Pub Date : 2022-03-31DOI: 10.5604/01.3001.0015.7990
Joanna Toborek-Mazur, Karol Partacz
Purpose: The paper aims is to present synergy as a relevant source of information about goodwill, contributing to a more precise, balance-sheet evaluation (profitability) of a merger. Based on the mergers and acquisitions (M&A) market analysis, it was possible to assess this effectiveness assessment among individual companies during the COVID-19 pan-demic. This, in turn, was used to determine the methodology for evaluating the synergy effect and the directions of changes in these transactions in individual sectors. Methodology/approach: The article consists of methods of comparative and descrip-tive analysis based on a review of the domestic and foreign literature and a critical assessment of the results from the exploration of data presented by five recognized financial and accounting rating and advisory agencies. Findings: By determining the determinants of the success of M&A transactions, it was possible to assess the impact of synergy on the number and value of these processes carried out during the COVID-19 pandemic, with their potential negative and positive economic consequences. The presented diagnoses and conclusions concern both the international and Polish M&A markets based on aggregated and sectoral data. Practical implications: The article points out the discrepancies in the evaluation of synergy during the COVID-19 pandemic in the context of the number and value of mer-gers and acquisitions, which are of cognitive importance for the development of poten-tial synergy and building capital concentration. Originality: The article is the first attempt to evaluate the synergy in M&A during the COVID-19 pandemic and the effects of these events from economic and record-keeping points of view and from a comparative and descriptive analysis perspective.
{"title":"Evaluating synergy in mergers and acquisitions during the COVID-19 pandemic","authors":"Joanna Toborek-Mazur, Karol Partacz","doi":"10.5604/01.3001.0015.7990","DOIUrl":"https://doi.org/10.5604/01.3001.0015.7990","url":null,"abstract":"Purpose: The paper aims is to present synergy as a relevant source of information about goodwill, contributing to a more precise, balance-sheet evaluation (profitability) of a merger. Based on the mergers and acquisitions (M&A) market analysis, it was possible to assess this effectiveness assessment among individual companies during the COVID-19 pan-demic. This, in turn, was used to determine the methodology for evaluating the synergy effect and the directions of changes in these transactions in individual sectors.\u0000Methodology/approach: The article consists of methods of comparative and descrip-tive analysis based on a review of the domestic and foreign literature and a critical assessment of the results from the exploration of data presented by five recognized financial and accounting rating and advisory agencies.\u0000Findings: By determining the determinants of the success of M&A transactions, it was possible to assess the impact of synergy on the number and value of these processes carried out during the COVID-19 pandemic, with their potential negative and positive economic consequences. The presented diagnoses and conclusions concern both the international and Polish M&A markets based on aggregated and sectoral data.\u0000Practical implications: The article points out the discrepancies in the evaluation of synergy during the COVID-19 pandemic in the context of the number and value of mer-gers and acquisitions, which are of cognitive importance for the development of poten-tial synergy and building capital concentration.\u0000Originality: The article is the first attempt to evaluate the synergy in M&A during the COVID-19 pandemic and the effects of these events from economic and record-keeping points of view and from a comparative and descriptive analysis perspective.\u0000\u0000","PeriodicalId":53342,"journal":{"name":"Zeszyty Teoretyczne Rachunkowosci","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71285938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-18DOI: 10.5604/01.3001.0015.5743
Olga Kondzielnik
