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The Legal Regulations of Accounting and Their Modern Practical Application

Anton Svrakov ()
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Anton Svrakov: Registered Auditor, CPA

An Annual Book of University of Economics - Varna, 2022, vol. 92, issue 1, 115-160

Abstract: This paper examines the origin, development and status of the legal regulations of accounting.Accounting legislation is treated as subsidiary to commercial legislation, therefore, individual laws and other professional regulations should be synchronized. A national concept for the development of accounting legislation was not created in Bulgaria. This led to an unjusti ed wider application of the International Financial Reporting Standards (IFRS/IAS). Due to their complexityandunsuitability to our business environment,they remained asimposed „from outside“, and that did not contribute to the improvement of the nancial management of the companies that implemented them. The Bulgarian National Accounting Standards (NAS) reproduce the main legal regulations of accounting of the IFRS/IAS, but they should be built on the basis of the harmonized European accounting legislation. All of the above requires such changes to be introduced to our overall accounting codi cation, which will enable it to create conditions adequate to the business environment in our country.

Keywords: commercial code; accountancy act; accountancy legislation; financial reporting standards; accountancy praxis (search for similar items in EconPapers)
JEL-codes: K20 M41 (search for similar items in EconPapers)
Date: 2022
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