The method is described and justified, not chosen ad hoc
Every analysis states the standard, the literature and the case law it relies on. Below is the methodological library we draw on in valuations, quantification of damages, insolvency matters and financial disputes.
An economic expert report holds up in a dispute when the other side cannot challenge the choice of method. That is why every engagement starts with one question: which professional standard or established methodology fits the problem at hand. Only then do we calculate.
We maintain our own methodological library: valuation standards, commentaries, monographs, articles from professional journals and case law, indexed for full-text search. Tens of thousands of passages, each of which can be cited in a report with a precise reference to its location.
The library is kept current: amendments, resolutions of the Polish Supreme Court, judgments of the Court of Justice of the EU and new editions of commentaries are added in the week of publication. The list below covers the key sources by area. It is not a complete bibliography.
Full-text index
Standards, commentaries, monographs and journals indexed for semantic search. In a report we cite the author, the edition and the exact location, not "the literature".
Quality control
Scripts check the consistency of figures between the text and the tables, the conformity of citations with current case law and the reproducibility of calculations between versions.
Publications and teaching
Lessons from our work feed into academic articles and conference papers. We describe open methodological problems rather than hide them.
Sources by area
What our analyses are based on
The professional standards, monographs and commentaries we refer to most often. In a specific case, the list of sources is always part of the report.
Valuation of businesses, shares and intangible assets
Three approaches (income, market, asset-based), with the method selected according to the purpose of the valuation, the company's stage of development and the available data. A nil value or negative equity is a finding, not a failure of the method.
KSWS - Polish National Specialist Valuation Standard "General Principles of Business Valuation" (PFSRM, the Polish Federation of Valuers' Associations)
SBWPwP standards nos. 1-6 (Association of Business Valuation Experts in Poland), including standard no. 5 on the valuation of intangible assets
International Valuation Standards (IVS 2025), in particular IVS 105, 200, 210 and 300
IFRS 13 "Fair Value Measurement"
A. Damodaran, "Investment Valuation"; S. Pratt, "Valuing a Business"; J. Hitchner, "Financial Valuation"
S. Pratt, R. Grabowski, "Cost of Capital"; M. Panfil, A. Szablewski (eds.), "Wycena przedsiębiorstwa" (Business valuation)
D. Zarzecki, "Metody wyceny przedsiębiorstw" (Business valuation methods); J. Pinto et al., "Equity Asset Valuation" (CFA Institute)
Lost profits and quantification of damages
But-for scenario, incremental margin, ex ante and ex post approaches, discounting and mitigation. Damages are calculated as the difference between two states of the claimant's assets, not as a sum of invoices.
Articles 361-363 of the Polish Civil Code (KC) with commentaries; M. Kaliński, "Szkoda na mieniu i jej naprawienie" (Damage to property and its compensation)
R. Weil, D. Lentz, E. Evans (eds.), "Litigation Services Handbook: The Role of the Financial Expert"
R. Dunn, "Recovery of Damages for Lost Profits"; P. Gaughan, "Measuring Business Interruption Losses and Other Commercial Damages"
"McGregor on Damages" (Sweet & Maxwell) as a comparative reference for foreign approaches
AICPA standards for forensic and valuation services (Statement on Standards for Forensic Services)
J. Kinrich, E. Harry (eds.), "Lost Profits Damages: Principles, Methods, and Applications"; AICPA Practice Aid "Calculating Lost Profits"
Federal Judicial Center, "Reference Guide on Estimation of Economic Damages" (Reference Manual on Scientific Evidence)
Insolvency, directors' liability, creditor recovery test
Dating the onset of insolvency under the cash-flow test and the balance-sheet test, the "proper time" for filing the petition, the creditor recovery test in restructuring, the but-for calculation of the insolvency estate.
Polish Bankruptcy Law (Articles 10-13 and 21) and Polish Restructuring Law (Articles 10a, 119, 161a and 165), including the 2025 amendment
Articles 299 and 586 of the Polish Commercial Companies Code (KSH), Article 116 of the Polish Tax Ordinance
I. Gil (ed.), "Meritum. Prawo upadłościowe i restrukturyzacyjne" (Bankruptcy and restructuring law); P. Janda, "Prawo upadłościowe. Komentarz" (Bankruptcy Law. Commentary); P. Zimmerman, "Prawo upadłościowe. Prawo restrukturyzacyjne. Komentarz" (Bankruptcy Law. Restructuring Law. Commentary)
R. Kosmal, D. Kwiatkowski, "Prawo restrukturyzacyjne. Komentarz" (Restructuring Law. Commentary); A. Hrycaj, P. Filipiak (eds.), commentaries and studies on restructuring proceedings
"Doradca Restrukturyzacyjny" quarterly (Polish restructuring advisers' journal), including the methodology for testing the grounds of insolvency
Discriminant models (Altman, Polish models) together with the literature on the limits of their application; the German standard IDW S 11 as a comparative reference
Directive (EU) 2019/1023 of the European Parliament and of the Council on preventive restructuring frameworks
R. Reilly, "A Practical Guide to Bankruptcy Valuation" (American Bankruptcy Institute)
Loans, reference rates and financial products
Settlement of foreign-currency-indexed and denominated loans, restitution variants, the market conformity of the WIBOR rate (Polish interbank reference rate), verification of the APRC (annual percentage rate of charge) and of the grounds for the "free credit" sanction. Calculations reproduced to the last cent on the rate and exchange-rate series.
