Accountancy Act

Original Language Title: Закон за счетоводството

Read the untranslated law here: http://parliament.bg/bg/laws/ID/15501/

Name of law
Accountancy Act




Name Bill
Accounting Law





Date of adoption
24/11/2015



Number / year Official Gazette
95/2015







DECREE № 237
Pursuant to Art. 98 pt. 4 of the Constitution of the Republic of Bulgaria
DECREE:
To be published in the "Official Gazette" Accounting Act adopted by HLІІI National Assembly on November 24, 2015
Released in Sofia on December 1 2015
President of the Republic: Rosen Plevneliev
stamped with the state seal.
Minister of Justice Hristo Ivanov

Accountancy Act Chapter One


GENERAL Section I

Scope Art. 1. This Act regulates:
1. requirements to current accounting and accounting systems in businesses accounting records and accounting information, inventory of assets and liabilities and storing accounting information;
2. applicable accounting basis financial reporting; 3
. content and compilation of financial statements, activity reports and reports on payments to government enterprises and enterprise groups;
4. obligations to an independent financial audit and publication of financial reports, activity reports and reports on payments to government enterprises and enterprise groups;
5. duties and responsibilities of the manager of the enterprise.
Art. 2. For the purposes of this Act enterprises are:
1. traders under the Commerce Act;
2. local entities that are not traders; 3
. budget enterprises;
4. unincorporated associations;
5. insurance funds under Art. 8 of the Social Security Code;
6. commercial representations;
7. foreign entities doing business in Bulgaria through a permanent establishment, except in cases where business is carried out by a non-resident of the state - member of the European Union or from another country - party to the Agreement on the European Economic Area only under the freedom to provide services.
Section II
Current accounting, accounting records, accounting information and accounting systems
Art. 3. (1) The current accounting is organized under this law and is carried out in the mode of double entry.
(2) Businesses provide the ongoing accounting of all business transactions that result in changes in property and financial condition, financial performance, cash flows and equity in chronological order.

(3) Businesses provide the ongoing accounting on the basis of documentary justification of business transactions and facts while observing the requirements for the production of documents under this Act.
(4) Sole traders with net sales for the previous reporting period in the amount not exceeding 50 000 lev can report their activities on the route of unilateral bookkeeping.
Art. 4. (1) An accounting document paper or technical carrier of accounting information classified as primary, secondary and register.
(2) The primary document shall contain information about registered first business transaction.
(3) secondary document shall carry processed (summarized or differentiated) information derived from primary accounting documents.
(4) The register shall carry chronologically systematised information about business transactions derived from primary and / or secondary accounting documents.
(5) Accounting document under par. 1 may be an electronic document containing the information required under this Act issued and received in any electronic format in compliance with the requirements of the Electronic Document and Electronic Signature.
Art. 5. (1) The records of the businesses in the Bulgarian language with Arabic numerals and in BGN. They can be compiled and the respective foreign language in a foreign currency in the case of transactions negotiated in foreign currency with foreign counterparties. When the deal was agreed in foreign currency, the lev its value is determined by applying to the amount in foreign currency rate of exchange of the Bulgarian National Bank at the date of the transaction.
(2) The accounting documents received in enterprises in a foreign language must be translated into Bulgarian language, when it is provided by law.
Art. 6. (1) The primary accounting document addressed to the external recipient, contain at least the following information:
1. name and number of the document containing only Arabic numerals;
2. date of issue; 3
. name or name, address and identification code from the Commercial Register or unified identification code BULSTAT or personal identification number or personal number of foreigner of the issuer and recipient;
4. object natural and value of the transaction.
(2) The address under par. 1 pt. 3 is the address for correspondence under Art. 28, para. 1 of the Tax-Insurance Procedure Code.
(3) The primary accounting document which pertains only to the enterprise, contain at least the following information:
1. name and number of the document containing only Arabic numerals;
2. date of issue; 3
. Name of entity;
4. object natural and value of the transaction;

5. Name and signature of its author.
(4) In drawing up the accounting document which pertains only to the enterprise by automatic devices or systems, the signature of the compiler can be replaced with a number or another identifier uniquely identified and builder accounting document.
(5) Documentary justification occurs when the primary accounting document missing part of the information required under par. 1 and 3, but it has documents certifying any.
(6) Except as provided in par. 5 documentary support is available and when the primary accounting document was issued by a person who is not an undertaking for the purposes of this Act, and the document is missing part of the information required under par. 1 when this document reflects the true documented business transaction.
(7) Upon payment of public and private state and municipal obligations arising under and pursuant to law, it is assumed that the transaction by documents in the presence of the corresponding payment document for payment.
Art. 7. (1) Primary accounting document under Art. 6 para. 1 shall be issued when it is provided by law.
(2) Primary accounting document can not be released when the transaction is documented with systemic fiscal receipt or bill issued under the ordinance of art. 118, para. 4 of the Law on Value Added Tax, or security issued under the Ordinance for the conditions and procedures for printing and control over securities (prom. SG. 101 of 1994 .; amend., SG. 38 1995 pcs. 73 1998 pcs. 8 2001 SG. 54 of 2008, No. 22 of 2011 and SG. 60 of 2015) and recipient of her it is the natural person who is not a trader.
(3) Para 2 shall not apply where the recipient has requested the issuance of a primary accounting document.
Art. 8. Corrections and additions to the primary documents are not allowed. Incorrectly prepared primary accounting documents are canceled and generate new.
Art. 9. Not allowed:
1. reporting of business transactions from outside in books or records;
2. accounting fictitious or inadequately identified transactions nonexistent expenses and liabilities with incorrect particular subject committed to bribing officials or concealing the bribe.
Art. 10. Persons who drew up and signed the accounting documents and technical information carriers responsible for the accuracy of the information.
Art. 11. (1) The establishment and maintenance of enterprise accounting system provide:
1. Exhaustive chronological registration of accounting operations;
2. obtaining analytical and aggregated information on accounting time presenting the most accurate and the most appropriate way annual financial statements;
3
. interim and annual closing of accounting records;
4. changes in the underlying accounting records by making adjustment accounting entries;
5. implementation of the approved by the entity's individual accounts;
6. implementing approved by the entity's accounting policy.
(2) Where an accounting using accounting software, it must be developed in compliance with the requirements of this law and allow processed through the data and source documents are Bulgarian.
Section III
Storing accounting information
Art. 12. (1) The accounting information stored on paper and / or electronic media in the enterprise within the following deadlines:
1. payrolls - 50 years from January 1 of the reporting period following the reporting period to which they relate;
2. accounting records and financial statements including documents for tax audit and subsequent financial inspections - 10 years from January 1 of the reporting period following the reporting period to which they relate; 3
. all other carriers of accounting information - three years from 1 January of the reporting period following the reporting period to which they relate.
(2) Accounting information can be kept private or state archives under the Law on National Archive Fund in compliance with the requirements under par. 1.
(3) Upon termination of the enterprise by converting holders of accounting information (paper and / or technical) are transmitted to the host and / or newly established enterprise / enterprises.
(4) Upon termination of an undertaking or where the entity has no successor, payroll are transferred to the National Social Security Institute under Art. 5 para. 10 of the Social Security Code.
Art. 13. After the expiry of the storage media of accounting information (paper or technical) are not subject to surrender in the National Archive Fund or the National Insurance Institute can be destroyed.
Art. 14. (1) Upon termination of employment, service or contractual relationship with a person conducting an ongoing accounting and financial accounts, accounting records transmitted to a person designated by the head of the enterprise.
(2) The reception and transmission under par. 1 is carried out in the presence of committee procedure and manner specified by the company.
(3) Upon termination of employment, service or contractual relationship with the head of the same enterprise is obliged to deliver to the person designated by the competent authority of the enterprise, all located in accounting and other official documentation.

