THE ACCOUNTING PRINCIPLES AND FINANCIAL REPORTING RULES IN POLISH AND SPANISH REGULATIONS
THE ACCOUNTING PRINCIPLES AND FINANCIAL REPORTING RULES IN POLISH AND SPANISH REGULATIONS

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

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