Bulgaria : Accounting and Auditing

World Bank

Washington DC

关键词: ACCOUNTING;    ACCOUNTING POLICIES;    ACCOUNTING STANDARDS;    ACCOUNTING TREATMENT;    AUDITING;   

RP-ID  :  38976

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

An assessment of accounting and auditingpractices in Bulgaria is a part of the World Bank and theInternational Monetary Fund (IMF) joint initiative onreports on the Observance of Standards and Codes (ROSC). Theassessment focused on the strengths and weaknesses of theaccounting and auditing environment that influences thequality of corporate financial reporting. It used theInternational Accounting Standards (IAS) and theInternational Standards of Auditing (ISA) as benchmarks. Itinvolved a review of both mandatory requirements and actualpractices. The report has found that the transition to fullIAS compliance will be demanding. It requires extensiveeducation in a different style and philosophy of accountingrequirements. The transition is made all the more difficultby the decision to require all entities to comply with IAS.This is a much greater burden than applies in any EU MemberState. Finally, the transition to full IAS may faceconsiderable push back from regulators who fail todifferentiate between general purpose and regulatoryfinancial statements. There is currently no effectiveenforcement of compliance with national accounting standardsand there are conflicting opinions about the effectivenessof the audit quality control reviews carried out by theInstitute of Certified Public Accountants of Bulgaria(ICPAB). This report draws upon recent internationalexperience in developed economies and recommends that thecurrent self-regulation of the audit profession should bereviewed and an adequate oversight mechanism established.