Capital Park, a construction company, is building the new Poland, or, at least the new Warsaw. To do that, the company needs access to foreign investment. Capital Park is in the process of constructing a huge new community on the outskirts of Warsaw, complete with apartments for hundreds of new residents.
The company’s Michał Koślacz says clear financial information, to raise the money to finance the work, is key. “Information prepared in accordance with international financing standards means more capital,” he says. “And that means more stability for the Polish economy, and the more companies that use this kind of financing standards, like Capital Park, the better.”
Capital Park, like many other Polish businesses, is benefitting from a push to bring the country’s accountants and auditors up to international standards, known formally as International Financial Reporting Standards, or IFRS. With guidance from the World Bank and funding from the Swiss Enlargement Contribution, Poland is bringing transparency and clarity to its financial reporting – a step that is crucial to attracting investment.