Regulation of the Bulgarian accounting system and its future perspectives
Journal Title: Zeszyty Teoretyczne Rachunkowości - Year 2015, Vol 2015, Issue 84
Abstract
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.
Authors and Affiliations
Snejana Basheva, Borislav Boyanov
Keywords
Related Articles
- EP ID EP81829
- DOI 10.5604/16414381.1173805
- Views 135
- Downloads 0
XXVI Ogólnopolska Konferencja Naukowa Rachunkowość w zarządzaniu jednostkami gospodarczymi w Kołobrzegu w maju 2018 roku
XXVI Ogólnopolska Konferencja Naukowa Rachunkowość w zarządzaniu jednostkami gospodarczymi w Kołobrzegu w maju 2018 roku<br/><br/>Opracowanie zawiera sprawozdanie z ogólnopolskiej konferencji naukowej zorganizowanej prze...
Accounting and ideology – Chinese increase-decrease bookkeeping model
Accounting, as the product of an environment in which it is supposed to carry out its tasks, is subject to numerous factors. Among them there also occurs an ideological-political determinant which influ-ences the objecti...
Possibilities and limitations of the use of total accruals models in the detection of earnings management
Although from the point of view of financial reporting, net profit (loss) is the accounting result of the difference between revenues and deductible (operating) expenses, this measure due to its interactive nature has...
Proposed changes in the European Union in the annual financial statements of micro-entities
The main purpose of this article is to present the proposed changes in the European Union in respect of annual financial statements prepared by micro-entities. Achieving this objective has been associated with adoption a...
Accounting theory and its place in the structure of management sciences
The paper presents the origins of accounting theory and outlines its development and the main problems within its domain. It identifies and analyses the place of accounting science in the classification of scienc-es from...