Purpose: The profession of accountant as a profession of public trust is related to observing ethical and legal standards. In the course of his work, an accountant who offers his services on the market should consider the interests of the stakeholders of signed contracts, and due to the nature of his business, he should constantly improve his professional qualifications and guarantee independence. The aim of the article is to examine the ethical and economic effects of cooperation between an accounting office and a bank that bundles accounting services with a current account. Methodology/approach: The analysis focuses on the cooperation agreement between the accounting office and the bank as part of the current account services offered by the bank that come bundled with accounting. For the analysis, the following research methods were used: analysis of the scientific literature in the field of accounting and economics, case study considered in the context of Freeman, and methods of deduction and synthesis. Findings: Based on the analyzed agreement, a significant inequality was found between the benefits and obligations of individual signatories. Attention is also paid to the implica-tions of signing an agreement of this type for other market participants. Originality/value: The article is part of a scientific and practical discussion on the ethical and economic risks associated with signing a cooperation agreement between an account-ing office and a financial market institution in the form proposed by the bank. Keywords: outsourcing, stakeholder theory, ethics in accounting, bookkeeping services, accounting offices
{"title":"Ethical and economic implications for an accounting office that offers bundled services with a bank account","authors":"Olga Kondzielnik","doi":"10.5604/01.3001.0015.5743","DOIUrl":"https://doi.org/10.5604/01.3001.0015.5743","url":null,"abstract":"Purpose: The profession of accountant as a profession of public trust is related to observing ethical and legal standards. In the course of his work, an accountant who offers his services on the market should consider the interests of the stakeholders of signed contracts, and due to the nature of his business, he should constantly improve his professional qualifications and guarantee independence. The aim of the article is to examine the ethical and economic effects of cooperation between an accounting office and a bank that bundles accounting services with a current account. Methodology/approach: The analysis focuses on the cooperation agreement between the accounting office and the bank as part of the current account services offered by the bank that come bundled with accounting. For the analysis, the following research methods were used: analysis of the scientific literature in the field of accounting and economics, case study considered in the context of Freeman, and methods of deduction and synthesis. Findings: Based on the analyzed agreement, a significant inequality was found between the benefits and obligations of individual signatories. Attention is also paid to the implica-tions of signing an agreement of this type for other market participants. Originality/value: The article is part of a scientific and practical discussion on the ethical and economic risks associated with signing a cooperation agreement between an account-ing office and a financial market institution in the form proposed by the bank. Keywords: outsourcing, stakeholder theory, ethics in accounting, bookkeeping services, accounting offices","PeriodicalId":53342,"journal":{"name":"Zeszyty Teoretyczne Rachunkowosci","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71285714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-18DOI: 10.5604/01.3001.0015.5746
M. Tuszkiewicz, E. Maruszewska
Purpose: The aim of the article is to assess the use of agency theory by Polish authors in articles in the field of accounting published by the end of 2020. Methodology/approach: The study was carried out using a structured literature review, which is a recognized method of conducting literature analysis, also in the field of accounting. Findings: The results of the review show little use of agency relations in empirical re-search. Both in theoretical and empirical research, the issues in financial reporting were most often addressed. In most publications, agency theory constitutes the theoretical back-ground for the considerations, while there is a lack of research that focuses on the impact of the agency relationship between the owner and manager or between employees at vari-ous levels on accounting. The empirical studies analyzed only external factors that influ-ence decision-making, while there is a gap in studies that focused on individual human characteristics. Research limitations/implications: The structured literature review covers articles pub-lished between 1993 and 2020 written by Polish authors. Originality/value: The originality of the article arises from the identification of shortcom-ings in the publications of Polish authors in contrast to global achievements, in particular in the fields of management accounting and behavioral accounting. Thus, we indicate the directions of further development of research already carried out by the few Polish authors. The guidelines concern the development of research in the field of behavioral accounting, which will deepen the knowledge about the impact of the principal-agent relationship on the decisions people make in creating reporting and management information. Keywords: agency theory, agency relation, behavioral accounting, SLR, literature review.
