THE RIGHT APPROACH AND PRESENTATION OF CHANGES INTO ACCOUNTING POLICY AS A KEY CONDITION FOR ASSURING CREDIBILITY OF FINANCIAL STATEMENTS

Abstrakt

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.