International Financial Reporting Standards as a Source of Balance Sheet Law

This article examines the admissibility of the adoption by EU authorities of Regulation No. 1606/2002 on the application of international financial reporting standards (IFRS) in the Member States. The paper also defines the relationship between the provisions of the EU Regulation and the Polish Accounting Act. The legal dogmatic analysis carried out leads to the conclusion that the EU authorities, in issuing the Regulation on the application of IFRS, acted within the limits of the competence entrusted by the Member States. The issuance of the regulation is lawful and proportionate to achieve the goal of unifying accounting rules. In the current state of the law, there is also no conflict between the provisions of the EU Regulation and the Polish Accounting Act.