{"title":"The appearance of agency theory in the publications of Polish authors – the need to expand research in behavioral accounting","authors":"M. Tuszkiewicz, E. Maruszewska","doi":"10.5604/01.3001.0015.5746","DOIUrl":"https://doi.org/10.5604/01.3001.0015.5746","url":null,"abstract":"Purpose: The aim of the article is to assess the use of agency theory by Polish authors in articles in the field of accounting published by the end of 2020.\u0000Methodology/approach: The study was carried out using a structured literature review, which is a recognized method of conducting literature analysis, also in the field of accounting.\u0000Findings: The results of the review show little use of agency relations in empirical re-search. Both in theoretical and empirical research, the issues in financial reporting were most often addressed. In most publications, agency theory constitutes the theoretical back-ground for the considerations, while there is a lack of research that focuses on the impact of the agency relationship between the owner and manager or between employees at vari-ous levels on accounting. The empirical studies analyzed only external factors that influ-ence decision-making, while there is a gap in studies that focused on individual human characteristics.\u0000Research limitations/implications: The structured literature review covers articles pub-lished between 1993 and 2020 written by Polish authors.\u0000Originality/value: The originality of the article arises from the identification of shortcom-ings in the publications of Polish authors in contrast to global achievements, in particular in the fields of management accounting and behavioral accounting. Thus, we indicate the directions of further development of research already carried out by the few Polish authors. The guidelines concern the development of research in the field of behavioral accounting, which will deepen the knowledge about the impact of the principal-agent relationship on the decisions people make in creating reporting and management information.\u0000Keywords: agency theory, agency relation, behavioral accounting, SLR, literature review.\u0000\u0000","PeriodicalId":53342,"journal":{"name":"Zeszyty Teoretyczne Rachunkowosci","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71285754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-18DOI: 10.5604/01.3001.0015.5748
R. Kowalak
The text contains a report of the scientific conference organized by the Chair of Cost Account-ing, Tax Management, and Controlling at the University of Economics and Business in Wroclaw, from 11 to 13 October 2021, in Polanica- Zdrój. The conference in the Accounting and Controlling cycle, under the motto, The Conceptions of Cost and Performance Man-agement, addressed today's problems and challenges in managing costs and performance. That conference was very special because it was the 25th jubilee conference. At this year's conference, Professor Edward Nowak was thanked for his many years of professional work and for organizing all editions of the conference.
{"title":"XXV Conference on Accounting and Controlling.\u0000Conceptions of the Cost and Performance Management held in Polanica-Zdrój, October 11–13, 2021","authors":"R. Kowalak","doi":"10.5604/01.3001.0015.5748","DOIUrl":"https://doi.org/10.5604/01.3001.0015.5748","url":null,"abstract":"The text contains a report of the scientific conference organized by the Chair of Cost Account-ing, Tax Management, and Controlling at the University of Economics and Business in Wroclaw, from 11 to 13 October 2021, in Polanica- Zdrój. The conference in the Accounting and Controlling cycle, under the motto, The Conceptions of Cost and Performance Man-agement, addressed today's problems and challenges in managing costs and performance. That conference was very special because it was the 25th jubilee conference. At this year's conference, Professor Edward Nowak was thanked for his many years of professional work and for organizing all editions of the conference.\u0000\u0000","PeriodicalId":53342,"journal":{"name":"Zeszyty Teoretyczne Rachunkowosci","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71285777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-18DOI: 10.5604/01.3001.0015.5740
Nelli Artienwicz, S. Kołodziej
Purpose: The aim of the paper is to verify the assumptions about the impact of the anchoring effect and the norm reminder effect in accounting decisions, in the case of the freedom of choice left by legal regulations, Methodology/approach: The study was based on a 2 × 2 experimental design and was conducted with 110 working accountants. Findings: The results confirmed the regularities in decision-making identified in psychology, which may influence the quality of the information provided by accountants. Being re-minded of the legal norm concerning the rules for creating write-downs of receivables bur-dened with the risk of non-payment led to a significant increase in accountants’ propensity to create write-downs. Similarly, the anchor used in the experiment showed that introducing a numerical value unrelated to the criteria for the write-down significantly impacted the accountants’ assessment of the percentage value and the write-off. Practical implications: The anchoring and norm reminder effect may affect the quality of the presented numerical information and the fulfillment of the faithful representation requirement in financial statements. Originality/value: The study presented in the article, which concerns the impact of cognitive biases on professional accounting decisions, has not been empirically verified so far in Poland. At the same time, it is one of the few experimental studies within behavioral accounting in Poland. Keywords: anchoring heuristic, legal norm, decision-making, behavioral accounting.
