Accounting Vouchers and Principles of Bookkeeping : Expectations in 21st Century

The current regulations and practices related to accounting vouchers and bookkeeping in Poland, including cross-cutting tax regulations, were assessed and compared with selected EU countries (France, Germany and UK). The study was undertaken at the...

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Bibliographic Details
Main Authors:	Olszewska, Irena, Wołczyńska, Monika
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Vienna 2016
Subjects:	TERRORISM ACCOUNTING PRINCIPLES HOLDING LIABILITY FOREIGN CAPITAL EQUIPMENT INTANGIBLE ASSETS ACCOUNTING WAREHOUSE ACCOUNTING PRACTICES LIQUIDATION INTERNATIONAL CAPITAL DEED STOCK VALUATION INFORMATION TECHNOLOGY SALES INTEREST DEPRECIATION FOREIGN ENTERPRISES PROPERTY RIGHTS OPTION EXCHANGE BANKING SYSTEM NOTARY TAX OBLIGATION SELLING REVENUES FINANCIAL STATEMENTS IMAGE SETTLEMENT PERIODS FINANCIAL STATEMENT ACCOUNTING THEORY TAX OWNERSHIP INCOME TAX QUALITY MARKET PRACTITIONERS BANKRUPTCY ACCOUNTING SOFTWARE REPORTING INTERNATIONAL BANK CREDITORS PENSION CASH FLOWS BILLS CREDIBILITY ACCOUNTING SERVICES FOREIGN MARKETS STATEMENT REQUIREMENTS SALE OF PROPERTY COMMERCIAL CODE CURRENCY CREDIT UNIONS ACCOUNTING POLICIES CONTRACTS PERSONAL INCOME FOREIGN CURRENCIES SOCIAL INSURANCE FUND TRADING OPTIONS INVESTMENT FUNDS GLOBALIZATION CRITERIA MARKETS DEBT FINANCIAL REPORTING RETURN STATUTORY AUDITORS SETTLEMENT PUBLIC FINANCE FINANCIAL YEARS LOANS BILLING INVENTORY PENSION FUNDS FINANCIAL SYSTEM DUE DILIGENCE ACCOUNT FINANCE FOREIGN CURRENCY TAXES CIVIL CODE TRANSACTIONS RESOURCES EQUITY INCOME TAXES TRANSACTION AUDITED FINANCIAL STATEMENTS VALUE OF ASSETS GOOD FRAUD ACCOUNTANTS AUDITORS EXPENSES CASH TRANSACTIONS BILLS OF EXCHANGE TURNOVER FUTURE PENSIONS CASH PAYMENTS RETURNS ACCOUNTANCY CONTRACT MAINTENANCE AMORTIZATION PROPERTY ISSUANCE COST ACCOUNTANT INVENTORY OF ASSETS BALANCE SHEET MARKET FINANCIAL REPORTING STANDARDS TRADE UNIONS COMMERCIAL CONTRACTS ACCOUNTING DOCUMENTS SECURITIES POOLING OF INTERESTS COMMERCIAL LAW ACCOUNTING STANDARD ACCOUNTING SYSTEMS INSURANCE BOOKKEEPING CURRENCIES PAYROLL INTERESTS GOODS FIXED ASSETS SECURITY LEGAL SYSTEM INTANGIBLE BANK LOANS ACCOUNTING STANDARDS DURABLE FINANCIAL MARKET STOCKS LOSS STATEMENT INVESTMENT BUSINESS SHARE IMMOVABLE PROPERTY BALANCE SHEETS FINANCIAL INFORMATION ACCOUNTING PROCEDURES FUND ACCOUNTING PAYROLL RECORDS COOPERATIVES REVENUE PROFIT CASH BALANCES ACCOUNTS CHECK AUDIT INSURANCE COMPANIES EXCHANGE RATE BANKING LAW CUSTOMERS PHYSICAL SECURITY SECURITIES LAW LIMITED LIABILITY LIABILITIES COMMON LAW ACCOUNTING RECORDS IMPLEMENTATION GUARANTEE AUDITING TAX OBLIGATIONS
Online Access:	http://documents.worldbank.org/curated/en/2016/06/26468982/ http://hdl.handle.net/10986/24799

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Summary:	The current regulations and practices related to accounting vouchers and bookkeeping in Poland, including cross-cutting tax regulations, were assessed and compared with selected EU countries (France, Germany and UK). The study was undertaken at the request of the Polish Ministry of Finance, and funded under the Financial Reporting Technical Assistance Program (FRTAP), to contribute to efforts to enhance harmonization with other relevant regulations, reduce unnecessary requirements and red tape for entities (especially SMEs and micro entities), and to reflect current and potential future technology changes whilst retaining control over diligence and quality of bookkeeping. The content, quality and scope of legislation in this area was found to be generally good. In contrast to the other countries studied, however, it takes a detailed, prescriptive approach. The report suggests moving away from setting detailed requirements and towards the development of a clear general framework. This would help preserve the quality of bookkeeping and accounting practices but reduce the need for continuous amendments to regulations to keep pace with changing circumstances, for example technological changes. It would also create space for more liberalization and greater flexibility for market practitioners and would be in keeping with the approach adopted in the other countries looked at. The report identifies gaps and inconsistencies in the areas of accounting policy and maintenance of books; accounting vouchers; financial statements; storage; provision of bookkeeping services; and information technology (IT) and makes a number of suggestions to address these.

Accounting Vouchers and Principles of Bookkeeping : Expectations in 21st Century

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