Atrybuty sprawozdania z działalności na tle sprawozdania finansowego
The distinguishing features of management commentary in the context of financial statements

Summary/Abstract: The aim of the paper is to highlight the distinguishing features of management commentary in com-parison to financial statements. Financial statements contains description of financial position and performance of reporting enterprise, whereas management commentary should also provide explana-tions, linking the financial position and performance to their causes. Financial statements describe the past, despite their being used in forecasts. Management commentary contains forward-looking infor-mation. Preparers of financial statements in compliance with the true and fair view principle should seek the objectivity of presentation, even though it is seldom attainable. Management commentary, on the contrary, is a report where subjective opinions are valuable for users because they are interested in the management view of the entity.

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