{"title":"Anchoring, the norm reminder effect, and the faithful representation of an entity’s financial position","authors":"Nelli Artienwicz, S. Kołodziej","doi":"10.5604/01.3001.0015.5740","DOIUrl":"https://doi.org/10.5604/01.3001.0015.5740","url":null,"abstract":"Purpose: The aim of the paper is to verify the assumptions about the impact of the anchoring effect and the norm reminder effect in accounting decisions, in the case of the freedom of choice left by legal regulations,\u0000Methodology/approach: The study was based on a 2 × 2 experimental design and was conducted with 110 working accountants.\u0000Findings: The results confirmed the regularities in decision-making identified in psychology, which may influence the quality of the information provided by accountants. Being re-minded of the legal norm concerning the rules for creating write-downs of receivables bur-dened with the risk of non-payment led to a significant increase in accountants’ propensity to create write-downs. Similarly, the anchor used in the experiment showed that introducing a numerical value unrelated to the criteria for the write-down significantly impacted the accountants’ assessment of the percentage value and the write-off.\u0000Practical implications: The anchoring and norm reminder effect may affect the quality of the presented numerical information and the fulfillment of the faithful representation requirement in financial statements.\u0000Originality/value: The study presented in the article, which concerns the impact of cognitive biases on professional accounting decisions, has not been empirically verified so far in Poland. At the same time, it is one of the few experimental studies within behavioral accounting in Poland.\u0000Keywords: anchoring heuristic, legal norm, decision-making, behavioral accounting.\u0000\u0000","PeriodicalId":53342,"journal":{"name":"Zeszyty Teoretyczne Rachunkowosci","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71286049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-18DOI: 10.5604/01.3001.0015.5742
Mariusz Karwowski
Purpose: The purpose of the article is to indicate the possible impact of the IASB project ‘Better communication in financial reporting’ on the presentation and disclosure of infor-mation in financial statements. Methodology/approach: On the one hand, the current state is presented (the basis was the project ‘Better communication in financial reporting’); on the other hand, value judg-ments were formulated regarding the proposed changes. The empirical study, which was based on content analysis, covered entities included in the WIG30. Findings: ‘Better communication in financial reporting’, in particular, IFRS X, will pri-marily affect the choice of the classification of expenses in the operating category of the profit or loss statement, as well as disclosure of management performance measures. Originality/value: The indication of the possible impact of the project ‘Better communication in financial reporting’ on the presentation and disclosure of information in the financial statements, which is unexplored so far. Keywords: primary financial statements, presentation, notes, disclosure, taxonomy, IFRS.
{"title":"The impact of the IASB project ‘Better communication in financial reporting’ on financial statements – selected issues","authors":"Mariusz Karwowski","doi":"10.5604/01.3001.0015.5742","DOIUrl":"https://doi.org/10.5604/01.3001.0015.5742","url":null,"abstract":"Purpose: The purpose of the article is to indicate the possible impact of the IASB project ‘Better communication in financial reporting’ on the presentation and disclosure of infor-mation in financial statements.\u0000Methodology/approach: On the one hand, the current state is presented (the basis was the project ‘Better communication in financial reporting’); on the other hand, value judg-ments were formulated regarding the proposed changes. The empirical study, which was based on content analysis, covered entities included in the WIG30.\u0000Findings: ‘Better communication in financial reporting’, in particular, IFRS X, will pri-marily affect the choice of the classification of expenses in the operating category of the profit or loss statement, as well as disclosure of management performance measures.\u0000Originality/value: The indication of the possible impact of the project ‘Better communication in financial reporting’ on the presentation and disclosure of information in the financial statements, which is unexplored so far.\u0000Keywords: primary financial statements, presentation, notes, disclosure, taxonomy, IFRS.\u0000\u0000","PeriodicalId":53342,"journal":{"name":"Zeszyty Teoretyczne Rachunkowosci","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71285699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-18DOI: 10.5604/01.3001.0015.5747
A. Szychta
In 2020, a comprehensive publication (612 pages) was published by the Publishing House of the Warsaw School of Economics, entitled Accounting in the economic, financial, and management trend with the subtitle Golden Book for Dr. Zdzisław Fedak on the occasion of the renewal of the Ph.D. degree in economics. It is a particularly important and valuable collective work, prepared on the initiative and under the scientific supervision of Prof. Dr. hab. Anna Karmańska, director of the Accounting Institute at the Warsaw School of Eco-nomics (SGH), dedicated to Mr. Fedak, the Nestor of accounting science and practice in Poland. This text is a review of this publication.
