The Harmonization of Accounting Systems in the Application of NSS and IFRS. Development and Requirements in the Application of Both Systems

Angel Petrov
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Angel Petrov: University of National and World Economy, Sofia, Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2023, issue 1, 121-130

Abstract: Standardization in accounting is related to establishing strict unified rules and fun­damental principles to achieve unification of both the current accounting reporting and the used way of presenting accounting information about the financial status of enterprises. A change in the accounting legislation in the country took place with the adoption of a new Law on Account­ing in 2016, in which the part related to the applicable accounting base was harmonized with the requirements of EU legal norms, explicitly specifying that the NSS are in the accounting base in our country. The enterprises that should draw up their financial statements when applying the IAS/IFRS are determined. The choice of accounting basis directly impacts the information in the annual financial statements used for management decisions or by outsiders. Due to the different models laid down in the NSS and IAS/IFRS, there are differences in the assessment bases, which creates a need to harmonize the accounting systems.

Keywords: harmonization; accounting standards; accounting systems. (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2023
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