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The article presents advantages and disadvantages of two basic approaches to valuation of assets and liabilities – historical cost and fair value. Emphasis has been put on role of fair value in international regulations, methodology for its measurement and impact of its implementation on the form and content of financial statements. In the final part of the article the author presents a new approach to valuation and a new layout of the balance sheet and income statement.
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The article presents selected directions of improvement of the process of fi-nancial statements examination. The author describes the changes made in the 21st century, which are designed to raise the quality of audit in conditions of increasing globalization of the economy and financial market. The paper also discusses new proposals for audit improvement set out in the Green Paper published by the European Commission in 2010.
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