Rositsa Simeonova
New Aspects of Accounting Legislation
Summary:
Accounting is an information system, which only creates information regarding the financial position, the efficiency of operations, the changes in the financial position and the cash flows of enterprises. All this suggests certain requirements for its operation and the information it creates. They are codified in the existing accounting legislation – the Accountancy Act and the applicable accounting standards. Some changes have occurred due to the influence of various factors in the accounting regulations. In recent years, the reasons for this have been related to some changes in the basic EU acts that regulate the relations in the field of accounting.
A new Accountancy Act and National Accounting Standards (NAS) amended and supplemented have been in force since the beginning of 2016. The standards set out in these regulations have led to changes in the implementation of accounting as a practical activity.
This paper highlights both the new aspects of accounting legislation and those that give rise to certain inconsistencies in interpreting them and potential problems in applying them. This is done sequentially – first regarding the Accountancy Act, and then regarding the amendments and supplements to the National Accounting Standards. Some of the arguments can be taken into account when these regulations are further updated.
