Regulation of the Bulgarian accounting system and its future perspectives

• Main Authors: Snejana Basheva, Borislav Boyanov
• Format: Article
• Language: English
• Published: Rada Naukowa SKwP 2015-11-01
• Series: Zeszyty Teoretyczne Rachunkowości
• Subjects: ustawa o rachunkowości;dyrektywy z zakresu rachunkowości;harmonizacja;accounting law;Accounting Directives;harmonization;regulacje rachunkowości
• Online Access: http://journals.indexcopernicus.com/fulltxt.php?ICID=1173805

In 2013, the Fourth and Seventh Directives were replaced by a new Accounting Directive – Directive 2013/34/EC. The Directive is the outcome of EU aspirations to ease the business environment of small and medium-sized enterprises by simplifying the requirements with regard to reporting and mandatory disclosures for that category of enterprises. The entities of the practical sector (public and private limited liability companies, partnerships, general partnerships, etc.) come within the scope of the Directive. The scope of the Directive excludes non-profit legal entities. The provisions of the Directive should, for the first time, be applied with regard to financial statements for reporting years beginning on or after January 1, 2016. Being an EC Member State, the Republic of Bulgaria has to transpose the Directive into the national accounting legislation by July 2015. The emphasis in this article is put on the basic problematic areas which occur in the process of the transposition of the Directive. As the possible solutions are based on established traditions and practices, the authors of this article try to identify the solutions to these problems taking into consideration the requirements imposed by the Directive itself. Four principal prob-lems are defined in the article: should there be a new Accounting Law and what should it include; should the Accounting Law include accounting principles; what groups and categories of enterprises should be differentiated and which accounting basis should be applied by any of them.