Wartość godziwa w wycenie aktywów finansowych – praktyka banków polskich
Fair value valuation of financial assets – the practice of Polish banks

Summary/Abstract: Amendment to the Polish Accounting Act (UoR) in 2004 introduced a list of entities that are required and entities that are permitted to prepare financial statements in accordance with International Accounting Standards and International Financial Reporting Standards (IAS/IFRS). Results of research comparing the solutions in the Accounting Act and IAS/IFRS indicates that one of the most important limitations of Polish regulations is impossibility to measure some elements of financial statements, including fixed assets, at their fair value. Addressing this problem is essential, and research in to the applications of fair value have both cognitive and scientific value. According to IAS/IFRS the purpose of financial reporting is to provide useful information to financial statements users. Information is useful when it is understandable, relevant, reliable and comparable. Choice between fair value and historical cost used in valuation of financial statements elements is actually a choice between usefulness and the reliability of information generated by the accounting system. To find information about the scope of fair value application in Polish banks’ practice, empirical research was conducted in this area. As a result of this research, empirical material, which forms the basis of this study, was collected. The main purpose of the research was to explore the practical use of this category in the process of measurement of assets and liabilities. The findings allowed for an assessment of the scale of application of fair value, and a qualitative assessment of standards and methods used by entities.

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