Ujęcie środków trwałych przy zastosowaniu MSR/MSSF po raz pierwszy
Entering fixed assets in the accounting ledger while applying IFRS for the first time

Summary/Abstract: Fixed assets play an important role in the operations of every business entity. It is impossible to run a business in a competitive market economy without them. Status and development of fixed assets, their technical and utility value, utilization and mobilization level are determinants of the degree of activity of each business unit. Rational utilization and application of fixed assets ensure the correct organization of business processes across the company while wrong decisions in the field of fixed asset management lead to their waste, multiplication of operating costs, reduced capacity to achieve results, reduction in the quality of production and services. Information on capital assets, their value, structure, methods of valuation are included in the financial statements, which consist among others of the balance sheet and additional information. Most of the business units in Poland prepare their financial statements using the principles set out in the Accounting Act. But there is also a group of companies which voluntarily or obligatorily apply the provisions of International Financial Reporting Standards. In this paper we attempt to show the issues related to the presentation and valuation of tangible fixed assets at the date of transition to IFRS by the business entity.

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