Język Polski
English
Published
:
2011-08-30
Creative Financial Reporting of Stock Companies under an Economic Crisis
Halina Buk
Abstract
The Polish accounting law allows alternative financial reporting standards to be used by stock companies. There exist major differences between Polish and international financial reporting standards concerning the contents of many basic components of the annual financial report. As a result, cases of manipulation and misrepresentation of asset value and financial figures are common throughout the calendar year (Polish stock companies are required to produce simplified quarterly financial reports) as well as at the end of a reporting period. For these reasons, an ongoing debate involving many international bodies made up of both architects of accounting standards and users of financial reports, has been trying to prescribe relevant changes to financial reporting regulations. It could be hypothesized that we will not able to learn the whole truth about the financial standing of businesses as long as creative accounting can be lawfully practiced; in fact, such practices may even have contributed to the current economic crisis. The paper indicates the key instruments of creative financial reporting and delivers striking examples of largely discrepant financial results reported by selected stock companies at brief intervals.(original abstract)Keywords:
Financial reporting, Standardization of accounting, Financial crisis, Stock market companiesMost read articles by the same author(s)
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Buk, H. (2011). Creative Financial Reporting of Stock Companies under an Economic Crisis. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 35. Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1429