Accounting and accounting rules in Bulgaria
Accounting Rules
- Tax Year
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The fiscal year begins on January 1st and ends on December 31st of the same year.
- Accounting Standards
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International accounting standards were established in Bulgaria at the beginning of 2003. The standards apply to banks, insurance, social well-being and investment companies as well as unidentified companies. Bulgarian accounting standards are now in agreement with the standards of the International Accounting Standards Board.
- Accounting Regulation Bodies
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BULNAO
National Assembly of the Republic of Bulgaria
Ministry of Finance
- Accounting Reports
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The balance sheet is presented into accounts with liabilities composed of constant capital and debts, because there is a distinction between long and short-term debts.
The profit and loss account gives priority to the repository of the global production and leaves the choice of the costs classification either by nature or by function.
- Publication Requirements
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Companies have to publish annually a balance sheet, a profit and loss account and an appendix.
- Professional Accountancy Bodies
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Institute of Certified Public Accountants of Bulgaria , in Bulgarian
- Certification and Auditing
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The external control of accounts must be confided to a body of certified experts (auditors) chosen by the company. Wolftheiss, PricewaterhouseCoopers, Kambourov & Partners, KPMG, Ernst & Young.
- Accounting News
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Latest Update: October 2024