CJEU case law (including C-260/18, C-520/21 and C-471/24) and resolutions of the Polish Supreme Court (including III CZP 25/22)
Polish Consumer Credit Act with its annex on the APRC formula; Directives 2008/48/EC and (EU) 2023/2225
Regulation (EU) 2016/1011 (BMR) and the documentation of the benchmark administrator
T. Czech, "Kredyt hipoteczny. Komentarz" (Mortgage credit. Commentary); D. Rogoziński, "Klauzula WIBOR" (The WIBOR clause) and "Rozliczenia stron nieważnej umowy kredytu" (Settlements between the parties to a void loan agreement)
WIBOR, LIBOR and SARON rate series, exchange rates and interest-rate statistics of the National Bank of Poland (NBP) as model inputs
Personal rights, reputation and intellectual property
Pecuniary and non-pecuniary loss of natural and legal persons: event study, before-and-after method, relief-from-royalty, remediation costs, case-law benchmarks for non-pecuniary damages awards.
Polish Supreme Court resolution III CZP 22/23 with commentaries; Articles 23, 24, 43 and 448 of the Polish Civil Code (KC) with commentaries
V. Wilcox, "A Company's Right to Damages for Non-Pecuniary Loss" (Cambridge University Press)
P. Kossecki, "Wycena aktywów niematerialnych do celów prawnych" (Valuation of intangible assets for legal purposes); P. Zdanikowski, "Zadośćuczynienie. Praktyka i standaryzacja" (Non-pecuniary damages. Practice and standardisation)
J. Matys, "Model zadośćuczynienia pieniężnego z tytułu szkody niemajątkowej w KC" (A model of monetary compensation for non-pecuniary loss under the Polish Civil Code)
Methodology of counsel's work in intellectual property cases (Wolters Kluwer); SBWPwP standard no. 5 and IVS 210 for royalty rates
G. Salinas, "The International Brand Valuation Manual"; L. Paugam et al., "Brand Valuation"
G. Urbanek, "Wycena aktywów niematerialnych przedsiębiorstwa" (Valuation of a company's intangible assets); G. Smith, R. Parr, "Valuation of Intellectual Property and Intangible Assets"; ISO 10668 (brand valuation)
Event-study literature (Karpoff et al.) and the AMEC media measurement principles (Barcelona Principles) instead of advertising value equivalence
Movable property, fixed assets and organised parts of an enterprise
Market approach where a liquid secondary market exists; depreciated replacement cost with physical, technological and economic obsolescence factors where it does not.
IVS 105 (valuation approaches and methods) and IVS 300 (plant and equipment)
Polish General National Valuation Principles and interpretative notes of PFSRM (the Polish Federation of Valuers' Associations)
SBWPwP standard for the valuation of an organised part of an enterprise (business unit); liquidation value as the floor
A network of licensed property valuers and technical appraisers for specialist valuations (rolling stock, production lines)
Digital assets and blockchain forensics
Valuation of crypto-assets as at the date of the act, on-chain tracing, analysis of exchange accounts and crypto ATMs, preservation procedures for the authorities.
Regulation (EU) 2023/1114 (MiCA) and the FATF guidance on virtual assets
Blockchain explorer data, chain-analysis tools and exchange APIs as source data
IVS valuation standards on intangible assets and financial instruments
The work of the Blockchain Experts Association and training for law enforcement agencies
Statistics, econometrics and group proceedings
Sampling, questionnaire research, aggregate damages models and regressions in disputes; sensitivity analysis as a mandatory element of every model.
J. Wooldridge, "Introductory Econometrics"; literature on event studies and panel models
Polish Group Proceedings Act; literature on the commonality of damages and the standardisation of claims
SAOS (Polish public database of court judgments) and our own case-law compilations as a benchmark for awards
Regulations (EC) 261/2004 and (EU) 2021/782 in passenger compensation cases
Standard of expert evidence
Six principles we test in every report
We apply the same criteria to our own work and to the audit of other experts' reports.
A method with reasons
The choice of method follows from a standard or an established methodology and is described in enough detail for the other side to verify it.
Source data, not assertions
Books of account, JPK (standard audit files for tax), KSeF (Poland's national e-invoicing system), the case file, register data and on-chain data. Every figure has a stated source, down to the page of the file.
Reproducible to the last cent
We run the calculations in spreadsheets and scripts that can be re-run. The result does not depend on who does the calculation.
Falsifiable assumptions
Every assumption is stated so that it can be challenged. Sensitivity analysis shows which of them drive the amount.
Adversarial review
Before delivery, a second person looks for weak points the way the other side will. Quality control covers the consistency of figures and citations.
Current law and case law
We check amendments, Polish Supreme Court resolutions and CJEU judgments as at the date of the report. We cite the law as it stood on the date of the event.
Want to know which method we would use for your case?
Describe the problem and the material you have. In reply we will indicate the standard, the method and the data we will need.
