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The partners of AFA have participated in the drafting, implementation and development of the new Bulgarian legislation after the changes in 1989, in the areas of:

  • accounting: Accountancy Act, 1991
  • taxation: Value Added Taxation Act, 1994
  • audit: National Standards on Auditing, 1998 - 2002; Independent Financial Audit Act, 2002

The AFA’s partners and specialists in different fields are members of expert workgroups for development and changes to the Bulgarian legislation in accountancy, taxation, commerce.

AFA has been working for the improvement of the national practices in application of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) in Bulgaria since 1992. The partners of AFA participated in a number of projects for development of the national accounting legislation in accordance with international requirements, including:

  • Adaptation of the National Accounting Standards and Practice to the International Accounting Standards Applied in the Banking Sector, jointly with a team of Coopers & Lybrand. The project was funded by the German government and was approved and highly appreciated by the Management Board of the Bulgarian National Bank (1997)

  • Survey of National Accounting Rules in Bulgaria Benchmark against International Accounting Standards – Introducing GAAP (2001-2002), a joint project of the bug consultancy firms in the country

  • Consultations (2002-2006) on the National Strategic Action Plan for the Implementation of the Recommendations Arising from the World Bank Report on the Observance of Standards and Codes (ROSC) on Financial Reporting in Bulgaria

  • Consultations (2006-2007) to the Ministry of Finance for bringing the national accounting legislation in line with the requirements of the EU Directives

  • In connection with the official translation into Bulgarian of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), participation as a member of the IFRS Interpretations Committee and professional editing of International Standards on Auditing (ISA), jointly with ICPA in Bulgaria