The new Accountancy Act brings in sweeping changes

The new Accountancy Act brings in sweeping changes

The new Accountancy Act, effective as of 1 January 2016, triggers a variety of changes in reporting which will impact all enterprises.


The provisions of the Act differ significantly from the previous ones in terms of:

  • Definitions 
  • Classification of enterprises
  • Requirements for the preparation and audit of financial reports 
  • New mandatory reports to be drawn up by certain enterprises. 

To help you analyse the amendments and adjust your reporting processes
accordingly, KPMG has prepared a summary in English (PDF 832KB) and Bulgarian (PDF 892KB) of the new provisions as well as a comparison with the previous Act. You will find details about the preparation of annual financial statements, guidance about the new reports and everything you need to comply with the requirements of the law.
We are at your disposal to discuss any questions you might have in relation
to the new rules. Do not hesitate to get in touch with us.

© 2022 KPMG Bulgaria OOD, a Bulgarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.



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