The main aim of the article is to present IAS 41 “Agriculture” as a sign of evolution in IFRS’s valuation. From a historical point of view, agricultural activity has been based on historical cost accounting. The introduction of IAS 41 “Agriculture” can be considered a revolution where valuation is concerned. The first part of the article outlines the philosophy and detailed regulations of IAS 41. Assumptions of biological asset valuation are then analysed using the example of the timber industry. The final part of the article presents the most controversial aspects of IAS 41, especially where early income recognition is concerned. Additional practical examples are provided, when the fair value of biological assets and agricultural produce and its impact on the income statement generate negative consequences for an entity’s financial statement.
Purpose: The aim of this study was to identify the content of disclosures presented by public companies listed on the Warsaw Stock Exchange on the internal control and risk management systems in relation to financial reporting. Methodology: The study contents were formulated with the use of literature studies. Content analysis studies and disclosure index studies were used for the study of narrative disclosures. The research was of a qualitative nature. Results: The results showed that the companies listed on the Polish capital market are still at the stage of formulating reporting practices in the area of control systems over financial reporting. It should be noted that the diversity in information presented within disclosures about control systems over financial reporting is considerable. For some companies, the disclosures are formulated at such a high level of generality that no firm conclusions can be drawn. Detailed items of disclosures presented by particular companies can be identified in the reporting practices. The findings may provide the basis for constructing an index of disclosures about control systems over financial reporting. Scope of research: The study examined disclosures about internal control and risk management systems in relation to financial reporting presented by public companies listed on the Warsaw Stock Exchange. Originality: Disclosures about internal control and risk management systems in relation to financial reporting are a relatively new issue in Polish practice. The literature studies carried out as part of the research indicate that this issue is a research gap.
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This study investigates the effects of foreign ownership on accounting conservatism adoption in Vietnam. Although foreign ownership is found to have a positive relationship with accounting conservatism in Korea (An, 2015), there is still no general agreement on it. In this regard, the purpose of this study is to shed more light on the association between foreign ownership and accounting conservatism. Using data from Vietnamese firms listed on stock exchanges, the study finds that in contrast to the findings of An, foreign ownership is negatively associated with accounting conservatism. This result supports the transient hypothesis of foreign ownership, indicating that foreign investors with the low level of ownership do not have significant incentives to oversee managers, thus not influencing financial reporting quality.
The procedure of determining the financial result in the insurance companies significantly differs from the rules set for a typical entity. The paper, using the example of the report-the profit and loss account presents the principles for determining both the technical and overall profit and loss account discussing individual categories. The paper has indicated categories concerning revenues and costs specific only for the insurance companies.
The article analyses deferred tax allocation procedures in an important area of the contemporary accounting standards. The domestic and international standards solutions are similar, while the theory of accounting offers a range of alternative solutions. The article considers the concepts of full and partial allocation, liability method, deferred tax method, and the pros and cons of the balance sheet and income statement approach. The evaluation identifies the areas of coherence with current accounting standards and theory. It also points out those aspects which might be suitable for re-evaluation in the context of the accounting standards objectives.
Financial and accounting scandals became a synonym of private business activities in the 1st decade of the 21st century. They contributed to the creation of such theoretical concepts as: creative accounting, accounting engineering and, in the Polish economic reality, variant accounting. This article presents a theoretical overview of a financial or accounting scandal in the Polish economic environment. It attempts to answer the question whether the Polish balance law endorses the creation of procedures, such as those seen in the case of Enron and WorldCom. In order to attain this goal, a distinction was established between accounting engineering (using the current, legally-binding balance law), creative accounting (covering unlawful practices), and praxeological accounting. The attitudes of particular accountants were analyzed using the concept of business ethics.
The information about a business coming from the accounting system has got an important decision-making impact on both internal and external receivers. The information should be reliable and internationally comparable, hence the need to harmonize the legislation in this area is currently one of the basic challenges of accounting. This paper discusses the process of harmonisation and standardisation of accounting and the proposed changes to the financial reporting of economic entities developed by the International Accounting Standards Board and the Financial Accounting Standards Board.
W artykule podjęto problematykę sprawozdawczości korporacyjnej. Jego celem jest identyfikacja kluczowych narzędzi raportowania korporacyjnego stosowanych przez spółki należące do indeksu WIG 30, a także – na podstawie analizy raportów wybranej spółki giełdowej – występujących między nimi relacji. Analiza przypadku pozwoliła zidentyfikować powiązania między sprawozdaniem finansowym a sprawozdaniem z działalności oraz między raportem rocznym a raportem zintegrowanym. Artykuł składa się z dwóch części. W pierwszej – na bazie studiów literaturowych – przeanalizowano istotę i relacje między sprawozdaniem finansowym, sprawozdaniem z działalności i zintegrowanym raportem. W drugiej części przedstawiono praktykę sprawozdawczą spółek publicznych w zakresie ujawniania danych finansowych i niefinansowych. Badaniu poddane zostały raporty sporządzone za 2015 rok przez spółki notowane na GPW w Warszawie należące do indeksu WIG 30. Przedmiotem pogłębionej analizy były raporty sporządzone przez Grupę Orlen w 2015 roku.
