Search results

1

The Business Model as a Determinant of Financial Statements

100%

Świderska G. K., Borowski S., Kariozen M.

Journal of Management and Financial Sciences

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2014

|

vol. 17(3)

11-28

EN

The future of a business organization depends on its business model and which factors and resources are involved; they determine the profitability and the way of creating value. The financial statements present the financial consequences of the entity’s activities, which are determined by the business model. The aim of this article is to answer the question as to what extent the entity’s business model should be considered for the recognition, measure‑ ment and disclosure (presentation) of information in financial statements? The first part of this article presents the current scope of the use of the business model concept in financial reporting and the results of research conducted by the European Financial Reporting Advisory Group (EFRAG) regarding the possible implementation of the business model concept to the IFRSIFRS Conceptual Framework and the impact of this approach on the quality characteristics of financial statements. The second part of the article presents the use of information about the entity’s business model to improve the content of financial statements.

2

Influence of the financial and non-financial information on the results of the public benefit organizations

80%

Waniak-Michalak H., Zarzycka E., Uniwersytet Łódzki; Wydział Zarządzania; Katedra Rachunkowości

Acta Universitatis Lodziensis. Folia Oeconomica

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2011

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vol. 257

EN

Public benefit organizations pursue non-financial and socially useful objectives that serve the well-being of individuals or wider public. Business corporations address their financial reports to investors who provide them with capital. A public benefit organization does not have any investors and uses grants and donations to attain its objectives without giving any guarantees that it will be successful, but only promising its motivation, efforts, determination and intention to assist the target group of beneficiaries. The paper aims to assess the importance of the information presented in the public benefit organizations’ financial and business reports for their stakeholders, as well as the impact of the organizations’ financial results on their capacity for raising funds in the next periods. Investigating the sample of 84 Polish public benefit organizations the authors intended to find out whether financial information determines the amounts of grants and financial donations the organizations receive. They also attempted to establish which financial factors make donors contribute to the given organization. Another objective of the study was to show whether the Polish donors examine the organizations’ financial reports and use information thus obtained to donate.

3

The prospective aim of financial statements audit

80%

Micherda B.

Zeszyty Teoretyczne Rachunkowości

|

2010

|

vol. 2010(56(112))

149-160

EN

The problem of financial statements credibility as well as assessments and opinions based on it is related to three fields of interests: accounting, financial analysis and financial audit. The proper determination of financial audit objective and its conditions are particularly important. At present, the auditor should not only assess an entity's relations with its environment but also its decisions, which is reflected in the ability to continue functioning as a business entity.The above presented aim of financial statements audit imposes higher require-ments on external auditors. It is particularly important to realize the importance of financial analysis and planning and to use it to a greater extent. The postulate to review legal regulations relating to audit objective coincides in time with the IFAC's International Education Standards, which stress the competence and ethical aspects of the accounting profession.

4

The role of a company’s internal control system in fraud prevention

80%

Dimitrijevic D., Milovanovic V., Stancic V.

Finansowy Kwartalnik Internetowy e-Finanse

|

2015

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vol. 11

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issue 3

34-44

EN

The emergence of internal control over specific segments of activities has been associated with management needs for evaluation of the consistency between the actual situation and development targets. Monitoring activities should enable detection and timely reaction to possible target-related deviations. While responding to complex market needs, companies are exposed to numerous internal and external influences, some of which may cause significant damage. Companies have realized that it is safer and cheaper to establish their own internal control systems in order to prevent such influences. The aim of this work is to show how the overall quality of control and The emergence of internal control over specific segments of activities has been associated with management needs for evaluation of the consistency between the actual situation and development targets. Monitoring activities should enable detection and timely reaction to possible target-related deviations. While responding to complex market needs, companies are exposed to numerous internal and external influences, some of which may cause significant damage. Companies have realized that it is safer and cheaper to establish their own internal control systems in order to prevent such influences. The aim of this work is to show how the overall quality of control and company performance is improved through implementation of preventive methods by internal controls, and to indicate that a developed system of internal control represents a protective barrier against various kinds of data manipulation and fraud inside the companies. Special attention was paid to fraud in financial statements since it can cause the most serious damage leading to instability of the economic-financial environment.

