Assets Measurement Principles According to Croatian and Polish Accounting Standards

• Main Authors: Ivana Mamić Sačer, Beata Zyznarska-Dworczak
• Format: Article
• Language: English
• Published: The Institute of Economics, Zagreb 2020-01-01
• Series: Croatian Economic Survey
• Subjects: accounting principles; accounting standards; financial reporting standards; Croatia; Poland
• Online Access: https://hrcak.srce.hr/file/346879

There are many kinds of international operations, and entities from different countries can operate in different regulatory frameworks. This is why comparative international accounting has become more and more important. There are great efforts made by the EU, the IASB, the FASB, and other institutions in order to achieve comparable financial statements. Still, there are many accounting differences among the countries. The EU member states are restricted by the European Regulation on the application of the IFRS but the regulation of accounting principles for micro, small, and medium sized entities represents the national regulators’ choice. The main goal of the paper is to provide a description of the existing accounting framework and the standard setting process in two European countries: Croatia and Poland. Research methodology is based on a critical analysis of scholarly literature and the comparison of Polish and Croatian Accounting Acts, Polish Accounting Standards and Croatian Financial Reporting Standards, in terms of main accounting principles for assets. The authors test the thesis that the national accounting standard setting process affects the form and content of accounting principles and standards. Therefore, the research focus is related to several accounting areas and the paper investigates accounting principles for different kinds of assets.