Due to the complexity and uncertainty of accounting medium in which enterprises develop their activity, a variety of accounting policies and options for the solutions of certain problems are stipulated by the national norms (National Accounting Standards) and especially international norms (International Financial Reporting Standards). The existence of different accounting options and the freedom sometimes offered by the accounting norms may lead to the appearance of so-called creative accounting. Creative accounting does not mean necessarily breach of accounting rules and regulations, but it can be done well within the law. Creative accounting may serve different purposes depending on the interests that the enterprise management has, it is facilitated by gaps in accounting rules or sometimes accountants are oriented towards certain professional subjective judgments by the accounting norms. The objective of this paper is to identify the main creative accounting options and how they influence the information in annual financial statements, affecting their quality and reliability. To investigate the issue, the authors examined several definitions of the term, presented the main creative techniques regarding long-term and current assets and tried to analyze the impact of these operations on the financial result of the enterprise.