Accounting Developments in Poland

6804 words 28 pages
Introduction of Poland
Poland officially known as Republic of Poland (Rzeczpospolita Polska) is a country in Central Europe. Poland is bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north. The total area of Poland is 312,679 square kilometers (120,726 sq mi), making it the 69th largest country in the world and 9th in Europe. Poland has a population of over 38 million people, which makes it the 33rd most populous country in the world. (WBO, 2010)

Historical Background
A national accounting chart for Poland did not exist before the 1930s although an accountants’ Association was already established
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Even so, the effort to regain independence has once again forced a shift in accounting practice. (Moczarska, 2009)
Independence years leading to EU accession (1989 – 2004)
After the year 1989, the Polish Ministry of Finance developed a framework for regulating the accounting system. In this process, the Ministry revived the commercial code of 1934 as the framework developed by the plan economy was useless in the new situation. Because of lack of professionals the state acquired a dominant position in defining the process to reform the new system. The Ministry used the accounting system that was previously seen as an instrument of administrative control over state enterprises to become a tool for control and monitoring of privatization process.
Subsequently, the Polish legal accounting document of greatest authority, the Commercial Code, 1934 remained during socialist times and was re-enacted in 1989 with minor changes and as such remained in force until superseded in 2000 by the Commercial Company Code. Alongside the Code, the decrees of Minister of Finance were regulating the accountancy in Poland between 1991 and 1994, when in 1994 the Act on Accounting was introduced. On the 15 January 1991 the Decree on the Principles of Accounting was issued as the first official document directing the now free-market economy of Poland. It was based on delegations derived from Act on Financial Management of State Enterprises


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