5

Relationship between legislation and accounting errors from the point of view of business representatives in the Czech Republic

80%

Paseková M., Kramná E., Svitáková B., Dolejšová M.

Oeconomia Copernicana

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2019

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vol. 10

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issue 1

193-210

EN

Research background: Previous studies have demonstrated that providing relevant information to users is positively affected by higher quality of accounting standards and adhering to ethical rules and accounting principles by accounting professionals. On the other hand, there are a lot of cases when the law was broken. The most common reason for committing financial statement´s fraud include in-creasing stock prices, getting loans from bank or avoiding payment of taxes. Purpose of the article: The aim of this paper is to evaluate both the relationship between using of legislation and accounting errors rate in the financial statements as well as the possible using of creative accounting from the point of view of enterprises and non-profit organizations in the Czech Republic. Methods: Among the quantitative research methods the questionnaire was used. The questionnaires were sent out to randomly 201 selected enterprises and non-profit organization. The survey was conducted from September 2017 to the end of January 2018. The data were analyzed by means of the tools of descriptive statistics and the chi-square goodness of fit test. The research questions sought to investigate whether Czech Accounting Standards helped in all areas of accounting and reporting and avoiding of errors in financial statements, and whether the respondents encountered fraudulent procedures in compiling financial statements. Findings & Value added: The results indicated that using Czech Accounting Standards was perceived as a useful tool in solving all situations in areas of accounting and avoiding accounting errors. Moreover, it was proved that the volume and frequency of errors were not significant in financial statements.

6

Prospektywny cel badania sprawozdania finansowego

80%

Micherda B.

Zeszyty Teoretyczne Rachunkowości

|

2010

|

vol. 2010(56(112))

149-160

PL

Problem wiarygodności sprawozdania finansowego oraz ocen i opinii z nim związa-nych odnosi się do trzech dziedzin: rachunkowości, analizy finansowej oraz badania sprawozdania finansowego. Szczególne znaczenie ma właściwe określenie celu ba-dania sprawozdania finansowego i jego uwarunkowania. Aktualnie biegły rewident powinien dokonać oceny nie tylko rozliczenia jednostki z otoczeniem, ale również po-dejmowanych przez nią decyzji, co przejawia się w możliwości kontynuacji działalności jednostki.Nakreślony cel badania sprawozdania finansowego stawia wyższe wymogi kom-petencyjne biegłym rewidentom. Szczególne znaczenie ma konieczność uświadomienia i szerszego wykorzystania analizy finansowej i planowania finansowego. Postulat modyfikacji regulacji prawnych celu badania sprawozdania finansowego zbiega się w czasie z ogłoszeniem Międzynarodowych Standardów Edukacyjnych IFAC, akcentu-jących kompetencje i etykę zawodowych księgowych.

7

Prawidłowe ujęcie i prezentacja zmian zasad (polityki) rachunkowości kluczowym warunkiem zapewnienia wiarygodności sprawozdania finansowego

80%

Szczotka J.

Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej

|

2014

|

issue 1

7-18

EN

The primary source of economic information in the modern world are financial statements of entities. Based on the data contained in these reports, investors, creditors, government agencies, employees, managers of companies and other users of the information contained therein shall take financial decisions. For optimal decisions to be taken, the contents of financial statements must present a true picture of the financial assets of the company and the information contained therein should be useful for the user, understandable, reliable and comparable. A key condition to ensure these characteristics to the information contained in the financial statements, is to make it as properly developed and applied in the practice of accounting policy. Any change in accounting policy should be made in accordance with the applicable provisions of the Polish accounting law.

PL

Podstawowym źródłem informacji gospodarczej we współczesnym świecie są sprawozdania finansowe podmiotów gospodarczych. W oparciu o dane zawarte w tych sprawozdaniach inwestorzy, wierzyciele, agendy rządowe, pracownicy, menedżerowie firm oraz inni użytkownicy informacji w nich zawartych podejmują decyzje finansowe. Aby podjęte decyzje były optymalne, treści zawarte w sprawozdaniach finansowych muszą przedstawiać prawdziwy obraz sytuacji finansowo-majątkowej firmy, a dane w nich zawarte powinny być dla ich użytkownika przydatne, zrozumiałe, wiarygodne i porównywalne. Kluczowym warunkiem zapewnienia tych cech informacjom zawartym w sprawozdaniu finansowym jest sporządzenie go zgodnie z prawidłowo opracowaną i zastosowaną w praktyce polityką rachunkowości. Jakiekolwiek zmiany polityki rachunkowości powinny być dokonywane zgodnie z obowiązującymi przepisami polskiego prawa bilansowego.

