge for enterprises, but at the same time opens up the possibility of using disclosures in this area to assess entities in the context of environmentally sustainable activities. Legal changes in the field of the Green Deal have been introduced in the last three years, and in the area of EU taxonomy this process is still ongoing, resulting in a deficit of research on the effects of implementing the new legal regulations. The main goal of our study is to assess the importance of the newly applicable ESG reporting and environmental disclosure requirements under EU Taxonomy in improving the quality and comparability of sustainability reporting and the creation of ESG ratings. A qualitative research method was applied based on multiple case studies using content analysis on the basis of ESG reports for 2021-2022 for entities listed on the Warsaw Stock Exchange. The research results indicate a very low level of activities classified as environmentally sustainable and taxonomy-aligned. Additionally, the results may also indicate problems with implementing the new solutions in reporting practice. At the same time, a positive impact is noted of the implementation of taxonomic reports on improving the comparability and detail of disclosures.

3

Assesment of the quality of reporting information on CO2 emission rights on the example of energy sector groups listed on the Warsaw Stock Exchange

Strojek-Filus Marzena, Sulik-Górecka Aleksandra

Management Systems in Production Engineering

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2022

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nr 2 (30)

116--129

EN

Poland is a participant to the European Union Emissions Trading System, which aims at reducing greenhouse gas emissions. Trading CO2 emission rights has become a strategic area from the point of view of managing entities that emit CO2. The aim of the paper is to investigate and identify discrepancies in the presentation and valuation of CO2 emission allowances, CO2 emission provision liabilities in reporting, and to assess the impact of these discrepancies on compliance with the true and fair view principle on top of the informative value of the financial statements. An in-depth qualitative analysis was used to examine disclosures of CO2 emission rights in the 2020 consolidated financial statements coming from the largest energy sector groups listed in the WIG Energy Index of the Warsaw Stock Exchange in light of the relevant legal acts and literature. As a result of the research conducted, it was confirmed that groups of companies carry out a range of CO2 emission rights balance classification and valuation. There were also significant discrepancies in the disclosure of information about the creation and valuation of provisions for liabilities due to CO2 emissions. The discrepancies observed in the audited entities’ balancesheet presentations and valuation of the acquired CO2 emission allowances and reserves resulting from IAS/IFRS in practice distorts the comparability of data presented in the financial statements. The research also revealed differences in scope of disclosed information, as well as its fragmentary nature. As a result, the comparison of data between groups in the energy sector in terms of their assets is impossible. Our study fills a research gap on the effects of using IFRS for the presentation and valuation of CO2 emission rights in the Polish energy sector and the impact of a differentiated approach to disclosures on the true and fair view conception in financial reporting.

4

Financial ratios and bank efficiency in Nigeria: a non-parametric analysis

Sochima A. H., Iyafekhe Ch.

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2018

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z. 116

79--93

EN

The study examined the efficiency of banks Nigerian using financial ratios in pre and post IFRS regime. Specifically, the study was conducted through comparison of the ratios that were computed from IFRS- financial statements based and Nigerian GAAP-based financial reports of ten (10) commercial banks quoted on the floor of the Nigerian Stock Exchange as at 2015 (before IFRS commencement and after). Three financial ratios were selected from each of the four major categories; profitability, liquidity, leverage and investment. The paired sample t-test and Mann-Whitney test were employed in testing whether significant differences exist between the pair of ratios after the normality test has been ascertained by the Jarque-Berra tests through descriptive statistics. In all, the result shows major difference between profitability, liquidity, leverage and investment ratios of the sampled firms before and after IFRS adoption at 5% level. It is was recommended that longer years in the post-IFRS adoption period are required to ascertain IFRS benefits to Nigerian firms, in relation to financial ratios.

5

International Financial Reporting Standards (IFRS) in trading companies

Benko-Dmytrivna I.

Studia i Materiały / Europejska Uczelnia Informatyczno-Ekonomiczna w Warszawie

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2016

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Nr 2(12)

71--82

EN

The features of financial and economic activities of commercial enterprises and problems of implementation of International Financial Reporting Standards (IFRS) are considered. The modern vision of the problems and prospects of commercial enterprises activity make it possible to efficiently organize their activity. Timely implementation of IFRS ensures the right choice of their development direction.

PL

W artykule omówiono cechy działalności finansowej i gospodarczej przedsiębiorstw handlowych i problemy wdrażania międzynarodowych standardów sprawozdawczości finansowej. Nowoczesna wizja problemów i perspektyw działalności przedsiębiorstw handlowych pozwala efektywnie zarządzać nimi. Terminowe wdrożenie MSSF zapewnia właściwy wybór kierunku rozwoju przedsiębiorstwa.

6

Historic cost versus fair value

Man M., Ravas B., Gadau L.

Polish Journal of Management Studies

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2011

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Vol. 4

135-150

EN

The value of accounting registering based upon historic cost is a sure and checkable value, written in a document that certifies a property right upon a certain good, a debt right or a debt. Historic costs' evaluation consists in registering goods in-comings into the company's patrimony at their buying cost, namely their historic cost, with no further modification although the real value changes. Fair value is the foundation of IFRS referential which displays basic principles, largely inspired by US GAAP, although they are not mentioned by them. Fair value evaluation is opposed to the principle of prudence, one of the main principles of French accounting law (also taken over by Romanian accounting standards) owing to which only possible losses are registered while potential profits are ignored. The issues that occur refer to the impact of the evaluation according to the fair value upon the accounting data of the company, namely upon the balance sheet and the results account drawn out on the basis of the fair value registrations. At the same time, the evaluation according to the fair value has determined a new foundation in displaying a company's performance. This issue determines the following question: "Which is closer to the truth and more credible? A result calculated according to the fair value or one which is founded upon historic cost?".

PL

Wartość ewidencji księgowej oparta o koszt historyczny jest z pewnością wartością sprawdzalną, zapisaną w dokumencie, który poświadcza prawo własności do określonych dóbr, prawo do długu i dług. Ocena kosztu historycznego polega na ewidencji dóbr wchodzących w skład dziedzictwa przedsiębiorstwa po kosztach zakupu, mianowicie ich koszt historyczny bez dalszych modyfikacji, mimo że wartość rzeczywista zmienia się. Realna wartość rynkowa jest podstawą odniesienia IFRS, który przedstawia podstawowe zasady, szeroko proponowane przez US GAAP, chociaż nie są przez nich wspominane. Realna wartość rynkowa jest w opozycji do zasady przezorności, jednej z głównych zasad francuskiego prawa księgowego (przejętego także przez rumuńskie standard księgowe), zgodnie z którą tylko możliwe straty są ewidencjonowane podczas gdy potencjalne zyski są ignorowane. Podjęte zagadnienie odnosi się do wpływu oceny zgodnie z realną wartością rynkową na podstawie danych księgowych przedsiębiorstwa, mianowicie na podstawie bilansu i wyników księgowych otrzymanych na podstawie ewidencji realnej wartości rynkowej. Jednoczśnie, ocena na podstawie realnej wartości rynkowej określiła nowe podstawy w prezentacji wydajności przedsiębiorstwa. Zagadnienie warunkuje następujące pytanie: Które jest bliżej prawdy i bardziej wiarygodne? Wynik obliczony zgodnie z realną wartością rynkową czy ten oparty na koszcie historycznym?.