Zabezpieczające instrumenty finansowe – wpływ zmiany prawa bilansowego w Polsce na wybrane aspekty zabezpieczeń
Derivatives – the change in the accounting treatment in Poland and its influence on some aspects of hedging process

Summary/Abstract: In the last thirty years uses of derivatives have growth significantly. Companies realised that besides direct competitors, changes in currency exchange rates, commodity prices as well as interest rates directly influence their financial position on the market. To avoid such a risk companies have started to use derivatives as a tools against changes on financial markets. During the period of 70’s and 80’s many entities used financial instruments like for-wards, futures, options, which were well known for many years, as well as new kind of con-tracts have been developed e.g. swaps, floor, FRA, swaptions, etc. On the other hand, as de-rivatives are very risky business themselves, this situation leaded many of firms to bankruptcy. The most complicated issue connected with derivative activities was the fact, that ac-cording to the past accounting standards, there was no possibility to present in financial statements the current value of derivative contracts as long as final profit or loss didn’t appear in reality, which was obviously to late for shareholders. After a few years of big pressure accounting bodies like International Accounting Stan-dards Committee, Financial Accounting Standards Board, Accounting Standards Board set up new standards, in which the most important are: IAS 32 & 39, FRS 13, FAS 133. Polish Ac-counting Act has also been changed and the new one will be in force, in part which regulates financial instruments, starting from January 1st 2002. New accounting treatment for derivatives is difficult and complex itself but it also re-quires some changes to be done in other areas of entities which currently function, like Risk Management System, Management Information System, internal control, audit procedures, etc. This article focuses on some aspects of Risk Management System and Management In-formation System which require some changes for successful compliance with new standards.

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