New Year, New Accounting Act In Bulgaria

A new Accounting Act adopted on 1 January 2016 brings Bulgarian accounting legislation into line with EU Directive 2013/34, and reduces the administrative burden for companies.

A new Accounting Act (AA) was adopted on 1 January 2016 to bring Bulgarian accounting legislation into line with EU Directive 2013/34. The parliament commission decided this approach was most effective to address all requirements of the directive, and to reduce the administrative burden for companies.

The main purposes of EU Directive 2013/34 are:

• To reduce the administrative burden and related costs for businesses (particularly SMEs)with respect to accounting, audit requirements and compliance
• To implement unified categories of enterprises and groups of companies applicable in all jurisdictions within the EU