Preparation and publication of annual financial statements (balance sheet) in Bulgaria
Bulgarian companies must prepare their annual financial statements (often referred to as balance sheet) on the basis of International Accounting Standards (IAS), or on the basis of Bulgarian Accounting Standards for Small and Medium Enterprises (SMEs).
Bulgarian companies, which do not exceed two of the following criteria during the previous two years :
- Net asset value per December 31, less than BGN 8,000,000 ;
- Annual turnover of less than BGN 15 million ;
- Average number of employees less than 250.
choose between Bulgarian Accounting Standards for Small and Medium Enterprises or the International Accounting Standards (IAS ) to prepare and submit their annual financial statements.
In contrast, public companies that use public savings , as well as companies that issue bonds or financial institutions are obliged to prepare and submit their annual financial statements on the basis of International Accounting (IAS ) Standards .
Companies in liquidation or bankruptcy prepare and present for their annual financial statements on the basis of Bulgarian Accounting Standards for Small and Medium Enterprises.
Companies must prepare the annual financial statements ( and possibly also the consolidated financial statements ) as per December 31 each year.
Bulgarian financial statements include:
- Balance sheet
- The income statement
- The cash flow sheet
- The capital sheet
- Annexes
The information presented in the annual financial statements must also meet the following requirements :
- intelligibility
- relevance
- reliability
- comparability
Companies whose financial statements are subject to mandatory verification by independent auditors must also prepare an annual activity report.
Once approved by the general meeting of shareholders, the Bulgarian companies must publish their annual accounts and annual financial statements under the following conditions :
- By depositing it with the Trade Register before June 30 of the following year for companies incorporated in the form of limited liability company ( OOD ) ;
- By depositing it with the Trade Register before 31 July of the following year for other legal forms (SA, etc ...).
Managers or directors of the company are responsible for the drafting , preparation , content and the publication of annual financial and activity statements within the time prescribed by law reports .