Poland belongs to the group of countries undergoing a unique process of transition from centrally controlled to a market‐based economy. This paper provides an overview of the background of changes as well as already effected reshaping of governmental accounting involved in the restructuring processes which were extremely accelerated in 1989. It also gives a brief outline of public sector restructuring, discusses changes in accounting regulations and generally binding accounting principles, and presents budgetary accounting systems, including plans of accounts and the question of accountability. Furthermore, fixed assets valuation in the context of privatisation has been examined briefly, and the project of new accounting regulations has been described. Finally, the paper presents controversy over accounting restructuring in Polan