Section IV
Powers of the Minister of Finance
Art. 15. The Minister of Finance:
1. the coordination and cooperation with the European Commission and Council of the European Union on the harmonization of Bulgarian accounting legislation with EU accounting legislation;
2. give opinions and methodological guidelines for the implementation of this law and national accounting standards; 3
. take measures for the development and improvement of accounting.
Section V
Rights and duties of the head of enterprise
Art. 16. (1) The head of the enterprise:
1. approve individual chart of the enterprise;
2. organizes current accounting in accordance with the provisions of this Act; 3
. approve the form of accounting that provides synchronized execution of the chronological and systematic (analytical and synthetic) accounting;
4. responsible for drafting, content and publication of financial statements and annual reports required under this Act;
5. determine the frequency of financial statements for the management of the enterprise;
6. responsible for carrying out independent financial audit by registered auditors;
7. determine how to perform inventory;
8. responsible for keeping the accounting information in the manner and within the terms of Title III;
9. lay down the movement of the records from their creation or receipt in the company until the destruction or transfer them under this Act.
(2) Head and members of the management and supervisory body responsible for drawing up, independent financial audit by registered auditors and publication of the annual financial statements, consolidated financial statements and annual reports under Chapter Seven in accordance with the requirements of this law and according to their powers under the Commerce Act.
Section VI
preparers of financial statements
Art. 17. (1) The intermediate, annual and consolidated accounts of enterprises drawn from individuals who are in employment, service or contractual relationship with the enterprise or accounting firms.
(2) Paragraph 1 can not be applied to annual financial statements of sole traders applying the route of unilateral bookkeeping under Art. 3, para. 4 and micro enterprises under Art. 19, para. 2 are not operational during the reporting period. In these cases, the financial statements are compiled by the owners or shareholders of these companies.

Art. 18. Individuals under Art. 17, para. 1 producing financial statements and management and / or representing accounting firms who sign financial statements when the financial statements are composed of accounting companies must meet the following requirements:
1. have acquired a mandatory minimum level of education and corresponding to his actual experience, as follows:
a) higher accounting and economics education and experience in accounting, internal and external audit and financial inspection, tax audits or as professor of accounting and control, respectively:
aa) with a master's degree - two years;
Bb) with a bachelor's degree - three years;
Cc) in degree "Professional Bachelor" - 4 years;
B) a higher economic education and 5 years experience in accounting, internal and external audit and financial inspection, tax audits or as an educator in accounting and control;
C) secondary economic education and eight years experience as an accountant;
2. not have been convicted of indictable offense under Chapter Five and Chapter Six, Section I of the Special Part of the Penal Code.

Chapter Two categories of undertakings and groups of undertakings Section
I
Categories enterprises
Art. 19. (1) For the purposes of this Act shall determine the following categories of companies:
1. microenterprises;
2. small businesses; 3
. medium-sized enterprises;
4. large enterprises.
(2) Micro enterprises are enterprises which as of December 31 of the current reporting period does not exceed at least two of the following indicators:
1. book value of assets - 700 000 lev .;
2. net sales - 1.4 million lev .; 3
. average number of employees during the period - 10 people.
(3) Small businesses are businesses that December 31 of the current reporting period does not exceed at least two of the following indicators:
1. book value of assets - 8 million lev .;
2. net sales - 16 million lev .; 3
. average number of employees during the period - 50 people.
(4) Medium-sized enterprises are enterprises which are not small undertakings and December 31 of the current reporting period does not exceed at least two of the following indicators:
1. book value of assets - 38 million lev .;
2. net sales - 76 million lev .; 3
. average number of employees during the period - 250 people.
(5) Large enterprises are businesses that December 31 of the current reporting period exceed at least two of the following indicators:
1. book value of assets - 38 million lev .;
2. net sales - 76 million lev .; 3
. average number of employees during the period - 250 people.

Art. 20. (1) Change in the category of art. 19 is performed when the plant for the last two reporting periods longer meets two of the three criteria for the category. Category changes from the beginning of the next (third) period.
(2) In the cases under par. 1 when the last two reporting periods now meet the benchmarks for two different categories are also categorized according to the indicators for the last reporting period.
(3) For the reporting period in which the enterprise under § 1, p. 22 of the Additional Provisions cease to be a public interest entity, it shall be recognized as a public interest entity.
Section II
categories of enterprises
Art. 21. (1) For the purposes of this Act define the following categories of enterprises:
1. small groups;
2. medium-sized groups; 3
. large groups.
(2) Small groups are groups of undertakings to which the sum of the indicators according to their annual financial statements on a consolidated basis up to December 31 of the current reporting period does not exceed the thresholds at least two of the three following criteria: || | 1. book value of assets - 8 million lev .;
2. net sales - 16 million lev .; 3
. average number of employees during the period - 50 people.
(3) Average groups are groups of companies that are not small groups, of which the sum of the indicators according to their annual financial statements on a consolidated basis, up to 31 December of the current year do not exceed the thresholds at least two of the following three indicators:
1. book value of assets - 38 million lev .;
2. net sales - 76 million lev .; 3
. average number of employees during the period - 250 people.
(4) Large groups are groups of undertakings to which the sum of the indicators according to their annual financial statements on a consolidated basis, up to 31 December of the current year exceeds the thresholds at least two of the three following criteria:
1 . book value of assets - 38 million lev .;
2. net sales - 76 million lev .; 3
. average number of employees during the period - 250 people.
Art. 22. (1) Change in the category of art. 21 is performed when the last two reporting periods group no longer meets two of the three criteria for the category. Category changes from the beginning of the next reporting period.
(2) In the cases under par. 1 when the last two reporting periods group meets indicators for two different categories, it is categorized according to the indicators for the last reporting period.