8

A Concept of Accounting Quality from Accounting Harmonisation Perspective

80%

Legenzova R.

Economics and Business

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2016

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vol. 28

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issue 1

33-37

EN

The aim of this paper is to assess if and how a concept of accounting quality differs from perspectives of various types of organisations affected by the accounting harmonisation process. Accounting harmonisation is commonly associated with worldwide adoption of IFRS by public interest companies. However, in the EU this process is much broader and also involves efforts to harmonise accounting standards for non-listed companies and public sector organisations. Analysis of the previous scientific research revealed that accounting quality was commonly assessed from IFRS users’ perspective and approximated with the quality of financial statements. However, based on the interviews with experts of Lithuanian accounting market, the concept of accounting quality for small and medium companies and public sector institutions is ambiguous and still needs to be clarified. Definition of accounting quality only as the quality financial statements is too narrow as financial disclosure is not that important for such companies. For non-listed companies and public sector organisations, other aspects and factors, such as qualification of accountants, supervision of accounting and reporting, overall and managers’ perspective on importance of accounting, have more importance while defining accounting quality.

9

SKUTKI WPROWADZENIA WARTOŚCI GODZIWEJ DO RACHUNKOWOŚCI

80%

Białas M.

Zeszyt Naukowy Wyższej Szkoły Zarządzania i Bankowości w Krakowie

|

2013

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issue 27

99-113

PL

Artykuł koncentruje się na wycenie składników bilansu według wartości godziwej. Wskazano w nim na wady i zalety tej metody wyceny. Ponadto zaproponowano wprowadzenie pewnych rozwiązań do aktualnie sporządzanych sprawozdań finansowych, które pomogłoby czytelnikom dokonywać właściwej oceny sytuacji finansowo-ekonomicznej danego podmiotu.

EN

This article focuses on the valuation of the components of the balance sheet at fair value. It shows the advantages and disadvantages of this method of valuation. The article includes a proposal to introduce some solutions to the currently prepared financial statements, which would help the reader to make a proper assessment of the economic and financial situation of an organization.

10

Financial reporting in the USA: use of the IFRS

80%

Brabec Z.

Nauki o Finansach

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2013

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issue 2 (15)

23-36

EN

The United States of America can be considered an economic superpower with the biggest and most important capital market in the whole world. To enable the efficient functioning of this market, as well as to ensure investor protection, the companies whose securities are traded on the US capital market are obliged to prepare their financial statements according to a single set of understandable and enforceable global accounting standards. This article focuses on financial reporting required for listed companies in the USA. Firstly, the development of financial reporting is mentioned and then the convergence between IFRS and U.S. GAAP is briefly described. After that, the use of IFRS in the USA and the possible implications for the US capital market are analysed.

11

Annual financial statements, the importance of other comprehensive income

80%

Warzocha G.

Nauki o Finansach

|

2018

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issue vol.23 no. 2

90-101

EN

The objective of the research was to verify whether the financial information presented in other comprehensive income has a material impact on the statement of total comprehensive income and financial statements viewed as a whole. The research focused primarily on the presentation requirements defined by the International Accounting Standard IAS 1 Presentation of Financial Statements and study of the annual reports filed in 2014-2016 by the WIG 20 constituent companies listed on the Warsaw Stock Exchange. In order to assess whether the impact of the financial information reported in other comprehensive income is material, relevant concepts of materiality were applied. It was tentatively assumed that the financial information presented in other comprehensive statement will be material. The results of the conducted research study confirmed in general this assumption.

12

NIK Audytorem Rady Europy – kontrola sprawozdań finansowych

80%

Banaś P.

Kontrola Państwowa

|

2014

|

vol. 59

|

issue 6 (359)

163-165

EN

The Committee of Ministers of the Council of Europe has decided that the Supreme Audit Office, for the next five years, will be the external auditor of the Council of Europe. Auditors from NIK will give an opinion on financial statements of the Council of Europe, and they will examine whether these statements present a reliable and real picture of the financial situation of the Council and its units. This is another prestigious task that NIK will deal with, which is at the same time very demanding.

