site.btaExperts Tell President Radev Accounting Standards Need Updating

Meeting with President Rumen Radev on Wednesday, members of the Institute of Certified Public Accountants (ICPA) called for the establishment of an advisory body to assist the building and updating of the legal framework for certified public accountants, and insisted that Bulgarian commercial and accountancy law should be streamlined. They said the national accounting standards have remained unchanged for more than 10 years and do not correspond to economic reality, existing terminology and international standards, the President’s press secretariat reported.

The meeting was attended by ICPA President Iliya Iliev, Vice President Milena Rangelova and Management Board Chair Plamen Donev, and sociologist Parvan Simeonov.

President Radev said that increasing the objectivity and transparency of economic and financial data is in the best interests of society and businesses. He stressed the importance of quality auditing for the economy and public finance. He said it is essential for the correct reporting of developments in the Bulgarian economy and its indices, the formulation of governance policies, the planning of the state budget and the well-being of the citizens.

The sides concurred that curbing the informal economy and the fight against tax evasion require better accounting and more effective communication between experts and institutions. The President said: “Our society wants order and predictability in the economy. Replenishing the public purse calls for efficient control.” He praised the work of certified accountants.

A total of 760 highly qualified experts are engaged in independent auditing of 14,000 enterprises in Bulgaria. Independent financial auditing in the country began in 1931. It was interrupted during the communist era and reinstated with the adoption of the Accountancy Act, approved by the Grand National Assembly on January 3, 1991.