{"title":"Review of a collective work entitled Accounting in the economic, financial and management stream edited by Anna Karmańska","authors":"A. Szychta","doi":"10.5604/01.3001.0015.5747","DOIUrl":"https://doi.org/10.5604/01.3001.0015.5747","url":null,"abstract":"In 2020, a comprehensive publication (612 pages) was published by the Publishing House of the Warsaw School of Economics, entitled Accounting in the economic, financial, and management trend with the subtitle Golden Book for Dr. Zdzisław Fedak on the occasion of the renewal of the Ph.D. degree in economics. It is a particularly important and valuable collective work, prepared on the initiative and under the scientific supervision of Prof. Dr. hab. Anna Karmańska, director of the Accounting Institute at the Warsaw School of Eco-nomics (SGH), dedicated to Mr. Fedak, the Nestor of accounting science and practice in Poland. This text is a review of this publication.\u0000\u0000","PeriodicalId":53342,"journal":{"name":"Zeszyty Teoretyczne Rachunkowosci","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71285763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-12DOI: 10.5604/01.3001.0015.2347
Jacek Kalinowski
Purpose: The article’s purpose is to explain the accounting systems in Polish universities and the challenges that have arisen following 2019’s entry into force of the new Act on Higher education, considering the historical background and traditions of universities in Poland. Methodology/approach: The author uses three research methods: literature analysis, direct observation, and analysis of source documents, such as statutes and the strategies of selected universities. Findings: An overview is presented of the changes in Polish universities in the accounting system that followed the new regulations on higher education entry into force, i.e., from 01/10/2019. Having assessed the development level of this research area as preliminary, the author formulated several conclusions that may have practical implications in the future. Practical implications: The content can be used in creating accounting systems in uni-versities while considering new challenges formulated in the strategies of these units, as well as challenges of a global nature – for instance, the digitalization of business processes or the shift of management awareness in academic communities. Moreover, it can serve as a base to create a set of desirable practices in complex accounting systems for universities. Originality/Value: The article, being a general review of the accounting system used at universities, fills the research gap in the literature of this specific area. It can be an origi-nal contribution to the process of reforming universities in Poland, indicating potential threats based on the history of universities, followed by setting new challenges for these institutions.
{"title":"The challenges of the accounting system in universities in Poland after the enactment of the new Higher Education Act","authors":"Jacek Kalinowski","doi":"10.5604/01.3001.0015.2347","DOIUrl":"https://doi.org/10.5604/01.3001.0015.2347","url":null,"abstract":"Purpose: The article’s purpose is to explain the accounting systems in Polish universities and the challenges that have arisen following 2019’s entry into force of the new Act on Higher education, considering the historical background and traditions of universities in Poland.\u0000Methodology/approach: The author uses three research methods: literature analysis, direct observation, and analysis of source documents, such as statutes and the strategies of selected universities.\u0000Findings: An overview is presented of the changes in Polish universities in the accounting system that followed the new regulations on higher education entry into force, i.e., from 01/10/2019. Having assessed the development level of this research area as preliminary, the author formulated several conclusions that may have practical implications in the future.\u0000Practical implications: The content can be used in creating accounting systems in uni-versities while considering new challenges formulated in the strategies of these units, as well as challenges of a global nature – for instance, the digitalization of business processes or the shift of management awareness in academic communities. Moreover, it can serve as a base to create a set of desirable practices in complex accounting systems for universities.\u0000Originality/Value: The article, being a general review of the accounting system used at universities, fills the research gap in the literature of this specific area. It can be an origi-nal contribution to the process of reforming universities in Poland, indicating potential threats based on the history of universities, followed by setting new challenges for these institutions.\u0000\u0000","PeriodicalId":53342,"journal":{"name":"Zeszyty Teoretyczne Rachunkowosci","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71285682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-12DOI: 10.5604/01.3001.0015.2342
Ewa Chrostowska, K. Kolesnik
Purpose: The objective of this article is to assess how many entities have faced going concern problems and to identify what uncertainties may affect a going concern, especially during the COVID-19 pandemic. Methodology/research approach: The subject of the research was financial reports of com-panies listed on the main market of the Warsaw Stock Exchange in the following sectors: clothing and cosmetics, recreation and leisure, and transport and logistics. Thirty-three (out of 37) reports for the first half of 2020 were examined. We analysed the content of full ver-sions of the descriptive parts of financial statements, reports on the auditor’s review and management comment letters. Results: Nearly half of the surveyed entities that declared they were a going concern dis-closed going concern uncertainties. The pandemic affected the scope of disclosures present-ed in the reports. The variety of presentation styles and the selectivity of the place of the disclosure may hinder stakeholders when drawing conclusions. Research limitations/implications: Only three sectors were examined, and the sector analysis was conducted only in listed companies with complete and available reports. We analysed half-yearly reports that were reviewed by statutory auditors. The reports were analysed early in the pandemic. The article may be an inspiration for further research, including comparative research, in companies from the same and other sectors. The issue is vital, all the more so as the impact of the pandemic may change over time. Originality/Value: The article is a practical study of going concern disclosures during the pandemic. The study reveals the multifaceted nature and complexity of the issues related to continuation assessment.
