The Accounting Principles and Financial Reporting Rules in Polish and Spanish Regulations

Renata Burchart

Department of Accounting, Faculty of Economics, University of Warmia and Mazury in Olsztyn

Ramon Soldevila Monteys

Faculty of Economics and Business, University Abat Oliba in Barcelona


Abstract

The purpose of the research was to identify differences and similarities in the basic provisions of Polish and Spanish legal acts regulating the accounting principles, elements of reporting and conditions of examination and publication of financial statements of entities. The Polish Accounting Act lists eight overarching accounting policies, while the Spanish General Accounting Plan describes the same content, however, contained in only six principles.In both countries there are three main elements of the financial statement: Balance Sheet, Income Statement and Additional Information, for all companies with full accounting, and two additional items: Cash flow and Statement of changes in equity for entities whose reports are subject to mandatory examination and disclosure. The obligation to audit accounts for entities that meet two of the three conditions are the same in both countries, but the total balance sheet value and sales revenue in the preceding year, expressed in euros, in Spain are 12,3% higher than in Poland.


Keywords:

accounting principles in Polish and Spanish regulations, financial statements in Polish and Spanish entities, research and publication of financial statements in Poland and Spain

Code of Commerce and complementary legislation. BOE, Official State Gazette, updated edition May 31, 2017. Spain.

International Accounting Standards.

Law on capital companies and other legislation.

National Accounting Standards.

Michniewicz R. 2016. Bookkeeping Rules. MDDP Outsourcing, Warsaw, Legal status on 31.12.2016.
https://www.google.pl/#q=polish+accounting+rules&*

Rivero Torre P. 1989. "Los principios contables y las Directrices de la Comunidad Económica Europea" en el libro Lecturas sobre Principios Contables. Monografta nxmero 13 de AECA. Madrid. Paginas 113 y siguientes.

The Accounting Act of 29 September 1994, DzU from 2016, pos. 1047.

Spanish General Accounting Plan.
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Published
2017-12-11

Cited by

Burchart, R., & Monteys, R. S. (2017). The Accounting Principles and Financial Reporting Rules in Polish and Spanish Regulations. Olsztyn Economic Journal, 12(4), 371–385. https://doi.org/10.31648/oej.2837

Renata Burchart 
Department of Accounting, Faculty of Economics, University of Warmia and Mazury in Olsztyn
Ramon Soldevila Monteys 
Faculty of Economics and Business, University Abat Oliba in Barcelona



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