Chapter Three FINANCIAL STATEMENTS Section
I
General requirements for financial statements
Art. 23. Financial statements are drawn up in the Bulgarian language, with Arabic numerals and thousands of dollars.

Art. 24. (1) The financial statements must present a true and fair property and financial position and financial performance of the enterprise, cash flow and equity.
(2) true and fair presentation requires the faithful showing the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the applicable accounting standards.
(3) The content of the financial statements must be clear and understandable.
Art. 25. (1) The financial statements indicate:
1. the name of the enterprise, its legal form, its seat and address, as well as information if the company is terminated;
2. register in which the entity is registered, and the registration number of that registry; 3
. other information required by this or any other Act and applicable accounting standards.
(2) The financial statements are signed by:
1. Head of the enterprise;
2. individual who has compiled the financial statements or the representative and / or managing the accounting entity when the financial statements are prepared by the accounting company.
(3) The financial statements give the name of the person under par. 2 and put the seal on a stamp and the accounting company.
(4) In cases where the financial statements are subject to independent audit, signatures and seals of the persons who carried out the independent financial audit of the financial statements, are placed according to the Independent Financial Audit.
Art. 26. (1) The items to be presented in the financial statements, are recognized and measured in accordance with the following principles:
1. Going concern - it is assumed that now is, and will remain so in the foreseeable future; it is assumed that the enterprise has neither the intention nor the need to liquidate or significantly reduce the volume of its activity;
2. consistency of presentation and comparative information - presentation and classification of items in the financial statements, accounting policies and methods of evaluation are maintained and applied consistently and in subsequent reporting periods in order to achieve comparability of accounting data and indicators of financial statements; 3
. Caution - measuring and reporting risk assumptions and estimated potential loss in the accounting treatment of business transactions in order to obtain actual financial results;

4. accrual - now prepares its financial statements, except for reports, cash flow, based on an accrual basis - the effects of transactions and other events are recognized when they occur, regardless of the time of receipt or payment of cash or their equivalents and are included in the financial statements for the period to which they relate;
5. independence of the individual reporting periods and correspondence between initial and final balance - each accounting period is treated accounting for itself, regardless of its objective relation to the previous and the next reporting period, the data of the financial statements at the beginning of the current period should to coincide with the data at the end of the previous reporting period;
6. materiality - now present separately each material class of items of a similar nature; pooling money on articles of a similar nature shall be permitted where the amounts are immaterial or merging is done in order to achieve greater clarity; the amount of the article is essential if the omissions and misstatements of position could influence the economic decisions of users taken on the basis of the financial statements, or could lead to a breach of the requirement of true and fair view of the assets and financial position, financial performance of operations, changes in cash flows and equity;
7. Compensation - now not set off between assets and liabilities or income and expenses and reported separately as assets and liabilities and revenues and expenses;
8. substance over form - the transactions and events are accounted for in accordance with their content, substance and economic reality and not formally their legal form;
9. their positions recognized in the financial statements is carried at cost, which may be the purchase price or cost or other method when required by the applicable accounting standards.
(2) Undertakings shall keep their accounts in accordance with the principles under par. 1 or in accordance with the principles and requirements of International Accounting Standards as the accounting basis of enterprise are international accounting standards.
Art. 27. Businesses up:
1. Annual Financial Report 31 December of the reporting period;
2. Consolidated Financial Statements at 31 December of the reporting period, when the parent company is in Title III of Part II of the Commercial Code; 3
. interim financial statements covering a period shorter than one reporting period as required by law or by decision of the head of the enterprise.
Section II


Inventory Art. 28. (1) Undertakings carry out an inventory of assets and liabilities at least once a year to their fair presentation in the financial statements.
(2) Companies whose net sales do not exceed 200 000 lev for the current period do not carry mandatory inventory under par. 1.
(3) Inventory is done and decided by the Head of the enterprise, at the request of the judicial authorities and other authorities, as provided by law.
Section III

Annual financial statements Art. 29. (1) The annual financial statements of all enterprises consist of at least balance sheet, profit and loss accounts and administration.
(2) The form, structure and content of the complete set of financial statements shall be determined by the applicable accounting standards.
(3) The annual financial statements of sole traders, of which the amount of net sales for the current reporting period does not exceed 200 000 lev and not subject to mandatory independent financial audit may consist only of profit and costs.
(4) The annual financial statements of micro-enterprises can only consist of condensed balance sheet and condensed statement of revenue and expenditure by section.
(5) Paragraph 4 shall not apply to investment companies and financial holding companies categorized as micro-enterprises.
(6) The annual financial statements of small businesses may consist of condensed balance sheet, condensed statement of income and expenditure in sections and groups and application.
(7) Annual financial statements under par. 3, 4 and 6 give a true and fair view of the assets, liabilities, financial position and results of operations of the company.
(8) The undertakings under paragraph. 1, 3, 4 and 6 can optionally compile a complete set of financial statements.
(9) The annual financial statements of medium and large enterprises as well as enterprises in the public interest is drawn up in full kit in accordance with applicable accounting standards.
(10) companies which are controlled by the state or municipalities, or are supported by them through subsidies, preferential loans, government guarantees and other forms of state aid, the Minister of Finance may require the submission of additional reports and information in certain its form, content, timing and order of preparation and presentation.
Art. 30. (1) large enterprises and public interest in the notes disclosed accrued annual amounts for services provided by registered auditors separately:
1. independent financial audit;
2. tax advice; 3
. other services unrelated to the audit.

