Accounting alert 2 2010

Accounting Alert
2/2010
THE DUTY OF HAVING AN ACCOUNTING POLICY
SETTLING AND ACTUALISATION OF ACCOUNTANCY RULES AS ONE OF THE FUNDAMENTAL
DUTIES OF AN ENTITY DIRECTOR AS IT RESULTS FROM THE ACCOUNTANCY ACT.
Joanna Napieracz Deputy of Lodz Branch Director
By accounting policy (art. 3 section 1
point 11 in the Polish Accountancy Act)
one understands chosen and applied
by entities solutions admitted by the act
including those specified in IAS which
assure the necessary quality of financial
statements.
Entities that have the obligation of
bookkeeping must have accounting
policy.
The assurance of reliability and clarity of
financial statements is a fundamental
and immensely important duty of entity
directors. The tool which, in significant
way, enables to do this duty is most
definitely accounting policy which main
goal is to specify the admitted
accountancy principles that result from
the Act in those areas in which the rules
of the Act enable the entity a choice.
According to the article 4 section 1 in
Accountancy Act entities have been
obliged to apply the approved rules of
the accounting policy which is supposed
to enable submitting of the property and
financial situation
as well as the
financial outcome in a reliable and clear
way. In connection to this, all entities
subordinate to the Accountancy Act
should possess documentation that
describes the entity-approved principles
– in particular:
Specification of the financial year
and statement periods,
Methods of assets and liabilities
pricing as well as the settlement of
financial outcome,
Methods of bookkeeping and
system of data protection and its
collection.
That catalog is not closed which means
that entity can (and even should) expand
the range of documentation with other
regulations that will adjust it to the
specificity of that entity. In case of
entities subject to audits the importance
of
accounting
policy
has
been
additionally emphasized in the Act by
imposing chartered auditors with duty of
both formulating opinions in writing and
reports concerning whether the financial
statement is complaisant with the
applied accountancy rules.
In the same time one must stress that
(according to article 10 section 2 of the
Accountancy
Act)
the
person
responsible for settling in writing and
actualization of the accountancy rules
documentation is the entities’ director
(meaning member or members of the
management board or other managing
Body, Partners concluding company’s
cases in the registered, civil and limited
liability partnership, general partners
dealing with company’s business in
limited liability partnerships or in a
limited joint-stock company, an individual
conducting business).
from the first day of its financial year and
without regard to the date of making his
decision, change their currently used
solutions for other as proposed In the
Act. This means that the entity not only
can but should verify the adequacy of
their accounting Policy to the factual
situation, so that it could assure true
(meaning reliable and clear) reflection of
their property and financial situation, or
financial outcome which also means the
growth in quality of their financial
statements. In all cases when used
policies of accountancy are changing the
entity should apply them In the
documentation which describes the
policies used. Policy changes are made
by the entity director in writing and
based on the resolution of Managements
Bard in case of capital partnerships;
resolution of Partners In case of
partnerships or disposition of the owner
in an individually conducted company.
Apart from the duty of conducting In
writing the documentation specifying the
accountancy rules used by entity it
should also be stressed how important is
its actualization. According to article 8
section 2 of the Accountancy Act in
order to present situation In a reliable
and clear way the entity can, effectively
www.pkfrachunkowosc.pl
Contact
Warsaw
Mirosława Cienkowska
tel. +48 22 560 76 50
[email protected]
ul. Elbląska 15/17
01-747 Warszawa
By embracing the needs of our clients we Gould like
to offer our services In range of preparation and
actualizing Accounting Policies of your companies.
We encourage you to contact
our experts from PKF Centrum Rachunkowosci Sp. z o.o.:
[email protected]
Lodz
Joanna Napieracz
tel. +48 42 637 10 11
[email protected]
ul. Żeromskiego 68
90-502 Łódź
Opole
Ryszard Brudkiewicz
tel. +48 77 454 73 08
[email protected]
ul. Kołłątaja 11
45-064 Opole
Gdansk
Katarzyna Schabowska
tel. +48 58 321 73 30
[email protected]
ul. Heweliusza 11
80-890 Gdańsk
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