CREDIBILITY VERSUS MEASUREMENT OF VALUE OF A FINANCIAL STATEMENT CONSTITUENTS IN THE CONTEXT OF AUDITING RISK
Preparing financial statements is essential for each business entity in order to transmit information necessary for the intended user. The statements must reflect current financial situation of the company on the basis of which it will be possible to take appropriate decisions. Information is only r...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
University of Applied Sciences in Bielsko-Biała
2017-07-01
|
| Series: | Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej |
| Subjects: | |
| Online Access: | http://asej.eu/gicid/01.3001.0012.2589 |
| _version_ | 1797287993770246144 |
|---|---|
| author | Wioletta Świeboda |
| author_facet | Wioletta Świeboda |
| author_sort | Wioletta Świeboda |
| collection | DOAJ |
| description | Preparing financial statements is essential for each business entity in order to transmit information necessary for the intended user. The statements must reflect current financial situation of the company on the basis of which it will be possible to take appropriate decisions. Information is only reliable when it is useful. Preservation of credibility of financial statements in business practice raises doubts relating to the possibility, allowed by the International Accounting Standards, to present estimates. Another concern is connected with the increasing usage of fair value measurement instead of the principle of prudence1 . The aim of the paper is to define the notion of credibility with respect to elements of financial statement, auditing risk of these elements and application of estimates. The author also highlights the essence of fair value measurement and the impact of financial auditing on shaping the credibility of information in the financial statement. For the purposes of the paper the author researched the legal acts in force and used the case study method. |
| first_indexed | 2024-03-07T18:42:52Z |
| format | Article |
| id | doaj.art-cfb257ebfc0b458a9457228fbb8317a2 |
| institution | Directory Open Access Journal |
| issn | 2543-9103 2543-411X |
| language | English |
| last_indexed | 2024-03-07T18:42:52Z |
| publishDate | 2017-07-01 |
| publisher | University of Applied Sciences in Bielsko-Biała |
| record_format | Article |
| series | Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej |
| spelling | doaj.art-cfb257ebfc0b458a9457228fbb8317a22024-03-02T03:32:15ZengUniversity of Applied Sciences in Bielsko-BiałaZeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej2543-91032543-411X2017-07-0121210711610.19192/wsfip.sj2.2017.701.3001.0012.2589CREDIBILITY VERSUS MEASUREMENT OF VALUE OF A FINANCIAL STATEMENT CONSTITUENTS IN THE CONTEXT OF AUDITING RISKWioletta Świeboda0Katowice University of EconomicsPreparing financial statements is essential for each business entity in order to transmit information necessary for the intended user. The statements must reflect current financial situation of the company on the basis of which it will be possible to take appropriate decisions. Information is only reliable when it is useful. Preservation of credibility of financial statements in business practice raises doubts relating to the possibility, allowed by the International Accounting Standards, to present estimates. Another concern is connected with the increasing usage of fair value measurement instead of the principle of prudence1 . The aim of the paper is to define the notion of credibility with respect to elements of financial statement, auditing risk of these elements and application of estimates. The author also highlights the essence of fair value measurement and the impact of financial auditing on shaping the credibility of information in the financial statement. For the purposes of the paper the author researched the legal acts in force and used the case study method.http://asej.eu/gicid/01.3001.0012.2589financial statementaudit riskcredibility |
| spellingShingle | Wioletta Świeboda CREDIBILITY VERSUS MEASUREMENT OF VALUE OF A FINANCIAL STATEMENT CONSTITUENTS IN THE CONTEXT OF AUDITING RISK Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej financial statement audit risk credibility |
| title | CREDIBILITY VERSUS MEASUREMENT OF VALUE OF A FINANCIAL STATEMENT CONSTITUENTS IN THE CONTEXT OF AUDITING RISK |
| title_full | CREDIBILITY VERSUS MEASUREMENT OF VALUE OF A FINANCIAL STATEMENT CONSTITUENTS IN THE CONTEXT OF AUDITING RISK |
| title_fullStr | CREDIBILITY VERSUS MEASUREMENT OF VALUE OF A FINANCIAL STATEMENT CONSTITUENTS IN THE CONTEXT OF AUDITING RISK |
| title_full_unstemmed | CREDIBILITY VERSUS MEASUREMENT OF VALUE OF A FINANCIAL STATEMENT CONSTITUENTS IN THE CONTEXT OF AUDITING RISK |
| title_short | CREDIBILITY VERSUS MEASUREMENT OF VALUE OF A FINANCIAL STATEMENT CONSTITUENTS IN THE CONTEXT OF AUDITING RISK |
| title_sort | credibility versus measurement of value of a financial statement constituents in the context of auditing risk |
| topic | financial statement audit risk credibility |
| url | http://asej.eu/gicid/01.3001.0012.2589 |
| work_keys_str_mv | AT wiolettaswieboda credibilityversusmeasurementofvalueofafinancialstatementconstituentsinthecontextofauditingrisk |