Adoption History

Bulgaria

In 2007, Bulgaria became an EU member state (Malaysian Accounting Standards Board, 2007). In 1993, Bulgaria applied the National Accounting Standards for its companies. Starting from January 1, 2002, the domestic accounting standards were moving forward to the adoption of International Accounting Standards (IAS). When Bulgaria joined EU, the Accountancy Act was modified and start to require certain companies to use EU endorsed IFRS.

If companies meet at least two of the following criteria, it must use endorsed IFRS

  • total assets at the end of year exceeds EUR 4 million,
  • net sales for the year exceeds EUR 7.7 million,
  • average for the year exceeds 250 full-time equivalent employees (World Bank, 2008, p.4).
Listed companies, as well as the banks, are required to adopt endorsed IFRS commencing on January 1, 2005(World Bank, 2008, p.14). In addition, the National Financial Reporting Standards for Small and Medium Enterprises have been enacted starting from January 1, 2005 (World Bank, 2008, p.13). Thus, Bulgaria is in the fourth stage of the adoption process; this completes the adoption process for Bulgaria.
 
Reference:
 
Malaysian Accounting Standards Board. (2007). EU IFRS regulation now applies to Bulgaria, Romania. Retrieved on May 25, 2009 from http://www.masb.org.my/index.php?option=com_content&view=article&id=722:eu-ifrs-regulation-now-applies-to-bulgaria-romania&catid=47:world-news-2007&Itemid=39
 

World Bank Group. (2008, December). Report on the Observance of Standards and Codes (ROSC): Bulgaria Accounting and Auditing. Retrieved on 20 January 2012 from http://www.worldbank.org/ifa/rosc_aa_bgr_eng_08.pdf