EN
The article addresses the issue of corporate reporting. Its aim is to identify the key corporate reporting tools used by the WIG 30 companies and, based on the analysis of the reports of a selected listed company, the relationships between them. The case analysis made it possible to identify the links between the financial statements and the management report and between the annual report and the integrated report. The article consists of two essential parts. In the first one - on the basis of literature studies - the essence and relationships between the financial statements, the management report and the integrated report are analyzed. The second part of article presents the reporting practice of public companies in the area of financial and non-financial data disclosures. The subject of the analysis are reports prepared in 2015 by public companies from WIG 30 index listed on the WSE. The annual reports of the Orlen Group prepared in 2015 are examined in detail.
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Financial reporting represents an undoubtedly significant source of financial information about the results of an entity’s performance. In the article the Author puts forward the thesis that financial reports, generated by an accounting system, should include all the information indispensable for the decision-making process regarding an enterprise’s functioning. The information generated by the accounting system is valuable for stakeholders if, on its basis, they are capable of making correct decisions. A uniform standpoint prepared by the regulating authorities, as well as the construction of a universal financial reporting model for entities functioning on the global market, may meet the changing needs of wide groups of these organizations’ stakeholders.
The basic objective of financial statements, which provide useful information to a wide audience (the role of the information report), has for years been the subject of discussion among organisations responsible for the accounting regulations in the world. The activities of entities were a matter of particular importance to the Accounting Standards Board that implemented the concept of comprehensive income from 1 January 2009. The article focuses on the requirements and form of presentation of the statement of comprehensive income according to FAS 130 and IAS 1.
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This discussion paper deals with the concept of transparency. Transparency of organizations is one of the elements of an effective corporate governance system, therefore the speed of changes in the area of transparency is determined by the changes in the corporate governance systems. The role of managers in making an organization transparent is discussed in the first part of the paper. The remaining part deals with the three important theoretical aspects related to transparency: accounting standarisation, valuation of assets and risk reporting.
W artykule zostały poruszone zagadnienia związane z istotą przejrzystości fi-nansowej organizacji. Przejrzystość ta jest jednym z elementów efektywnego systemu ładu korporacyjnego, dlatego tempo zmian w tym obszarze jest narzucone przez refor-my w systemach ładu korporacyjnego. W pierwszej części opracowania jest dyskuto-wana rola menedżerów w zapewnieniu przejrzystości finansowej organizacji. Kolejna część opracowania obejmuje krytyczną dyskusję trzech istotnych wątków teore-tycznych wpływających na jakość sprawozdawczości: postępującej standaryzacji w rachunkowości, problemów wyceny w rachunkowości oraz zagadnień pomiaru i sprawozdawczości ryzyka w organizacji.
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The paper identifies major directions of changes in financial reporting that are likelyto take place in the nearest future. They are as follows:1) information mainly based on historical accounting evidence,2) special purpose, targeted financial statements,3) financial information as a commodity on the specific statements market,4) accounting law developed with minimum influence from the investors lobby.
Niniejszy artykuł jest kontynuacją wcześniej poruszanych przez Autora wątków dotyczących perspektyw rozwoju e-biznesu w Polsce. Celem artykułu jest wyszczególnienie i omówienie tych elementów e-biznesu, które z punktu widzenia sprawozdawczości finansowej w sposób zasadniczy definiują tę branżę, stanowiąc o jej specyfice. W pierwszej części artykułu omówiono typologię poszczególnych form organizacyjnych e-biznesu. W drugiej części przedstawiono najbardziej – zdaniem Autora – niemalże wyłącznie typowe dla e-biznesu formy działań gospodarczych.
EN
This article is yet another in a series of the author’s publications on the growth of prospects of e-business in Poland. Its aim is to list and discuss those aspects of e-business which define the specific character of the sector in the context of financial reporting. In the first section it examines the typology of various organizational forms found in e-business. The second part of the paper presents economic activities – in author’s opinion – almost exclusive to e-business.
