Legal Alert – New Accountancy Act 2016 (EN)


The annual and consolidated financial statements of the following are subject to audit:




General publication requirements 

Undertakings publish the duly approved:

  • annual financial statements,
  • consolidated financial statements, and
  • annual management report.

The audit opinion, submitted by the statutory auditor, is also published.

Joint-stock companies, kommandite companies with shares, limited liability companies categorized as medium-sized or larger undertakings and public-interest entities publish also information concerning:

  • the proposal of the management body for distribution of profits or for covering of previous years losses, and
  • the resolution of the general meeting of the shareholders for the distribution of dividends or for covering of previous year losses.

Parent companies publish individual annual financial statements together with the consolidated financial statements and the management report.

Deadline for publication


Simplification for small undertakings 

Small undertakings that are not subject to statutory audit are exempt from the obligation to publish their profit and loss accounts and management reports.

Administrative sanction

Undertaking, does not fulfill its statutory obligation for publication of its annual financial statements, shall be subject to administrative penalty amounting from 0.1 per cent to 0.5  per cent of the net turnover for the relevant period, but no less than BGN 200.  For a repeated offence the penalty would be twice the amount of the sanction.



All undertakings prepare a management report regardless of whether subject to audit.

Non-financial declaration 

Effective from 1st January 2017 large undertaking of public interest and having average number of employees of 500 persons shall prepare and have to include a non-financial declaration into the management report. The content of the non-financial declaration is set out in art. 48 of the Accountancy Act.


Categories of undertakings and groups of undertakings 

Undertakings and groups of undertakings determine their category for 2016 in accordance with the parameters as at 31st December 2015.

Financial Statements for 2015; Management Reports for 2015; Audit 

The financial statements and management reports for 2015 shall be drawn up in accordance with the repealed Accountancy Act.

The audit of financial statements and management reports for 2015 shall be also conducted up in accordance with the repealed Accountancy Act.

Publication of Financial Statements and Management Reports for 2015 

The financial statements and management reports for 2015 shall be published in accordance with the new Accountancy Act.

Switch from IAS to NAS 

Undertakings deemed micro, small and medium-sized per the criteria as at 1st January 2016 and preparing their financial statements under IAS may switch once to the application of NAS.


This Legal Alert has been prepared by DELCHEV & PARTNERS for information purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorneyclient relationship. Readers should not act upon this without seeking professional counsel.