The process of harmonization and standardization of the accounting, which has been observed hitherto, is described in this paper. Particular attention has been given to changes that have been done in the Polish balance law and conditions which accompanied them. Special attention has been also paid to the implications which may be caused by the drawing up the financial statements according to International Financial Reporting Standards. Changes in the accounting have resulted in the fact that its main function which it fulfils is the information function. Detailed functions that arise from the main one have been also described in this paper.