PL EN


2017 | 2 | 108-117
Article title

CREDIBILITY VERSUS MEASUREMENT OF VALUE OF A FINANCIAL STATEMENT CONSTITUENTS IN THE CONTEXT OF AUDITING RISK

Title variants
Languages of publication
EN
Abstracts
EN
Preparing financial statements is essential for each business entity in order to transmit information necessary for the intended user. The statements must reflect current financial situation of the company on the basis of which it will be possible to take appropriate decisions. Information is only reliable when it is useful. Preservation of credibility of financial statements in business practice raises doubts relating to the possibility, allowed by the International Accounting Standards, to present estimates. Another concern is connected with the increasing usage of fair value measurement instead of the principle of prudence . The aim of the paper is to define the notion of credibility with respect to elements of financial statement, auditing risk of these elements and application of estimates. The author also highlights the essence of fair value measurement and the impact of financial auditing on shaping the credibility of information in the financial statement. For the purposes of the paper the author researched the legal acts in force and used the case study method.
Year
Issue
2
Pages
108-117
Physical description
Dates
published
2017-10-15
Contributors
  • Katowice University of Economics, the Chair of Accountancy
References
  • [1.]Resolution 332 of the Polish Council of Ministers of 16 August 1957 on audits of financial statements in state-owned enterprises acting on the basis of economic settlements (M.P. no 73 of 1957 item 438).
  • [2.]Act of 27 August 2009 on Public Finance (Journal of Laws of 2009 No 157 item 1240 article 7 point 1).
  • [3.]The Accounting Act of 29 September 1994 (Journal of Laws of 2013 items 330 and 613; Journal of Laws of 2014 items 768 and 1100, Journal of Laws of 2015 item 4).
  • [1.]Adamczyk M., Jakość informacji finansowych jako podstawa wiarygodności sprawozdań finansowych jednostek samorządu terytorialnego, the Scientific Journal of the University of Szczecin No 718, Finanse. Rynki finansowe. Ubezpieczenia No 53, 2012.
  • [2.]Bodzianny J., Markiewicz – Rudnicka D., Wiarygodność sprawozdań finansowych a wartość godziwa, WSB University in Wrocław.
  • [3.]Gierusz J., Pomiar wartości aktywów i zobowiązań w świetle MSSF 13 Wycena w wartości godziwej, http://jmf.wzr.pl/pim/ 2012_4_3_16.pdf [access 22 October 2016].
  • [4.]Gierusz B., Martyniuk T. [2009], Rola rachunkowości w świetle społecznej odpowiedzialności przedsiębiorstwa (CSR) [in:] Problemy współczesnej rachunkowości, Warsaw School of Economics, Warszawa.
  • [5.]Kwasiborski A., Dokumentacja rewizyjna z badania sprawozdania finansowego, Rewiks Sp. z o.o., Warszawa 2004, pp. 17 – 19.
  • [6.]Matuszak Ł., Wycena a wiarygodność i porównywalność sprawozdania finansowego, Poznań 2012.
  • [7.]IAS No 8 Accounting Policies, Changes in Accounting Estimates and Errors, Official Journal of the European Union, 29 November 2008.
  • [8.]International Financial Reporting Standard No 13.
  • [9.]Pfaff J., Rewizja finansowa wydanie II poprawione i uzupełnione, Publishing House of the University of Economics in Katowice.
  • [1.]Glossary of financial audit terms available at http://www.ifac.org/system/files/downloads/Polish_GuidetoUsingISAs_Glossary.pdf, [downloaded on 17 July 2016].
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.desklight-f6a3e50d-29a9-4f60-8067-a2f586916138
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