Rewolucja czy normalizacja rachunkowości spółdzielczych kas oszczędnościowo-kredytowych?
A revolution or accounting normalization of cooperative credit unions?

Summary/Abstract: Co-operative credit unions are part of the national financial sector that is based on the idea of self-financing of its constituent members. These entities are functioning on the basis of cooperative law regulations and individual standards laws and until very recently they performed accounting based solely on the provisions of the Accounting Act. The lack of established external supervision and specific provisions for accounting performed by those unions, including those related to the valuation of financial instruments and the mandatory examination and publication of financial reports resulted in the creation of a subjective economy image of the co-operative unions and an important information gap. The consequence of this state of affairs was a closer supervision of the credit unions by the Financial Supervision Commission. Having commissioned the performance audits the Commission then revealed the difficult economic and financial situation of cooperative credit unions. The article presents the origins and extent of changes that took place in the accounting practices used by credit unions and it demonstrates the negative impact of politics on accounting.

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