(2) In the notes to the consolidated financial statements is disclosed in a similar manner, the information referred to in para. 1 in respect of the undertakings included in the consolidation.
Section IV

Consolidated Financial Statements Art. 31. (1) Consolidated financial statements are compiled by the parent by the rules and requirements:
1. National accounting standards - for businesses that draw up and submit their annual financial statements based on national accounting standards;
2. International accounting standards - for businesses that draw up and submit their annual financial statements based on international accounting standards.
(2) Consolidated financial statements are compiled by the parent no matter where they are located the headquarters of its subsidiaries.
Art. 32. Consolidated financial statements can not be drawn up by the parent undertaking of a small group unless the group has at least one public interest entity.
Art. 33. The form, structure and content of the consolidated financial statements shall be determined by the applicable accounting standards. Chapter Four


applicable accounting BASE Art. 34. (1) The annual financial statements of public interest entities are compiled based on international accounting standards.
(2) The annual financial statements of micro, small, medium and large enterprises are compiled on the basis of national accounting standards.
(3) The undertakings under paragraph. 2 may opt to compile annual financial statements based on international accounting standards, provided it is not a change in accounting basis.
(4) An undertaking in a reporting period has compiled and presented its annual financial report based on international accounting standards can not apply national accounting standards.
(5) The consolidated and interim financial statements are compiled based on accounting standards, based on which the annual report of the undertaking which draws up the consolidated or interim financial statements.
Art. 35. (1) The annual financial statements of companies in liquidation or bankruptcy are compiled on the basis of national accounting standard.
(2) Enterprises - legal non-profit organizations, regardless of their category of art. 19 make up their annual financial statements on the basis of national accounting standard.
Art. 36. (1) National accounting standards are adopted by the Council of Ministers and in accordance with the acts of the European Union and national circumstances.
(2) National accounting standards are published in the "Official Gazette".

CHAPTER FIVE INDEPENDENT FINANCIAL AUDIT

Art. 37. (1) A statutory independent financial audit by registered auditors are subject to annual and consolidated financial statements:
1. small businesses that December 31 of the current reporting period exceed at least two of the following indicators:
a) book value of assets - 2 million lev .;
B) NSR - 4 million lev .;
C) Average number of personnel during the period - 50 people;
2. medium and large enterprises; 3
. enterprises of public interest;
4. medium and large groups and those in which at least one public interest entity;
5. businesses for which this requirement is established by law.
(2) Notwithstanding paragraph. 1 annual and consolidated financial statements of public limited companies and limited partnerships with shares subject to mandatory independent financial audit, with the exception of cases where companies are not operational during the reporting period.
(3) The consolidated financial statements and annual financial statements of the undertakings included in the consolidation, subject to an independent financial audit.
(4) obligatory independent financial audit by registered auditors are subject to annual financial statements of non-profit organizations established for the public benefit when the current year exceed one of the following indicators:
1. book value of assets at 31 December - 1 million lev .;
2. the amount of net income from business and income from non-profit activities for the current year - 2 million lev .; 3
. total amount received during the current year funding and undrawn at 31 December of the current year funding received in previous periods - one million lev.
(5) obligatory independent financial audit by registered auditors are subject to annual financial statements of entities profit set for the public benefit and operating under Art. 116 of the Family Code.
(6) The registered auditors who carry out independent financial audit of annual and consolidated financial statements, auditor's report must express an opinion:
1. Does the activity report of the financial statements for the same reporting period;
2. Has an activity report in accordance with applicable legal requirements and declare whether as a result of the acquired knowledge and understanding of the enterprise and the environment in which it operates, have found cases of significant misrepresentation in the activity report and indicate the nature of false presentation; 3
. in the corporate governance statement presented to you is required by the relevant regulations information;

4. provided there is a non-financial statement and that the statement has been prepared in accordance with the requirements of this Act;
5. Does a report on payments to governments and whether the report was prepared in accordance with the requirements of this law. Chapter Six

PUBLICITY OF FINANCIAL STATEMENTS
Art. 38. (1) Undertakings published annual financial statements, consolidated financial statements and annual reports under Chapter Seven adopted by the general meeting of partners or shareholders or by the body as follows:
1. all traders under the Commercial Law - by filing for registration and submission to the Commercial Register by 30 June of the following year;
2. non-profit objective set for the public benefit - through application for entry and providing them with the Central Register at the Ministry of Justice under the terms and conditions of the Law for Non-profit, by 30 June of the following year; 3
. other companies - by economic magazine or via the Internet, by 30 June of the following year.
(2) Where the financial statements originally filed for publication in the period under par. 1 and a refusal to publish under Art. 22, para. 5 of the Commercial Register Act and within 14 days of its entry into force was submitted a second application for publication, it is believed that the financial statements are filed on time.
(3) The annual report and financial statements are published in the form and text on which the registered auditor has expressed its opinion. Of publication and is subject to the full text of the audit report.
(4) Small businesses that are not subject to mandatory independent financial audit can not publish their profit and loss accounts and activity reports.
(5) Under paragraph. 1 together with the annual financial statements joint stock companies, limited partnerships with shares and limited liability companies that are medium or large companies or public-interest entities publish information on the proposal of the managing body for the distribution of profit or covering of loss the previous year and the decision of the general meeting of shareholders / partners on distribution of profit or covering of loss the previous year.
(6) The annual financial statements of the parent company which prepares consolidated financial statements will be published together with the consolidated financial statements of the group together with annual reports under Chapter Seven them.

(7) Where the statements and reports of enterprises under par. 1, p. 3 shall be published on the Internet, to them, must be made available free for a period not less than three years after the date of publication.
(8) The undertakings under paragraph. 1, p. 3, upon request, provide information about where they are published their statements and reports.
(9) Paragraphs 1-8 shall not apply to budget enterprises and sole traders who are not subject to mandatory independent financial audit.
(10) A parent who is both a subsidiary and in accordance with applicable accounting standards is not required to draw up consolidated financial statements published in Bulgarian in terms of para. 1 consolidated financial statements and consolidated management report prepared by the parent. When the parent undertaking is governed by the law of a third country, the consolidated financial statements shall be certified by auditors or audit firms that audit in accordance with laws of the State applicable to the parent company. Chapter Seven

ANNUAL REPORTS Section
I
Annual report
Art. 39. Businesses prepare an annual activity report containing at least the following information:
1. objective overview presenting a true and fair development and performance of the enterprise and its position, together with a description of the main risks facing;
2. analysis of financial and non-financial key indicators for results of operations related to the business, including information on issues related to ecology and employees; in the analysis report on the activities can include references to amounts of expenditure reported in the annual financial statements and additional explanations concerning them; 3
. all important events that have occurred since the date to which the annual report;
4. the likely future development of the enterprise;
5. actions in the field of research and development;
6. Information on acquisition of treasury shares required under Art. 187d;
7. the existence of branches of the company;
8. used by the enterprise financial instruments and where material for the assessment of assets, liabilities, financial position and financial results, are disclosed:
a) objectives and policies of the enterprise financial risk management, including its policy for hedging each main type of hedged item for which applies hedge accounting;
B) the enterprise's exposure to price, credit and liquidity risk and cash flow risk.