{"title":"Going concern in the financial reports of listed companies during the COVID-19 pandemic – the results of an empirical study","authors":"Ewa Chrostowska, K. Kolesnik","doi":"10.5604/01.3001.0015.2342","DOIUrl":"https://doi.org/10.5604/01.3001.0015.2342","url":null,"abstract":"Purpose: The objective of this article is to assess how many entities have faced going concern problems and to identify what uncertainties may affect a going concern, especially during the COVID-19 pandemic.\u0000Methodology/research approach: The subject of the research was financial reports of com-panies listed on the main market of the Warsaw Stock Exchange in the following sectors: clothing and cosmetics, recreation and leisure, and transport and logistics. Thirty-three (out of 37) reports for the first half of 2020 were examined. We analysed the content of full ver-sions of the descriptive parts of financial statements, reports on the auditor’s review and management comment letters.\u0000Results: Nearly half of the surveyed entities that declared they were a going concern dis-closed going concern uncertainties. The pandemic affected the scope of disclosures present-ed in the reports. The variety of presentation styles and the selectivity of the place of the disclosure may hinder stakeholders when drawing conclusions.\u0000Research limitations/implications: Only three sectors were examined, and the sector analysis was conducted only in listed companies with complete and available reports. We analysed half-yearly reports that were reviewed by statutory auditors. The reports were analysed early in the pandemic. The article may be an inspiration for further research, including comparative research, in companies from the same and other sectors. The issue is vital, all the more so as the impact of the pandemic may change over time.\u0000Originality/Value: The article is a practical study of going concern disclosures during the pandemic. The study reveals the multifaceted nature and complexity of the issues related to continuation assessment.\u0000\u0000","PeriodicalId":53342,"journal":{"name":"Zeszyty Teoretyczne Rachunkowosci","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48740834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-12DOI: 10.5604/01.3001.0015.2344
Małgorzata Czerny
Purpose: The purpose of the article is to compare the theoretical assumptions of Gray’s model based on Hofstede’s cultural dimensions and the actual evolution of accounting sys-tems in Russia and the Baltic countries, as former Soviet republics (which implies decades of functioning within the same legal and economic system, as well as the financial market). Methodology: A critical analysis and comparative analysis of the literature. Results: The initial characteristics of the Russian accounting subculture were characterized by a strong inclination towards conservatism and discretion, preferring statutory control and uniformity. This is also true of the accounting subculture of the Baltic countries − conserva-tive, but with a tendency towards transparency and professionalism, but at the same time appreciating the role of statutory control, with an ambivalent approach to flexibility. An analy-sis of the development of accounting systems in these countries revealed general compli-ance with the theoretical assumptions of Gray's model, and highest in the case of Russia. Originality/value: The article confirms the correctness of the assumptions of Gray's model regarding the evolution of selected countries’ accounting systems. It fills the existing cognitive gap, because former Soviet republics’ accounting systems are rarely studied in a cultural con-text, especially compared to Russia. Typically, a comparison is made between Russia/the former Soviet republic and Western European countries or another Central/Eastern European country.
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