13

Wpływ obowiązku ujawnień modelu biznesu na system rachunkowości przedsiębiorstw

71%

Chluska J.

Kwartalnik Nauk o Przedsiębiorstwie

|

2017

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vol. 44

|

issue 3

94-100

EN

Operators carrying out its activities, take into account the vision of a business model in their strategy. The business model determines the creation of the enterprise information system for the achievement of management objectives, as well as for external stakeholders. Accounting provides essential, reliable, and accurate information as a subsystem of the enterprise information system. The purpose of this article is to identify areas of the accounting system that need to be adapted to the needs of business model disclosures in financial reporting. The subjects of research were selected companies obliged to disclose their business model. As a research tool, an analysis of subject literature, legal acts, and examples of business model disclosures were used.

PL

Model biznesu determinuje tworzenie systemu informacyjnego przedsiębiorstwa dla osią-gania celów zarządu, ale także interesariuszy zewnętrznych. Rachunkowość, jako podsystem systemu informacyjnego przedsiębiorstwa, dostarcza istotnych, rzetelnych i prawidłowych o nim informacji. Celem artykułu jest identyfikacja obszarów systemu rachunkowości, które wymagają dostosowania do potrzeb ujawnień modelu biznesu w sprawozdawczości finan-sowej. Podmiotem badań były wybrane spółki, zobowiązane do ujawniania modelu biznesu.

14

Możliwości prezentacji modelu biznesu w sprawozdaniu finansowym

71%

Karwowski M., Świderska G. K.

Kwartalnik Nauk o Przedsiębiorstwie

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2017

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vol. 44

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issue 3

61-74

EN

This article attempts to answer the question if there is a possibility of reporting information in financial statements about the realisation of a business model. For this purpose, the accounting system has been assessed. This assessment includes four stages: identification of a business model used by the company, identification of the accounting policies adopted by the company, assessment of the quality of information about the realised business model, transformation of the reported data from the accounting system to eliminate the distortions in the context of the business model. Verification of the above assessment was carried out on the basis of the financial statements of three developers.

PL

W artykule podjęto próbę odpowiedzi na pytanie, czy istnieje możliwość przedstawienia w sprawozdaniu finansowym informacji o realizacji modelu biznesu. W tym celu dokonano oceny systemu rachunkowości, obejmuje ona cztery etapy: identyfikację modelu biznesu stosowanego przez przedsiębiorstwo, identyfikację zasad (polityki) rachunkowości przyjętych przez przedsiębiorstwo, ocenę jakości informacji o realizowanym modelu biznesu, przekształcenie raportowanych danych pochodzących z systemu rachunkowości w celu eliminacji zakłóceń w aspekcie realizowanego modelu biznesu. Weryfikacja powyższej oceny została przeprowadzona na podstawie sprawozdań finansowych trzech deweloperów.

15

Earnings management as a direction in positive accounting theory development

70%

Grabiński K.

Zeszyty Teoretyczne Rachunkowości

|

2010

|

vol. 2010(56(112))

71-82

EN

The aim of this article is to present the concept of earnings management as well as provide a review of research on earnings management in financial reporting. Key accounting metrics which are the subject of earnings management have been listed. In the main part of the article an attempt to clarify the notion of earnings management has been undertaken and three approaches to this problem have been presented: white (positive), gray (neutral) and black (negative).Additionally, the results of selected research on earnings management have been described, especially in relation to the restrictiveness of accounting regula-tions and the quality of financial statements.

16

Factors influencing true and fair view when preparing financial statements under IFRS: evidence from the Czech Republic