Art. 40. (1) Undertakings in the public interest under § 1, p. 22 letters "a", "b" and "c" of the additional provisions included in its activity report corporate governance statement pursuant to the Public Offering of Securities .
(2) Declaration on corporate governance can be represented as:
1. separate report published together with the report on the activity;
2. a document that is publicly available on the website of the company.
Art. 41. Large companies that are public interest entities and on 31 December of the reporting period exceed the criteria for average number of employees during the financial year of 500 people included in the report on its activities to non-financial statement under Art. 48.
Art. 42. (1) Micro and small enterprises which are not subject to mandatory independent financial audit can not report on activities, provided that the information on the acquisition of own shares required by Art. 187d is disclosed in the notes on the annual financial statement or footnote compositional balance sheet.
(2) Paragraph 1 shall not apply to investment companies and financial holding companies are classified as micro or small enterprises.
Art. 43. Micro, small and medium enterprises can not be included in the activity report financial information.
Section II
Consolidated activity report
Art. 44. A parent obligation to draw up consolidated financial statements pursuant to Art. 31, prepare a consolidated report.
Art. 45. The consolidated report shall contain the information required under Art. 39-41 taking into account the essential adjustments resulting from the particular characteristics of a consolidated management report, the information is presented in a way that facilitates evaluating the condition of the consolidated companies as a whole.
Art. 46. ​​When a parent is required to prepare an annual report and the consolidated management report, the two reports may be presented as a report.
Art. 47. The consolidated report are the following adjustments to the information required under Art. 39-41:
1. taking into account the data acquired own shares in the consolidated activity report indicating the number and nominal value, in the absence - the book value of all shares of the parent company owned by the parent company, its subsidiaries or persons acting in his own name but on behalf of any of these companies;

2. in disclosure of the internal control and risk management in the corporate governance statement is a reference to the main characteristics of the control systems and risk management for the consolidated companies as a whole.
Section III
non-financial statement
Art. 48. (1) Non-financial statement contains a description of the policies of companies with respect to their activities undertaken in the field of ecology, social issues and those related to employees, human rights, the fight against corruption, diversity and gender equality in the governing bodies enterprise - the number of women and men age, geographical diversity, education, ability, religion.
(2) Non-financial statement includes:
1. a brief description of the business model of the company - objective, strategy, organizational structure, infrastructure, products followed policies of the main and auxiliary activities of the company and others;
2. a description of policies that now accepts and follows with respect to environmental and social issues, including activities committed during the reporting period and the results thereof; 3
. objectives, risks and tasks that lie ahead in terms of environmental and social policies, including a description of actions that could lead to adverse impacts on the environment, employees or other social matters;
4. description of the main indicators of the results of activities related to environmental and social issues.
(3) Where an entity does not comply with policies adopted in respect of one or more of the questions - subject to non-financial statement, it must contain a clear and reasoned explanation of the reasons why the adopted policies are not followed.
(4) non-financial statement under par. 1 includes appropriate references and additional explanations of amounts of expenditure reported in the annual financial statements.
(5) Businesses can not publish information about upcoming changes in their policies relating to environmental or social issues that are being negotiated where the publication of such information would harm the enterprise. Non-publication of information in the process of negotiation should not hinder the objective understanding of development results, the status of the entity and the impact of its activities on the environment and social issues. When such information is not published, the head and members of the management and supervisory body must provide a reasoned opinion on the reasons for which the information is not published.

Art. 49. Businesses have fulfilled the obligation to prepare non-financial statement when:
1. in the management report includes information and analysis on issues related to ecology and employees;
2. It has prepared a separate report on information required for non-financial statement provided this report:
a) shall be published together with the report on the activity;
B) publicly available within 30 June of the following year on the website of the enterprise, it must be disclosed in the management report.
Art. 50. An entity that is a subsidiary that does not prepare non-financial statement if the company and its subsidiaries are included in the consolidated annual report or in the separate report of another undertaking drawn up in accordance with the requirements of this law.
Section IV
Consolidated non-financial statement
Art. 51. The public interest entities that are parent companies in a large group at 31 December exceeds the consolidated criteria for average number of employees during the financial year of 500 people included in the consolidated activity report consolidated non-financial statement containing information on Art . 48, para. 2.
Art. 52. The provisions of Art. 48, para. 3-5 and art. 49 apply to the consolidated non-financial statement.
Section V
report payments to governments
Art. 53. (1) Large companies and public interest entities active in the extractive industry or the logging of primary forests prepare and publish an annual report on payments made to governments, together with the annual report on its activities.
(2) Annual Report on payments to governments drawn up by the subsidiary when all of the following conditions:
1. a parent undertaking is governed by the law of a Member - State of the Union;
2. payments to governments made by the entity are included in the consolidated report on payments to governments made by the parent in Chapter VI.
(3) Annual Report on payments to governments shall be prepared in case of a reporting period made a payment or series of related payments of up to 195,600 Levs
(4) The annual report on payments to governments does not include payments on projects amounting to 195 600 Levs.
Art. 54. Annual report on payments to governments include the following information for the reporting period:
1. the total amount of payments made to each government;
2. the total amount of each type of payments made to each government, as follows:
a) rights to produce;

