FINANCIAL REPORTING QUALITY IN COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE

Financial statements are generally considered to be one of the primary information sources for stakeholders of companies, whose shares and/or bonds are quoted on the capital market. Due to their significant importance for the financial condition assessment of these entities, the utmost importance is the quality of financial reporting, including in particular the reliability of published financial data. Given the relatively frequently observed inconsistencies and gaps in this field over several years of author's activity on the Polish capital market, as the objective of this article was adopted the assessment of financial reporting quality in companies listed on the Warsaw Stock Exchange. The study was performed based on quarterly, semi-annual and annual financial statements published in 2012-2014 by over 400 companies, by comparing the values reported for the reference period in the considered period statement with the values given in the previous year statement as values for the considered period. Obtained results indicate, among others, that in the analyzed period more than one third of investigated companies had smaller or bigger problems with reliable financial reporting. This situation obviously is quite difficult for an objective financial condition and development trends assessment of companies listed on the Warsaw Stock Exchange.