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An Analysis of the Differences between IFRS and Polish Accounting Regulations: Evidence from the Financial Statements of Listed Entities on the Warsaw Stock Exchange for the Calendar Years Ending 2001, 2003 and 2004

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  • Danuta Krzywda
  • Marek Schroeder

Abstract

An analysis of the qualitative and quantitative data on the differences between Polish accounting regulations and International Financial Reporting Standards (IFRS) reported by the preparers of the financial statements of a sample of listed entities on the Warsaw Stock Exchange for the years ending 31 December 2001, 2003 and 2004 revealed that owners' equity and post tax earnings calculated using Polish accounting regulations were materially understated in comparison with their IFRS equivalents. The book value of owners' equity for 2004 calculated using Polish accounting regulations was understated by an average of between 6 and 9% while post tax earnings for 2004 were understated by an average of 35%. The main reasons for the differences were that Polish accounting regulations do not allow regular revaluations of tangible fixed assets, require different accounting treatments of positive and negative goodwill on consolidation and allow in certain circumstances the exclusion of subsidiaries from full consolidation.

Suggested Citation

  • Danuta Krzywda & Marek Schroeder, 2007. "An Analysis of the Differences between IFRS and Polish Accounting Regulations: Evidence from the Financial Statements of Listed Entities on the Warsaw Stock Exchange for the Calendar Years Ending 2001," Accounting in Europe, Taylor & Francis Journals, vol. 4(1), pages 79-107, June.
    • Handle: RePEc:taf:acceur:v:4:y:2007:i:1:p:79-107
    DOI: 10.1080/17449480701343060
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    References listed on IDEAS

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    1. World Bank, 2002. "Poland : Accounting and Auditing," World Bank Publications - Reports 14527, The World Bank Group.
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    Cited by:

    1. Adela Deaconu & Dan Dacian Cuzdriorean, 2016. "Accounting and the state in post-communist Romania," African Journal of Accounting, Auditing and Finance, Inderscience Enterprises Ltd, vol. 5(1), pages 59-93.
    2. Cuzdriorean Dan Dacian & Albu Catalin Nicolae & Albu Nadia, 2012. "The Relationship Between Accounting And Taxation - The Romanian Accounting Environment," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 894-900, July.
    3. Dobija, Dorota & Klimczak, Karol Marek, 2010. "Development of accounting in Poland: Market efficiency and the value relevance of reported earnings," The International Journal of Accounting, Elsevier, vol. 45(3), pages 356-374, September.

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