Publication date: February 2, 2026
The valuation of assets and liabilities is one of the fundamental mechanisms of financial accounting, determining the recognition of economic events in financial statements. Through the valuation process, economic events are translated into measurable monetary terms, enabling the preparation of a balance sheet, profit and loss account, and other elements of a financial statement. Both the Polish Accounting Act and international financial reporting standards are based on the assumption that there is no single universal valuation method. The accounting system allows for the use of diverse valuation bases, depending on the type of asset, its purpose, and the expected realization of future economic benefits or liabilities. This leads to a mixed valuation model, in which cost-based and market-based solutions coexist. Against this backdrop, changes in international accounting regulations, including the annual amendments to IFRS and IAS effective from 2026 and the introduction of the new IFRS 18 standard, are particularly significant. Although these regulations do not directly change the basis for the valuation of assets and liabilities, they do impact the presentation and disclosure of the effects of adopted valuation decisions. The purpose of this article is to discuss the principles of valuation of assets and liabilities in accounting, taking into account the regulations of the Accounting Act and international financial reporting standards, as well as to present the significance of the changes in force from 2026 for financial reporting.
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Publication date: February 2, 2026
Biotechnology has been included in the European Commission’s political programme for 2024–2029 as one of the key technologies for the EU’s economy and security.
The EU Biotech Act is an EU initiative aimes at making Europe a global leader in biotechnology by simplifying regulations, increasing funding (including €10 billion for innovation), and supporting bioproduction. The legislation covers innovation in medicine, agriculture, and industry.
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Publication date: January 28, 2026
In Poland there is planned the e-contract system – central IT system operated by the Ministry of Family, Labor and Social Policy. It will enable the electronic conclusion and management of employment contracts, contracts of mandate, contracts for specific work, and other HR documents, integrating with public registers (ZUS, CEIDG, KAS). Accessible through praca.gov.pl, the system will simplify HR processes, automate ZUS filing, provide access to documentation for the National Labor Inspectorate (PIP), and store and manage full employee records online, becoming a tool for the comprehensive digitization of the labor market.
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Publication date: January 28, 2026
The trade in works of art poses many practical legal challenges. This stems from the fact that numerous provisions, scattered across various legal acts, apply. To gain a thorough understanding of art trade law, one must be familiar with the following regulations:
- Act of 23 July 2003 on the protection and care of monuments (consolidated text: Journal of Laws of 2024, item 1292).
- Act of 11 March 2004 on tax on goods and services (consolidated text: Journal of Laws of 2025, item 775, as amended).
- Regulation (EU) No 952/2013 of the European Parliament and of the Council of 9 October 2013 laying down the Union Customs Code (OJ L 269, 2013, p. 1, as amended).
- Act of 19 March 2004 – Customs Law (consolidated text: Journal of Laws of 2024, item 1373)
- The Act of 23 April 1964, the Civil Code (consolidated text: Journal of Laws of 2025, item 1071).
- Council Regulation (EC) No 116/2009 of 18 December 2008 on the export of cultural goods (Codified version) (OJ L 39, 2009, p. 1).
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Publication date: January 22, 2026
A hull board (or “hull”) is a management body of a legal person (e.g., a company, association, foundation) that formally exists, but its numerical composition has fallen below the minimum number required by the statute or agreement, preventing it from effectively adopting resolutions, representing the organization, and managing its affairs, which may result in the need to appoint a curator.
The provisions of the Polish Commercial Companies Code in the regulations concerning capital companies provide that the company’s management board consists of one or more members. In capital companies, this is a mandatory body, but it may also be appointed optionally in a professional partnership. The company’s articles of association or statute may specify how many people will comprise it, most often by indicating a specific number of management board members or defining it using a range of numbers (e.g. the management board consists of 3-5 people). A problematic situation arises when the number of management board members falls below that required in the articles of association or statute. Then we are dealing with the so-called hull board where a corporate structure is in a state of inconsistency between the established composition of a body and its proper staffing quantitatively.
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