Bulgaria : Accounting and Auditing

This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Bulgaria. The accounting profession is fragmented. There are four different professional a...

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Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING REFORM ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACCOUNTS ACQUISITION ACQUISITIONS ASSET MANAGEMENT AUCTIONS AUDIT COMMITTEE AUDIT REPORTS AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS BALANCE SHEET BANK LOANS BANKING SECTOR BANKRUPTCY BARRIERS TO ENTRY BOOK VALUE BORROWING COSTS BUSINESS COMBINATIONS BUSINESS FORECASTS CAPITAL ADEQUACY CAPITAL MARKETS CASH FLOW CERTIFICATION PROCESS CERTIFIED PUBLIC ACCOUNTANTS CIVIL LAW COLLATERAL COLLECTIVE INVESTMENT COMMERCIAL BANKS COMMERCIAL LAW COMMERCIAL LEGISLATION COMPANY LAW COMPLIANCE GAP CONFIDENTIALITY COOPERATIVES CORPORATE BORROWERS CORPORATE GOVERNANCE COST EFFECTIVENESS COST OF CAPITAL CREDIT INSTITUTIONS CRIMINAL LIABILITY CURRENCY CURRENCY BOARD DEMOCRACY DEPRECIATION DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC CREDIT EMPLOYEE BENEFITS EMPLOYEE RETIREMENT ENFORCEMENT MECHANISMS ENFORCEMENT POWERS EQUIPMENT EXCHANGE RATES EXPOSURE FAIR VALUE FINANCIAL ASSETS FINANCIAL AUDITS FINANCIAL COMPANIES FINANCIAL DISCIPLINE FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREIGN BANKS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTORS FORMAL FINANCIAL SECTOR FRAUD FULL DISCLOSURES FUND MANAGERS GOOD PRACTICES GOODWILL GROSS DOMESTIC PRODUCT INCOME INCOME TAX INFLATION INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERINGS INSTITUTIONAL CAPACITY INSTITUTIONAL INVESTORS INSURANCE INSURANCE ACTIVITIES INSURANCE COMPANIES INSURANCE COMPANY INSURANCE MARKET INSURANCE PENETRATION INSURANCE PREMIUMS INTANGIBLE INTANGIBLE ASSETS INTERNAL CONTROL INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL BEST PRACTICE INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTMENT FUNDS INVESTMENT REGIME IPO JOINT STOCK COMPANIES JOINT-STOCK COMPANIES LEASE PAYMENTS LEGAL FRAMEWORK LEGAL REFORMS LIABILITY LIFE INSURANCE LIFO LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED PARTNERSHIPS LIQUIDATION LIQUIDITY LOAN MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET DISCIPLINE MARKET ECONOMY MINIMUM CAPITAL ADEQUACY RATIO MONETARY FUND NATIONAL BANK NATURAL DISASTERS NON-PERFORMING LOANS PENSION PENSION FUND PENSION FUNDS POOLING OF INTERESTS PORTFOLIO PORTFOLIO INVESTMENT PRIVATE PENSION PRIVATE SECTOR GROWTH PRIVATIZATION PROFESSIONAL EDUCATION PRUDENTIAL SUPERVISION QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REAL ESTATE REGISTRATION PROCESS REGULATORS REGULATORY AGENCIES REGULATORY BODY REGULATORY CAPITAL REGULATORY FRAMEWORK REGULATORY REQUIREMENTS REINSURANCE RESERVES SALES SAVINGS SECURITIES SECURITIES REGULATORS SHAREHOLDER SHAREHOLDERS SMALL ENTERPRISES STATE BANKS STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET SUPERVISORY BOARD TAX TAX COLLECTION TAX RATE TAX RATES TECHNICAL ASSISTANCE TRADING TRADING VALUE TRANSFERABLE SECURITIES TRANSPARENCY TURNOVER TURNOVER RATIOS VALUE OF ASSETS WITHDRAWAL WORLD ECONOMY
Online Access:	http://documents.worldbank.org/curated/en/2008/12/20220742/bulgaria-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/20433

id	okr-10986-20433
