Journal of Accounting and Management Information Systems (JAMIS)

The Polish accounting system and IFRS implementation process in the view of empirical research

Vol. 13, Nr. 2/2014 ,   p281..310


Keywords:   IFRS, Poland, implementation process

Thepaper analyses the process of implementing International Financial ReportingStandards (IFRS) in Poland.It presents the development of accounting in its historical perspectivefocusing on such events as the partitions of Poland,wars, the period of the centrally planned economy, the period of the politicaland economic transformation and Poland’smembership in the European Union. The authors discuss the relationships betweentax and financial accounting and identify the main users of informationgenerated by the accounting system; also, they describe the Polish capitalmarket as well the organizations which contribute to the development ofaccounting. The further part of the work presents the scope of IFRS implementation,identifying four stages of the process as well as the entities which applyinternational standards. The paper stresses that Polish accounting regulationsare based on the simultaneous implementation of IFRS convergence and adoption.The authors point to a number of benefits derived by companies from IFRSimplementation including the higher quality of financial statements and theircomparability, lower costs of capital as well. Also, the authors present anextensive review of literatures and the results of major empirical research inthe area of IFRS implementation in Poland.