Changes taking place in Poland and in other Central European countries mean a return to the free market economy and private ownership under democratic law. In these circumstances, new accounting regulations are necessary. In this paper some of the important questions covering the process of setting accounting regulations have been identified and discussed. The questions are as follows: - business law and accounting regulations; the sequence of changes; - the scope of accounting regulations; - EC Directives and the new Order on Accounting; - international accounting standards and their importance for changes in accounting regulations; - making use of the experience of West European nations; - Accounting regulations problems concerning the newly established Stock Exchange in Warsaw and the Securities Commission; - the recently promulgated 'Act on Financial Statements Auditing and the Auditors' (independent institution, and standards); - the role of the accounting profession in the rule-making process.
The first version of this paper was based on accounting regulations promulgated in 1991, whereas the final version has taken into account the Accounting Act passed by Parliament in 1994. It makes a distinction between accounting for general purpose and accounting for income tax authorities. In consequence, the emphasis has been placed on highlighting the fundamental change in the relation between accounting and taxation which has been taking place in Poland as a result of: the first stage of transition to market economy in 1991-1994 and the radical change since 1995, which makes accounting tax independent. The introduction to the main body of the paper is provided by a presentation of the historical background, with special emphasis on an entirely different relationship between accounting and taxation under the centrally-planned economy.
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