B) taxes on profits and income taxes; not disclose paid value added tax, excise and income tax on individuals;
C) royalties and related rights;
D) dividends;
E) bonus for signing a contract, discovery and production;
E) license fees, rental fees, entry fees and other considerations for licenses and concessions;
G) payments for infrastructure improvements; 3
. total payments for each project separately, and the total amount kind payments under p. 2 for each project; when the company made payments on several projects at the same person representing the government under the law, disclosure may be people, not projects.
Art. 55. Payments in kind are recorded at cost and, if possible, by volume. The report contains explanatory notes on how to calculate their value.
Art. 56. Annual report on payments to governments reflects the substance and not the form of the payments or activities. Payments and activities can not divide or unite in order deviation from the implementation of this law.
Art. 57. (1) Report on payments to governments may not be prepared in the event that companies are required to prepare such a report for third parties under the law and report complies with the requirements of this law.
(2) The report under par. 1 be published together with the annual financial statements.
Section VI
consolidated report on payments to governments
Art. 58. parent companies operating in the extractive industry or logging of primary forests, which are obliged to draw up consolidated financial statements, must draw up a consolidated report on payments to governments in accordance with the requirements of Section V.
Art. 59. It is the parent active in the extractive or logging of primary forests if any of its subsidiaries operate in these areas.
Art. 60. The consolidated report includes only payments arising from transactions related to mining and logging.
Art. 61. A parent does not compile a consolidated report under Art. 58:
1. for small or medium enterprise group, except where any affiliated undertaking is a public interest;
2. when a parent that is regulated under the laws of the state - member of the European Union is both a subsidiary and its parent is governed by the law of a Member - State of the European Union.

Art. 62. (1) Subsidiary, including a public interest is not included in the consolidated report on payments to governments when one of the following conditions:
1. parent is hampered largely by long-term restrictions in the exercise of its rights over the assets or management of the subsidiary;
2. information necessary for the preparation of the consolidated report on payments to governments can not be obtained without making excessive expense or undue delay; 3
. shares of the enterprise have the sole purpose of their subsequent sale.
(2) Paragraph 1 shall apply only if the same conditions subsidiary is not included in the consolidated financial statements. Chapter Eight


BUDGET ENTERPRISES Art. 63. (1) The budget enterprises carry out accounting in accordance with Chapter XV of the Public Finance Act.
(2) Enterprises sector "government" other than those under par. 1 which maintain their accounting in accordance with applicable requirements for budgetary organizations shall be determined in accordance with Art. 165 of the Law on public finances.
(3) Budget undertakings and undertakings under par. 2 prepare and present their annual financial statements in accordance with Art. 166, para. 1 of the Law on public finances.
(4) The figures reported for assets, liabilities, income, expenses and operations of all budgetary organizations and enterprises under par. 2 consolidate the Treasury pursuant to Art. 167 of the Law on public finances.
(5) The form, structure and content of annual and interim financial statements of the budgetary organizations and businesses under par. 2 shall be determined by the Minister of Finance pursuant to Art. 166, para. 2 of the Law on public finances.
(6) The procedure, manner and deadlines for drafting and presentation of financial statements of the budgetary organizations and publication of the information they are determined in accordance with Art. 170 of the Law on public finances.
Art. 64. accounting for certain business transactions, assets and liabilities of budget enterprises, the Minister of Finance may determine the terms and conditions of the documentation, form and requisites of accounting documents which are required for the application.
Art. 65. Depreciation in the budget enterprises shall be based on the Council of Ministers.
Art. 66. For budgetary organizations Minister of Finance may determine deadlines for the performance of inventory, other than those specified in this Act.
Art. 67. The Minister of Finance may establish additional requirements to persons drawing up financial statements of the budgetary organizations.


Chapter Nine ADMINISTRATIVE PROVISIONS
Art. 68. (1) Director who violates the provision of Art. 9 is punishable by a fine of 500 to 5,000 lev, and now a pecuniary sanction from 2,000 to 10,000 lev.
(2) For repeated violation under par. 1 having fine or penalty double.
Art. 69. (1) Any person who violates the requirements for storage of accounting information under Chapter One, Section III, shall be punished by a fine of 500 to 3,500 lev, and now a pecuniary sanction from 2000 to 7000 Levs. || | (2) for repeated violation under par. 1 having fine or penalty double.
Art. 70. (1) Any person who commissioned the compilation of financial statements in violation of Art. 17, para. 1 shall be fined from 500 to 3,000 lev, and now a pecuniary sanction from 2000 to 5000 Levs.
(2) For repeated violation under par. 1 having fine or penalty double.
Art. 71. (1) A person who draws up financial statements, without complying with the requirements of Art. 17, para. 1 and Art. 18 shall be punished by a fine of 500 to 3,000 lev accounting entity that prepares its financial statements without complying with the requirements of Art. 18 shall be imposed proprietary sanction from 2000 to 5000 Levs.
(2) For repeated violation under par. 1 having fine or penalty double.
Art. 72. (1) Any person who is obliged not draw up financial statements and / or annual reports under Chapter VII, Sections I - IV, shall be punished with a fine of 500 to 3,000 lev, and now a pecuniary sanction of 2000 to 5000 Levs.
(2) for repeated violation under par. 1 having fine or penalty double.
Art. 73. (1) Any person who is obliged not draw up annual reports on payments to governments under Chapter VII, Sections V and VI, shall be punished by a fine of 1,000 to 3,000 lev, and now a pecuniary sanction from 2,000 to 15,000 lev.
(2) for repeated violation under par. 1 having fine or penalty double.
Art. 74. (1) Any person who is obliged and does not publish financial statements shall be punished by a fine of 200 to 3,000 lev, and now financial penalties ranging from 0.1 to 0.5 percent of net income sales in the reporting period to which it relates unpublished financial statements, but not less than 200 lev.
(2) for repeated violation under par. 1 having fine or penalty double.
Art. 75. (1) Any person who is obliged not commissioned an independent audit of the registered auditor shall be punished by a fine of 500 to 5,000 lev, and now a pecuniary sanction from 2,000 to 10,000 lev. | || (2) for repeated violation under par. 1 having fine or penalty double.