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING REFORM ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACCOUNTS ACQUISITION ACQUISITIONS ASSET MANAGEMENT AUCTIONS AUDIT COMMITTEE AUDIT REPORTS AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS BALANCE SHEET BANK LOANS BANKING SECTOR BANKRUPTCY BARRIERS TO ENTRY BOOK VALUE BORROWING COSTS BUSINESS COMBINATIONS BUSINESS FORECASTS CAPITAL ADEQUACY CAPITAL MARKETS CASH FLOW CERTIFICATION PROCESS CERTIFIED PUBLIC ACCOUNTANTS CIVIL LAW COLLATERAL COLLECTIVE INVESTMENT COMMERCIAL BANKS COMMERCIAL LAW COMMERCIAL LEGISLATION COMPANY LAW COMPLIANCE GAP CONFIDENTIALITY COOPERATIVES CORPORATE BORROWERS CORPORATE GOVERNANCE COST EFFECTIVENESS COST OF CAPITAL CREDIT INSTITUTIONS CRIMINAL LIABILITY CURRENCY CURRENCY BOARD DEMOCRACY DEPRECIATION DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC CREDIT EMPLOYEE BENEFITS EMPLOYEE RETIREMENT ENFORCEMENT MECHANISMS ENFORCEMENT POWERS EQUIPMENT EXCHANGE RATES EXPOSURE FAIR VALUE FINANCIAL ASSETS FINANCIAL AUDITS FINANCIAL COMPANIES FINANCIAL DISCIPLINE FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREIGN BANKS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTORS FORMAL FINANCIAL SECTOR FRAUD FULL DISCLOSURES FUND MANAGERS GOOD PRACTICES GOODWILL GROSS DOMESTIC PRODUCT INCOME INCOME TAX INFLATION INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERINGS INSTITUTIONAL CAPACITY INSTITUTIONAL INVESTORS INSURANCE INSURANCE ACTIVITIES INSURANCE COMPANIES INSURANCE COMPANY INSURANCE MARKET INSURANCE PENETRATION INSURANCE PREMIUMS INTANGIBLE INTANGIBLE ASSETS INTERNAL CONTROL INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL BEST PRACTICE INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTMENT FUNDS INVESTMENT REGIME IPO JOINT STOCK COMPANIES JOINT-STOCK COMPANIES LEASE PAYMENTS LEGAL FRAMEWORK LEGAL REFORMS LIABILITY LIFE INSURANCE LIFO LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED PARTNERSHIPS LIQUIDATION LIQUIDITY LOAN MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET DISCIPLINE MARKET ECONOMY MINIMUM CAPITAL ADEQUACY RATIO MONETARY FUND NATIONAL BANK NATURAL DISASTERS NON-PERFORMING LOANS PENSION PENSION FUND PENSION FUNDS POOLING OF INTERESTS PORTFOLIO PORTFOLIO INVESTMENT PRIVATE PENSION PRIVATE SECTOR GROWTH PRIVATIZATION PROFESSIONAL EDUCATION PRUDENTIAL SUPERVISION QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REAL ESTATE REGISTRATION PROCESS REGULATORS REGULATORY AGENCIES REGULATORY BODY REGULATORY CAPITAL REGULATORY FRAMEWORK REGULATORY REQUIREMENTS REINSURANCE RESERVES SALES SAVINGS SECURITIES SECURITIES REGULATORS SHAREHOLDER SHAREHOLDERS SMALL ENTERPRISES STATE BANKS STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET SUPERVISORY BOARD TAX TAX COLLECTION TAX RATE TAX RATES TECHNICAL ASSISTANCE TRADING TRADING VALUE TRANSFERABLE SECURITIES TRANSPARENCY TURNOVER TURNOVER RATIOS VALUE OF ASSETS WITHDRAWAL WORLD ECONOMY