Celem artykułu jest zbadanie wpływu wydatków na badania i rozwój na wzrost rentowności przedsiębiorstw. Sformułowana na podstawie badań literaturowych hipoteza badawcza zakłada statystycznie istotny i dodatni wpływ intensywności wydatków B+R na wzrost rentowności w roku następnym. Została ona zweryfikowana za pomocą dwóch modeli, które, oprócz czynników wpływających na rentowność i zmiennych kontrolnych, obejmują dwie różne miary intensywności wydatków badawczo-rozwojowych, których wpływ na rentowność został stwierdzony w pracach innych autorów. Badanie zostało przeprowadzone za pomocą analizy regresji panelowej w wariancie odpornym (tzw. robust) za pomocą modelu I (II) na próbie 2123 (1940) rocznych sprawozdań finansowych 458 (384) amerykańskich spółek giełdowych z okresu obejmującego lata 2007–2016. Spółki amerykańskie zostały wybrane do próby badawczej ze względu na fakt, że US GAAP zasadniczo nie dopuszczają możliwości ujęcia (kapitalizacji) w bilansie wydatków na badania i rozwój. W rezultacie wszystkie tego typu wydatki są widoczne bezpośrednio w sprawozdaniu finansowym. Badania zostały przeprowadzone z uwzględnieniem jednorocznego opóźnienia czasowego wpływu wydatków B+R na wzrost rentowności. Wyniki analizy wskazują, że intensywność wydatków na badania i rozwój w sposób statystycznie istotny wpływają na wzrost rentowności badanych jednostek, co tym samym dostarcza argumentów na rzecz pozytywnej weryfikacji przyjętej w pracy hipotezy. Powyższe wyniki mogą mieć znacznie dla organów stanowiących regulacje rachunkowości, jak również kadry zarządczej spółek przy podejmowaniu inwestycji w B+R, jak również użytkowników sprawozdań finansowych.
EN
The main aim of the paper is to investigate the impact of R&D expenditures on the growth of company profitability. On the basis of literature review a main hypothesis was formulated as follows: the intensity of R&D has a statistically significant and positive impact on profitability growth in the next year. The hypothesis was verified using two models containing variables whose impact on profitability was proved in other studies, other control variables and additionally for each model two different proxies for R&D intensity. The study was carried out using robust panel regression and executed using the I (II) model over the sample of 2 123 (1 940) financial statements of 458(384) US stock listed companies from 2007–2016 period. The logic behind the choice of the sample is derived from the notion that US GAAPs do not allow capitalizing of R&D expenses in the balance sheet. Therefore all R&D outlays are visible in the income statement. Research design takes into consideration one-year time lag between R&D intensity and its impact on future growth of company profitability. The results of the study suggest that R&D intensity is a statistically significant and positive determinant of growth of profitability in the next year, which implies positive verification of the hypothesis. The obtained results may be of value for accounting standard setters, company management and users of financial statements making investment decisions.
The main aim of the article is to present the concept of eXtensible Business Reporting Language (XBRL), to analyze benefits and problems connected with its implementation and to discuss the future of XBRL as a concept supporting financial reporting. The experience of those countries which decided to take part in XBRL projects indicate that the implementation of XBRL entails many positive effects – it reduces the cost of generating financial reports, improves the efficiency of the financial reporting process, improves the accuracy of financial information, enables businesses to communicate more effectively with financial markets, lowers cost of capital. However, the adoption of XBRL technology involves many challenges – organizations and employees have to be educated about XBRL, businesses have to invest funds to undertake XBRL initiative. Companies can choose different levels of XBRL adoption (they can outsource XBRL conversion without significantly changing internal information systems or they can fully reorganize their infrastructure and use XBRL for both internal and external purposes). The range of potential benefits of using XBRL depends on the level of adoption – the higher is the level of adoption the broader range of potential benefits it will entail.
Celem artykułu jest przedstawienie metody sporządzania sprawozdania o poziomie opłacenia kapitału ludzkiego pracowników przedsiębiorstwa w świetle laboryzmu. W artykule przedstawiono również model pomiaru indywidualnego kapitału ludzkiego oraz sposób ustalania rozmiaru go-dziwych wynagrodzeń.
EN
The aim of the paper is to present a reporting method concerning human capital rate of return in the light of labourism. Furthermore, a personal human capital measurement method and deter-mination of fair wages have been included.
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W artykule wskazano na możliwe kierunki zmian w sprawozdawczości finansowejw najbliższych latach. Wymieńmy najważniejsze:1) bazą jest informacja oparta na dokumentacji księgowej w ujęciu historycznym,2) sprawozdania celowe (dedykowane),3) informacja finansowa jako towar na specyficznym rynku sprawozdań,4) prawo bilansowe tworzone z minimalnym wpływem lobbingu inwestorów.
The aim of this paper is to compare the statutory conditions for the reporting of accounting information pursuant to Czech legislation and the international financial reporting standards (IFRS/IAS). The paper is divided into three parts. The first part deals with the comparison of basic preconditions for submission, compilation and publishing of financial statements pursuant to the principles of Czech legislation and the international financial reporting standards (IFRS/IAS). It is followed by a comparative analysis aimed at the statement of financial position. Finally the last part compares the requirements imposed on the contents and scope of the appendices to the financial statements. At the end of this paper the most significant differences of financial reporting according to Czech legislation and IFRS/ IAS are presented. The aim of this paper is not to research and quantify impacts of different reporting of individual accounting items.
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