Art. 76. (1) Any person who commissioned an independent audit of pursuing an activity as a registered auditor without being registered under the Law for the independent financial audit shall be punished by a fine of 500 to 5,000 lev, and now a pecuniary sanction from 2,000 to 10,000 lev.
(2) Whoever commits an audit without an auditor registered under the Law for the independent financial audit shall be punished by a fine of 500 to 5,000 lev. | || (3) for repeated violation under par. 1 and 2 have fine or penalty double.
Art. 77. (1) Any person who fails to comply with any other obligation arising from this law shall be punished by a fine of 200 to 1,000 lev, and now a pecuniary sanction of 300 to 2000 Levs.
(2) for repeated violation under par. 1 having fine or penalty double.
Art. 78. (1) The acts for establishing administrative violations shall be issued by the National Revenue Agency and the Agency for State Financial Inspection.
(2) The penalty shall be issued by the Minister of Finance or authorized by officials.
(3) The issuance, issuance, appeal and execution of penalty decrees shall follow the procedure of the Administrative Violations and Penalties Act. ADDITIONAL PROVISIONS

§ 1. For the purposes of this Act:
1. "Budget enterprises" are all persons applying budgets, accounts for funds from the European Union and accounts for foreign funds under the Law on public finances, including the National Insurance Institute, the National Health Insurance Fund, state universities, the Bulgarian Academy of Sciences, the Bulgarian National Television Bulgarian national radio, the Bulgarian Telegraph Agency, and any other persons who are budget organizations under § 1, p. 5 of the supplementary provisions of the public finances.
2. "Group companies" are a parent and all its subsidiaries. 3
. "Actual experience 'actual service in labor contract, the time during which the person has worked without an employment relationship and the time during which the person is looked after personal labor or freelancers and is fully insured for their own account. In the term "actual experience" does not include the time of military service and the time for raising a child.
4. "Subsidiary" is an entity controlled by another entity (parent). Legal entities that are subsidiaries of subsidiary are also considered subsidiaries of the parent.

5. "Inventory" is the process of preparing and actually checking, through various means, the physical and value parameters of assets and liabilities on a specific date, comparing the results with the accounting data and establishing any differences.
6. "Investment companies" are:
a) companies whose sole object is to invest their funds in various securities, real estate and other assets with the sole aim of spreading investment risks and giving their shareholders benefit from the results of management of their assets;
B) companies associated with investment companies with fixed capital if the sole object of these affiliates is to acquire fully paid shares issued by those investment companies without prejudice to Article 22, paragraph 1, letter "h "Directive 2012/30 / EC of the European Parliament and of the Council of 25 October 2012 on coordination of safeguards which are required by Member States of companies within the meaning of Article 54, second paragraph of the Treaty on the Functioning of the European Union, protection of the interests of members and third parties in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent (OJ, L 315/74 of 14 November 2012).
7. "Consolidated Financial Statements" is a financial report that presents the property and financial situation, reported financial result, changes in cash flows and equity of the undertakings included in the consolidation as if they were a single undertaking.
8. "International Accounting Standards" (IAS) are adopted in accordance with Regulation (EC) 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards and include international accounting standards (International Accounting Standards (IAS) , International financial reporting standards (International financial reporting standards (IFRS) and related interpretations (SIC-IFRIC interpretations), subsequent amendments to those standards and related interpretations, future standards and related interpretations issued or adopted by the Council international accounting standards (international accounting standards Board (IASB).
9. "permanent establishment" is a place of business within the meaning of § 1, p. 5 of the supplementary provisions of the Tax and Social insurance Procedure Code. || | 10. "An independent financial audit of the financial statements" is the audit by the independent financial audit.

11. "Net sales" are amounts from sales of products, goods and services received from ordinary activities of the enterprise, reduced by trade discounts, value added tax and other taxes directly related to revenue.
12. "Regular activity" is a set of business transactions carried out regularly by the firm within its activity.
13. "Core Business" under Item. 22 characters "and," "j" and "k" is the activity of the company, where the total value of the net revenue from sales of the relevant activity represents more than 50 per cent of the total net sales for the period.
14. "Reporting Period" is the calendar year (January 1 to December 31), unless this law provides otherwise.
15. "Payment to the government" for the purposes of Chapter Seven, Section V is the amount paid in cash or in kind by an undertaking active in the extractive industry, or an undertaking active in the logging of primary forests for liabilities to the government of art. 54 tons. 2.
16. "Repeated" is the offense committed within one year from the entry into force of a penalty decree whereby the offender was penalized for the same offense.
17. "Government" for the purposes of Chapter Seven, Section V is a national, regional or local authority of a Member - State of the Union or a third country. The term "government" includes directorate, agency or undertaking controlled by the authorities of the state.
18. "Parent undertaking" means a legal person exercises control over one or more subsidiaries.
19. "Undertaking active in the extractive industry" is an undertaking activities related to research, search, discovery, development and extraction of minerals, oil, natural gas and other raw materials falling within the scope of economic activities listed in Annex I, section C positions 05-08 of Regulation (EC) № 1893/2006 of the European Parliament and of the Council of 20 December 2006 establishing the statistical classification of economic activities, NACE Rev. 2 and amending Council Regulation (EEC) № 3037/90 of the Council, as well as certain EC Regulations on specific statistical areas, hereinafter "Regulation (EC) № 1893/2006".
20. "Undertaking active in the logging of primary forests" is undertaking active in virgin forests in accordance with Annex I, Section A, Item 02, group 02.2 of Regulation (EC) № 1893/2006.

21. "Project" for the purposes of Chapter Seven, Section V operational activities are managed under contract, license, lease, concession or similar legal agreements that are the basis for the obligation to pay to the government. If such agreements are interconnected, they are considered a project.
22. "Enterprises in the public interest" are:
a) undertakings whose transferable securities are admitted to trading on a regulated market in a Member - State of the Union;
B) credit institutions;
C) insurers and reinsurers;
D) pension insurance companies and funds managed by them;
E) investment firms that are large enterprises under this Act;
E) collective investment schemes and management companies under the Law on the activities of collective investment schemes and other collective investment undertakings that are large enterprises under this Act;
G) financial institutions under the Law on Credit Institutions, which are large enterprises under this Act;
H) "Holding Bulgarian State Railways" - EAD and its subsidiaries; National Company "Railway Infrastructure";
I) companies whose principal activity is to manufacture and / or transfer and / or sell electricity and / or heat and which are large enterprises under this Act;
K) companies whose main business is to import and / or transported and / or distributed and / or transit of natural gas and which are large enterprises under this Act;
L) commercial companies whose main business is to provide water and wastewater services.
23. "Regulated Market" is in the sense of Art. 73 of the Markets in Financial Instruments.
24. "Head of Enterprise" is the person or persons who personally guided the company in their capacity as owners, managers or authorized by contract, which is responsible for the entire business of the enterprise to the owner or owners - shareholders, members, to local government or to the state .
25. "Linked enterprises" are any two or more entities within a group.
26. "Sector" Government "Sector" Government "(General government) according to the European system of national and regional accounts in the Community.
27. "Accounting entity" means any person registered under the Commercial Law or under the law of another Member - State of the Union or a country - party to the Agreement on the European Economic Area, in which the main activities included organizing accounting and compiling financial statements.

