World Bank2014-10-152014-10-152008-12https://hdl.handle.net/10986/20433This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Bulgaria. The accounting profession is fragmented. There are four different professional associations in the country with the result being low institutional capacity. Furthermore, there is no quality assurance, investigation and discipline process on the work of accountants and financial statement preparers. The auditing profession is better organized with one association mandated by law to manage access to the profession, training, the code of ethics and quality control. Professional education and training on international standards of accounting and auditing requires much improvement for students, accountants, auditors and tax inspectors. This improvement is needed at each of the universities, the professional bodies and the government.en-USCC BY 3.0 IGOACCOUNTACCOUNTANCYACCOUNTANTSACCOUNTINGACCOUNTING CURRICULUMACCOUNTING FIRMSACCOUNTING POLICIESACCOUNTING REFORMACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTING TREATMENTACCOUNTSACQUISITIONACQUISITIONSASSET MANAGEMENTAUCTIONSAUDIT COMMITTEEAUDIT REPORTSAUDIT STANDARDSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITORSBALANCE SHEETBANK LOANSBANKING SECTORBANKRUPTCYBARRIERS TO ENTRYBOOK VALUEBORROWING COSTSBUSINESS COMBINATIONSBUSINESS FORECASTSCAPITAL ADEQUACYCAPITAL MARKETSCASH FLOWCERTIFICATION PROCESSCERTIFIED PUBLIC ACCOUNTANTSCIVIL LAWCOLLATERALCOLLECTIVE INVESTMENTCOMMERCIAL BANKSCOMMERCIAL LAWCOMMERCIAL LEGISLATIONCOMPANY LAWCOMPLIANCE GAPCONFIDENTIALITYCOOPERATIVESCORPORATE BORROWERSCORPORATE GOVERNANCECOST EFFECTIVENESSCOST OF CAPITALCREDIT INSTITUTIONSCRIMINAL LIABILITYCURRENCYCURRENCY BOARDDEMOCRACYDEPRECIATIONDISCLOSURE REQUIREMENTSDIVIDENDSDOMESTIC CREDITEMPLOYEE BENEFITSEMPLOYEE RETIREMENTENFORCEMENT MECHANISMSENFORCEMENT POWERSEQUIPMENTEXCHANGE RATESEXPOSUREFAIR VALUEFINANCIAL ASSETSFINANCIAL AUDITSFINANCIAL COMPANIESFINANCIAL DISCIPLINEFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTFINANCIAL INSTRUMENTSFINANCIAL PERFORMANCEFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL RISKSFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL STATEMENTFINANCIAL STATEMENTSFOREIGN BANKSFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN INVESTMENTFOREIGN INVESTORSFORMAL FINANCIAL SECTORFRAUDFULL DISCLOSURESFUND MANAGERSGOOD PRACTICESGOODWILLGROSS DOMESTIC PRODUCTINCOMEINCOME TAXINFLATIONINITIAL PUBLIC OFFERINGINITIAL PUBLIC OFFERINGSINSTITUTIONAL CAPACITYINSTITUTIONAL INVESTORSINSURANCEINSURANCE ACTIVITIESINSURANCE COMPANIESINSURANCE COMPANYINSURANCE MARKETINSURANCE PENETRATIONINSURANCE PREMIUMSINTANGIBLEINTANGIBLE ASSETSINTERNAL CONTROLINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL BEST PRACTICEINTERNATIONAL STANDARDSINVENTORIESINVENTORYINVESTMENT FUNDSINVESTMENT REGIMEIPOJOINT STOCK COMPANIESJOINT-STOCK COMPANIESLEASE PAYMENTSLEGAL FRAMEWORKLEGAL REFORMSLIABILITYLIFE INSURANCELIFOLIMITED LIABILITYLIMITED LIABILITY COMPANIESLIMITED PARTNERSHIPSLIQUIDATIONLIQUIDITYLOANMACROECONOMIC STABILITYMARKET CAPITALIZATIONMARKET DISCIPLINEMARKET ECONOMYMINIMUM CAPITAL ADEQUACY RATIOMONETARY FUNDNATIONAL BANKNATURAL DISASTERSNON-PERFORMING LOANSPENSIONPENSION FUNDPENSION FUNDSPOOLING OF INTERESTSPORTFOLIOPORTFOLIO INVESTMENTPRIVATE PENSIONPRIVATE SECTOR GROWTHPRIVATIZATIONPROFESSIONAL EDUCATIONPRUDENTIAL SUPERVISIONQUALITY ASSURANCEQUALITY AUDITSQUALITY CONTROLREAL ESTATEREGISTRATION PROCESSREGULATORSREGULATORY AGENCIESREGULATORY BODYREGULATORY CAPITALREGULATORY FRAMEWORKREGULATORY REQUIREMENTSREINSURANCERESERVESSALESSAVINGSSECURITIESSECURITIES REGULATORSSHAREHOLDERSHAREHOLDERSSMALL ENTERPRISESSTATE BANKSSTATUTORY AUDITORSSTATUTORY REQUIREMENTSSTOCK EXCHANGESTOCK MARKETSUPERVISORY BOARDTAXTAX COLLECTIONTAX RATETAX RATESTECHNICAL ASSISTANCETRADINGTRADING VALUETRANSFERABLE SECURITIESTRANSPARENCYTURNOVERTURNOVER RATIOSVALUE OF ASSETSWITHDRAWALWORLD ECONOMY10.1596/20433