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Blog: Piotr STASZKIEWICZ

23 December 2019

Another year is coming to an end, so for most companies and accounting departments the time of hard work and preparations to close the books has begun. On the basis of information received from our clients and inquiries addressed to us during the training courses conducted for financial and accounting departments, we have gathered a group of issues which, during the period of preparation of financial statements, are of constant interest and do not lose anything of their relevance. We have already discussed most of them for you on our blog; these are issues related to, among others: leasing, including IFRS 16 Leasing, investments in real estate IAS 40, the revaulation model according to IAS 16 or revenue recognition according to IFRS 15. In the following sequences we will present issues related to the creation and presentation of provisions (IAS 37) and the issue of residual value and depreciation according to IAS 16. Nevertheless, the greatest emphasis will be placed on the analysis of financial instruments.

25 November 2019

Reaching out to you through different communication channels, we have recently extensively discussed the specific nature of the work of an auditor and the issues connected with their (proper) selection. We would also like to remind you how a company may benefit from being audited. We have already mentioned that it is a good thing if an auditor is your business partner for years, but now we want to show you what this is like in practice: what the benefits an auditor may provide to the audited company are and what the client is actually paying for.

28 October 2019

What are the most common errors I come cross in financial statements? How do they distort the representation of economic events, thus producing unreliable data that is later presented to owners and certain institutions? Hence, what needs to be focused on in order to avoid these errors, close the financial year properly and save yourself the stress involved with an auditor’s visit? I encourage you to read my article as I go on to discuss selected aspects.

18 October 2019

In this and in the next post, I am going to help you all realise and appreciate how immense the impact of managerial decisions is on the quality of company’s reporting. I would like to point out that if the company’s management board (and supervisory bodies) are not aware of the essence of accounting, do not understand the necessity of preparing financial statements and do not recognise the goal behind internal and external audit, any financial data processed by financial and accounting services are subject to material error, or at least fail to represent all economic events fairly and clearly.

2 October 2019

We have already written a lot, both here and in national journals, about the importance of audit services, their meaning for businesses, the cooperation of management boards or supervisory bodies with auditors, and the qualities of a good auditor. Now it is time to say something about how this auditor (a statutory auditor or an audit firm) should be chosen.

25 February 2019

We have recently written a lot about recognising revenue from construction and advisory services; today it is time for the next industry; this time, we are going to analyse the sale of non-material products. How should the revenue from the sale of the license and the service of software installation be recognised in the books?

4 February 2019

Quality financial reporting, confirmed by an unqualified opinion of an auditor, seals the victory, proving that the information flow in the entity is flawless, the underlying aim of reporting is understood and the business is correctly reflected in the financial statements.

3 December 2018

Last year we wrote a lot in our blog about the new IFRS 16 standard that significantly changes the concept behind considering contracts in terms of the necessity to disclose transactions in the lessee’s balance sheet.  We are going to continue on this topic, answering another batch of the most frequently asked questions concerning this standard.

26 November 2018

For quite some time now we have been observing the increased activity of entities, asking questions about leases and requesting the analysis of contracts they have signed to use specific assets, be it lease or rental.

8 November 2018

Some time ago we wrote about changes pertaining to preparing financial statements and submitting them to a relevant court register, mainly about the fact that as of March 2018 they can be filed only electronically (e.g. in PDF format); yet, this form, simple as it may seem, has caused a lot of trouble, primarily due to the lack of personal identification numbers (PESEL) of board members and the lack of electronic signatures. Since filing financial statements online has proven to be troublesome, we may only guess that as of 1 October 2018 we are going to face a genuine disaster in this respect. Why is this so? Let me explain.

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