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LMC

Legislation Monitoring Centre
 
In Poland there is neither an internet portal nor an institution for employers responsible for monitoring the legislation process of regulations that determine the rules for business activity. At present employers  learn about changes in the law mainly from mass media or simply through the grapevine, usually with delay.

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The Employers of Poland warn against creative accounting

11-07-2012

According to the Employers of Poland, the proposal of the Finance Ministry concerning new rules on debt calculation is an action within the scope of creative accounting.

 

The Finance Ministry wants the government debt to be still as to the principle converted into zlotys (PLN), according to the exchange rate on the last day of December. What is new? If the result of this operation is that it goes beyond the I or II prudence threshold, the debt will be converted once more, but according to the average annual rate and the debt will be reduced by the so-called free resources. The prudential procedures will be started only when the operation and the ratio of public debt to GDP exceeds the thresholds. According to the experts of the Employers of Poland, such activity has all the hallmarks of creative accounting.