spellingShingle	ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING REFORM ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACCOUNTS ACQUISITION ACQUISITIONS ASSET MANAGEMENT AUCTIONS AUDIT COMMITTEE AUDIT REPORTS AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS BALANCE SHEET BANK LOANS BANKING SECTOR BANKRUPTCY BARRIERS TO ENTRY BOOK VALUE BORROWING COSTS BUSINESS COMBINATIONS BUSINESS FORECASTS CAPITAL ADEQUACY CAPITAL MARKETS CASH FLOW CERTIFICATION PROCESS CERTIFIED PUBLIC ACCOUNTANTS CIVIL LAW COLLATERAL COLLECTIVE INVESTMENT COMMERCIAL BANKS COMMERCIAL LAW COMMERCIAL LEGISLATION COMPANY LAW COMPLIANCE GAP CONFIDENTIALITY COOPERATIVES CORPORATE BORROWERS CORPORATE GOVERNANCE COST EFFECTIVENESS COST OF CAPITAL CREDIT INSTITUTIONS CRIMINAL LIABILITY CURRENCY CURRENCY BOARD DEMOCRACY DEPRECIATION DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC CREDIT EMPLOYEE BENEFITS EMPLOYEE RETIREMENT ENFORCEMENT MECHANISMS ENFORCEMENT POWERS EQUIPMENT EXCHANGE RATES EXPOSURE FAIR VALUE FINANCIAL ASSETS FINANCIAL AUDITS FINANCIAL COMPANIES FINANCIAL DISCIPLINE FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREIGN BANKS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTORS FORMAL FINANCIAL SECTOR FRAUD FULL DISCLOSURES FUND MANAGERS GOOD PRACTICES GOODWILL GROSS DOMESTIC PRODUCT INCOME INCOME TAX INFLATION INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERINGS INSTITUTIONAL CAPACITY INSTITUTIONAL INVESTORS INSURANCE INSURANCE ACTIVITIES INSURANCE COMPANIES INSURANCE COMPANY INSURANCE MARKET INSURANCE PENETRATION INSURANCE PREMIUMS INTANGIBLE INTANGIBLE ASSETS INTERNAL CONTROL INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL BEST PRACTICE INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTMENT FUNDS INVESTMENT REGIME IPO JOINT STOCK COMPANIES JOINT-STOCK COMPANIES LEASE PAYMENTS LEGAL FRAMEWORK LEGAL REFORMS LIABILITY LIFE INSURANCE LIFO LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED PARTNERSHIPS LIQUIDATION LIQUIDITY LOAN MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET DISCIPLINE MARKET ECONOMY MINIMUM CAPITAL ADEQUACY RATIO MONETARY FUND NATIONAL BANK NATURAL DISASTERS NON-PERFORMING LOANS PENSION PENSION FUND PENSION FUNDS POOLING OF INTERESTS PORTFOLIO PORTFOLIO INVESTMENT PRIVATE PENSION PRIVATE SECTOR GROWTH PRIVATIZATION PROFESSIONAL EDUCATION PRUDENTIAL SUPERVISION QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REAL ESTATE REGISTRATION PROCESS REGULATORS REGULATORY AGENCIES REGULATORY BODY REGULATORY CAPITAL REGULATORY FRAMEWORK REGULATORY REQUIREMENTS REINSURANCE RESERVES SALES SAVINGS SECURITIES SECURITIES REGULATORS SHAREHOLDER SHAREHOLDERS SMALL ENTERPRISES STATE BANKS STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET SUPERVISORY BOARD TAX TAX COLLECTION TAX RATE TAX RATES TECHNICAL ASSISTANCE TRADING TRADING VALUE TRANSFERABLE SECURITIES TRANSPARENCY TURNOVER TURNOVER RATIOS VALUE OF ASSETS WITHDRAWAL WORLD ECONOMY World Bank Bulgaria : Accounting and Auditing
geographic_facet	Europe and Central Asia Bulgaria
description	This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Bulgaria. The accounting profession is fragmented. There are four different professional associations in the country with the result being low institutional capacity. Furthermore, there is no quality assurance, investigation and discipline process on the work of accountants and financial statement preparers. The auditing profession is better organized with one association mandated by law to manage access to the profession, training, the code of ethics and quality control. Professional education and training on international standards of accounting and auditing requires much improvement for students, accountants, auditors and tax inspectors. This improvement is needed at each of the universities, the professional bodies and the government.
