Valuation of Tangible Fixed Assets at the Moment of Transition to the IFRS/IAS (Based on KGHM Jsc.)

Magdalena Lech and Malgorzata Kamieniecka
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Magdalena Lech: Maria Curie Sklodowska University, Poland
Malgorzata Kamieniecka: Maria Curie Sklodowska University, Poland

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Abstract: IAS 16 „Tangible fixed assets” is the basic standard governing the rules of accounting, valuation and presentation of tangible fixes assets. In terms of valuation, there are solutions for both initial valuation and valuation subsequent to initial recognition in this standard. When analysing the moment of transition to IFRS/IAS particular attention should be paid to the methods of initial valuation contained in this standard, and regulations contained in other standards should be also taken into account, such as IAS 23 and IFRS 1. Purpose of this paper is the interpretation of the international standards’ content in terms of initial valuation of tangible fixed assets, as well as the comparative analysis with the requirements of Polish Accounting Act [pol. Ustawa o Rachunkowosci] in that regard. There will be shown both similarities and differences between above mentioned acts, which entail the need to make some adjustments while changing the applied regulations. There will be also presented the impact of changed rules of the valuation on the individual items of the financial statement. There are many discrepancies in the valuation of fixed assets between the regulations contained in IFRS/IAS and Polish Accounting Act. In order to improve the comparability and transparency of financial statements made in accordance with Polish and international regulations, it is necessary to gradually adapt domestic regulations to the international solutions.

Keywords: fixed assets; valuation of fixed assets; International Accounting Standards; financial statement (search for similar items in EconPapers)
Date: 2014
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