70%

Homola D., Paseková M.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2020

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vol. 15

|

issue 3

595-611

EN

Research background: Accounting records provide a wide range of data necessary for decisions of the management as well as for users of a company?s financial statements. IFRS represents one of the widely accepted accounting principles, often mentioned in relation to the preparation of high-quality financial statements. Purpose of the article: The aim of this paper is to identify the factors contributing to the occurrence of misstatements when preparing financial statements under IFRS. The subsequent goal is to identify the possible influences of such misstatements on the users of the financial statements. Methods: The research itself focuses on perceived problems in IFRS application in the Czech Republic. The total tested population is 193 Czech companies preparing their financial statements under IFRS. Descriptive statistics, the chi-square test of independence along with proportional tests, are used for the statistical data analysis. Findings & Value added: The results indicate that, while misstatements in accounting do not occur regularly, a statistical dependence can be shown be-tween the frequency of misstatements occurrence and the average size of mis-statements. The frequency of the subsequently identified misstatements is also proven to be statistically dependent on the average size of misstatements. The IFRS themselves are not proven to influence misstatement occurrences in financial statements, which is in contrast with previous studies. Managerial pressures, similarly to other studies, are proven by the research to be affecting the quality of accounting information. This paper broadens the literature on the factors influencing the quality of financial statements prepared under IFRS and simultaneously reaches conclusions disproving the frequently noted bene-fits of IFRS implementation.

17

Micro and small enterprises’ financial statement information from the financial ratio analysis perspective

70%

Rudžionienė K., Molotkevičiūtė A., Klimaitienė R.

Przestrzeń, Ekonomia, Społeczeństwo

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2022

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issue 21/I

149-174

EN

Purpose of the article is to evaluate the compliane, in all material respects, of the information provided in the financial statements of micro and small enterprises, from the financial ratio analysis perspective. To achieve this objective, the financial statements prepared by micro and small companies have been analyzed with regard to the form thereof, the most important ratios for micro enterprises have been determined, followed by a financial ratio analysis of micro enterprises preparing small company financial statements has been performed. It has been determined that, in all material respects, the information contained in the financial statements of small entities is complete, whereas the information presented in the financial statements of micro enterprises is incomplete. It is impossible to calculate all the main micro-enterprise ratios based on short financial statements. It is therefore recommended that micro businesses prepare their financial statements in the form of small enterprise financial statements. In order to survive on a competitive market, enterprises of this category need to assess their financial performance continuously and consistently. The EU and member states’ declared simplification of micro-business financial reporting can prevent business decision-makers from obtaining reliable information from financial statements which is necessary and for financial analysis. The practice shows that, when the financial statement information requirements are the same for both small and micro companies, many micro businesses opt to prepare small-company financial statements, rather than statements of their business category. The existing regulation should be revised with regard to this situation.

18

Zarządzanie zyskami jako jeden z kierunków rozwoju pozytywnej teorii rachunkowości

70%

Grabiński K.

Zeszyty Teoretyczne Rachunkowości

|

2010

|

vol. 2010(56(112))

71-82

PL

Artykuł prezentuje pojęcia i badania dotyczące zarządzania zyskami w spra-wozdawczości finansowej. Zarządzanie zyskami zostało zaliczone do pozytywnej teorii rachunkowości i przedstawione na tle celów i cech jakościowych sprawozdań finansowych. Określono również najczęściej stosowane kategorie sprawozdawcze stanowiące przedmiot zarządzania zyskami. Została też postawiona hipoteza ba-dawcza: czy bardziej restrykcyjne regulacje sprawozdawczości finansowej są w sta-nie ograniczyć zjawisko zarządzania zyskami.W głównej części artykułu przytoczono stosowane w literaturze przedmiotu de-finicje zarządzania zyskami oraz dylematy w rozumieniu tego pojęcia. Zaprezento-wano trzy podejścia do zarządzania zyskami: białe (pozytywne), szare (neutralne) i czarne (negatywne).W ostatniej części artykułu podano kierunki badań nad zarządzaniem zyskami, m.in. z punktu widzenia restrykcyjności regulacji rachunkowości oraz jakości spra-wozdań finansowych. Hipoteza badawcza nie została zweryfikowana pozytywnie.

19

Fashion companies in Poland. The influence of COVID-19 on liquidity assessment

70%

Piosik M.

|

2022

|

vol. 9

|

issue 56

323-341

EN

This article demonstrates the changes that have occurred in the fashion sector during COVID-19. It outlines the complexity of assessing the liquidity level of retail trade companies. Moreover, it gives an overview of the key information included in the financial statements of fashion companies and highlights key points crucial to determining the liquidity risk of these companies. The article also presents the results of two models; these were estimated using the Arellano–Bover / Blundell–Bond linear dynamic panel-data estimator. Results present the real impact of COVID-19 on the liquidity of Polish fashion and retail trade companies (measured by cash holdings or cash ratio) during the analysed period of time. The analysed data cover the 11 quarters from Q1 2019 to Q3 2021 and were obtained from the quarterly financial statements of the 108 public companies listed on the Warsaw Stock Exchange and NewConnect (Poland). The findings show that the fashion sector has lower liquidity than the broader retail trade sector. However, fashion companies during COVID-19 obtained higher cash ratios than retail trade companies. This article is a research-supported summary of the most important aspects of assessing the liquidity of fashion companies in light of the changes that have occurred in the industry due to the COVID-19 crisis.