format	Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Bulgaria : Accounting and Auditing
title_short	Bulgaria : Accounting and Auditing
title_full	Bulgaria : Accounting and Auditing
title_fullStr	Bulgaria : Accounting and Auditing
title_full_unstemmed	Bulgaria : Accounting and Auditing
title_sort	bulgaria : accounting and auditing
publisher	Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2008/12/20220742/bulgaria-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/20433
_version_	1764445276426207232
spelling	okr-10986-204332021-04-23T14:03:55Z Bulgaria : Accounting and Auditing World Bank ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING REFORM ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACCOUNTS ACQUISITION ACQUISITIONS ASSET MANAGEMENT AUCTIONS AUDIT COMMITTEE AUDIT REPORTS AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS BALANCE SHEET BANK LOANS BANKING SECTOR BANKRUPTCY BARRIERS TO ENTRY BOOK VALUE BORROWING COSTS BUSINESS COMBINATIONS BUSINESS FORECASTS CAPITAL ADEQUACY CAPITAL MARKETS CASH FLOW CERTIFICATION PROCESS CERTIFIED PUBLIC ACCOUNTANTS CIVIL LAW COLLATERAL COLLECTIVE INVESTMENT COMMERCIAL BANKS COMMERCIAL LAW COMMERCIAL LEGISLATION COMPANY LAW COMPLIANCE GAP CONFIDENTIALITY COOPERATIVES CORPORATE BORROWERS CORPORATE GOVERNANCE COST EFFECTIVENESS COST OF CAPITAL CREDIT INSTITUTIONS CRIMINAL LIABILITY CURRENCY CURRENCY BOARD DEMOCRACY DEPRECIATION DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC CREDIT EMPLOYEE BENEFITS EMPLOYEE RETIREMENT ENFORCEMENT MECHANISMS ENFORCEMENT POWERS EQUIPMENT EXCHANGE RATES EXPOSURE FAIR VALUE FINANCIAL ASSETS FINANCIAL AUDITS FINANCIAL COMPANIES FINANCIAL DISCIPLINE FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREIGN BANKS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTORS FORMAL FINANCIAL SECTOR FRAUD FULL DISCLOSURES FUND MANAGERS GOOD PRACTICES GOODWILL GROSS DOMESTIC PRODUCT INCOME INCOME TAX INFLATION INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERINGS INSTITUTIONAL CAPACITY INSTITUTIONAL INVESTORS INSURANCE INSURANCE ACTIVITIES INSURANCE COMPANIES INSURANCE COMPANY INSURANCE MARKET INSURANCE PENETRATION INSURANCE PREMIUMS INTANGIBLE INTANGIBLE ASSETS INTERNAL CONTROL INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL BEST PRACTICE INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTMENT FUNDS INVESTMENT REGIME IPO JOINT STOCK COMPANIES JOINT-STOCK COMPANIES LEASE PAYMENTS LEGAL FRAMEWORK LEGAL REFORMS LIABILITY LIFE INSURANCE LIFO LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED PARTNERSHIPS LIQUIDATION LIQUIDITY LOAN MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET DISCIPLINE MARKET ECONOMY MINIMUM CAPITAL ADEQUACY RATIO MONETARY FUND NATIONAL BANK NATURAL DISASTERS NON-PERFORMING LOANS PENSION PENSION FUND PENSION FUNDS POOLING OF INTERESTS PORTFOLIO PORTFOLIO INVESTMENT PRIVATE PENSION PRIVATE SECTOR GROWTH PRIVATIZATION PROFESSIONAL EDUCATION PRUDENTIAL SUPERVISION QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REAL ESTATE REGISTRATION PROCESS REGULATORS REGULATORY AGENCIES REGULATORY BODY REGULATORY CAPITAL REGULATORY FRAMEWORK REGULATORY REQUIREMENTS REINSURANCE RESERVES SALES SAVINGS SECURITIES SECURITIES REGULATORS SHAREHOLDER SHAREHOLDERS SMALL ENTERPRISES STATE BANKS STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET SUPERVISORY BOARD TAX TAX COLLECTION TAX RATE TAX RATES TECHNICAL ASSISTANCE TRADING TRADING VALUE TRANSFERABLE SECURITIES TRANSPARENCY TURNOVER TURNOVER RATIOS VALUE OF ASSETS WITHDRAWAL WORLD ECONOMY This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Bulgaria. The accounting profession is fragmented. There are four different professional associations in the country with the result being low institutional capacity. Furthermore, there is no quality assurance, investigation and discipline process on the work of accountants and financial statement preparers. The auditing profession is better organized with one association mandated by law to manage access to the profession, training, the code of ethics and quality control. Professional education and training on international standards of accounting and auditing requires much improvement for students, accountants, auditors and tax inspectors. This improvement is needed at each of the universities, the professional bodies and the government. 2014-10-15T16:37:49Z 2014-10-15T16:37:49Z 2008-12 http://documents.worldbank.org/curated/en/2008/12/20220742/bulgaria-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/20433 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Europe and Central Asia Bulgaria

Bulgaria : Accounting and Auditing

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