20

Presentation of income from European Union grants in financial statements of entities

61%

Wrona M., Żuk K.

Zeszyty Teoretyczne Rachunkowości

|

2010

|

vol. 2010(54(110))

221-234

EN

The objective of this article is to present possible ways of recognizing income from EU grants in entity’s accounting records and financial statements. Since Po-land’s accession to the European Union, business entities have obtained the possi-bility of using the support of European Funds in the form of grants on a scale un-seen before. It has also caused some problems, mainly the problem of the proper accounting treatment of EU grants in the accounting records and financial state-ments of an entity.This gave rise to the idea of presenting the set of main rules relating to account-ing for and presentation of grants as a source of income for business entities.The article is based on analysis of relevant literature, the provisions of the Ac-counting Act and International Accounting Standards, relevant documentation of the European financial support programs, as well as numerous European legal acts. It enabled the authors to put forward some solutions regarding presentation of grants in financial statements.The article has been divided into four main parts. In the first section the reader is introduced to the subject of the European Funds for the years 2007–2013 by showing the key instruments of the European Union structural policy, their divi-sion into operational programs in the years 2007–2013, and particular schemes which may obtain financial support.The second section presents the rules of disclosing grants in financial reports under the provisions of the Accounting Act and IAS. The capital and income ap-proach to governmental grants as well as the method of presenting grants in finan-cial reports as divided into asset subsidies and income subsidies have been pre-sented in accordance with IAS 20.The third section discusses investment grants and research and development grants as examples of asset subsidies, and presents the rules of entering both into financial reports. Investment grants, as well as research and development grants are treated as asset subsidy and should be recognized in the balance sheet as de-ferred income in the liabilities section, gradually increasing other operational in-come along with the deduction of amortisation or depreciation of tangible or intan-gible assets financed from this source.The fourth part has been devoted to entering income subsidies into financial re-ports, taking as an example grants for training and consulting as well as grants constituting the reimbursement of incurred costs. Such grants may be recognized as income in a separate entry of the profit and loss account or in a general subsec-tion entitled „Other income”. The second method could be deducting the amount of the grant from the costs incurred. Recognition of grants in the profit and loss ac-count is also determined by the substance over form principle and the principle of matching revenues and costs.

Refine search results

The Business Model as a Determinant of Financial Statements

Influence of the financial and non-financial information on the results of the public benefit organizations

The prospective aim of financial statements audit

The role of a company’s internal control system in fraud prevention

Relationship between legislation and accounting errors from the point of view of business representatives in the Czech Republic

Prospektywny cel badania sprawozdania finansowego

Prawidłowe ujęcie i prezentacja zmian zasad (polityki) rachunkowości kluczowym warunkiem zapewnienia wiarygodności sprawozdania finansowego

A Concept of Accounting Quality from Accounting Harmonisation Perspective

SKUTKI WPROWADZENIA WARTOŚCI GODZIWEJ DO RACHUNKOWOŚCI

Financial reporting in the USA: use of the IFRS

Annual financial statements, the importance of other comprehensive income

NIK Audytorem Rady Europy – kontrola sprawozdań finansowych

Wpływ obowiązku ujawnień modelu biznesu na system rachunkowości przedsiębiorstw

Możliwości prezentacji modelu biznesu w sprawozdaniu finansowym

Earnings management as a direction in positive accounting theory development

Factors influencing true and fair view when preparing financial statements under IFRS: evidence from the Czech Republic

Micro and small enterprises’ financial statement information from the financial ratio analysis perspective

Zarządzanie zyskami jako jeden z kierunków rozwoju pozytywnej teorii rachunkowości

Fashion companies in Poland. The influence of COVID-19 on liquidity assessment

Presentation of income from European Union grants in financial statements of entities