28. "Financial holding companies" are companies whose sole business is the acquisition of holdings in other companies, management of such holdings and profiting from them, without involving themselves directly or indirectly involved in the management of these companies and without prejudice rights which have financial holding companies as shareholders.
29. "Digital or other identifier" is a unique numeric or another constantly recurring code that corresponds uniquely to the person who has rights to perform certain actions.
§ 2. This Act introduces the requirements of:
1. Directive 2013/34 / EC of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of companies and amending Directive 2006/43 / EC of the European Parliament and the Council, repealing Directives 78/660 / EEC and 83/349 / EEC (OJ, L 182/19 of June 29, 2013).
2. Directive 2014/95 / EC of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34 / EC regarding disclosure of financial information and information about the diversity of some large enterprises and groups (OJ L 330/1 of 15 November 2014).
§ 3. Micro-off relief to them under this Act shall be treated as small businesses.
§ 4. Businesses in the public interest for the purposes of this Act shall be treated as large enterprises, with the exception of the applicable accounting basis, regardless of the carrying value of assets, net sales and average number of staff.
§ 5. Where an undertaking under § 1, p. 22 of the Additional Provisions cease to be a public interest entity, it can once in the first reporting period following the period in which they ceased to be a public interest entity, to change applicable to accounting basis.
TRANSITIONAL AND FINAL PROVISIONS
§ 6. This Act shall repeal the Accountancy (prom. SG. 98 2001 .; amend., SG. 91 of 2002, No. 96 of 2004 . No.. 102 and 105 of 2005, pcs. 33, 63, 105 and 108 in 2006, pcs. 57 of 2007, pcs. 50, 69 and 106 of 2008, pcs. 95 2009 n. 94 of 2010, pcs. 19, 34 and 99 of 2011, pcs. 94 of 2012, pcs. 15, 91 and 100 of 2013).
§ 7. enterprises and enterprise groups defined category for 2016 in accordance with Art. 19 and 21 according to the indicators December 31, 2015
§ 8. Undertakings to January 1, 2016 qualify for micro, small or medium enterprise pursuant to Art. 19 of this Act and compile annual financial statements based on international accounting standards once they switch to implementation of National Accounting Standards after the adoption of a national accounting standard.

§ 9. Unfinished administrative penal proceedings until the entry into force of this Act shall be completed under the previous order.
§ 10. (1) The establishment and auditing of financial statements and activity reports for 2015 are made pursuant to the Act on accounting.
(2) The publication of the financial statements and management reports for 2015 is made in accordance with this Act.
§ 11. (1) Large enterprises under this Act compile annual financial statements for 2016 in accordance with International Accounting Standards.
(2) The provision of Art. 34, para. 2 in respect of large enterprises shall apply from 1 January 2017
§ 12. In the Political Parties Act (prom. SG. 28 of 2005 .; amend. Pcs. 102 2005 pcs. 17 and 73, 2006, issue. 59 and 78 of 2007, pcs. 6 2009 n. 54 and 99 of 2010, pcs. 9 and 99 of 2011, pcs. 30, 68 and 71 of 2013, pcs. 19 of 2014 and SG. 32 of 2015) is amended as follows:
1. In art. 23 para. 5 is amended as follows:
"(5) Non-cash income under par. 1 is evaluated in accordance with Art. 26, para. 2 of the Accounting Act. "
2. In art. 34 para. 1 is amended as follows:
"(1) Political parties prepare financial statements for the previous calendar year in accordance with Chapter III, Section III of the Accounting Act."
§ 13. In the Insurance Code (prom. SG No.. 103 of 2005 .; Am., No. 105 of 2005, pcs. 30, 33, 34, 54, 59, 80, 82 and 105 of 2006, pcs. 48, 53, 97, 100 and 109 of 2007, pcs. 67 and 69 in 2008, pcs. 24 and 41, 2009, pcs. 19, 41, 43, 86 and 100 in 2010, pcs. 51, 60 and 77 of 2011, pcs. 21, 60 and 77 of 2012, pcs. 20, 70 and 109 of 2013) in § 1, p. 29 of the additional provisions, the words "Art. 37, para. 2 "are replaced with" Art. 31, para. 1 ".
§ 14. In the Social Security Code (prom. SG. 110 of 1999 .; Decision № 5 of the Constitutional Court from 2000 - SG. 55 of 2000 .; amend., SG. 64 2000, pcs. 1, 35 and 41 of 2001, pcs. 1, 10, 45, 74, 112, 119 and 120 of 2002, pcs. 8, 42, 67, 95, 112 and 114 2003 pcs. 12, 21, 38, 52, 53, 69, 70, 112 and 115 of 2004, pcs. 38, 39, 76, 102, 103, 104 and 105 of 2005, No. . 17, 30, 34, 56, 57, 59 and 68 of 2006 .; corr. SG. 76 of 2006 .; amend., SG. 80, 82, 95, 102 and 105 of 2006, No. . 41, 52, 53, 64, 77, 97, 100, 109 and 113 in 2007, pcs. 33, 43, 67, 69, 89, 102 and 109 of 2008, pcs. 23, 25, 35 , 41, 42, 93, 95, 99 and 103 of 2009, pcs. 16, 19, 43, 49, 58, 59, 88, 97, 98 and 100 of the 2010 .; Decision № 7 of the Constitutional Court 2011 - SG. 45 of 2011 .; amend., SG. 60, 77 and 100 in 2011, pcs. 7, 21, 38, 40, 44, 58, 81, 89, 94 and 99 of 2012 SG. 15, 20, 70, 98, 104, 106, 109 and 111 of 2013, pcs. 1, 18, 27, 35, 53 and 107 of 2014 pcs. 12, 14, 22 , 54, 61 and 79 of 2015) in art. 186a para. 2, 'the content of art. 26, para. 1 "is replaced by" pursuant to Art. 29, para. 1 ".
§ 15. In the Law on Excise Duties and Tax Warehouses Act (prom. SG. 91 of 2005 .; amend. Pcs. 105 of 2005, pcs. 30, 34, 63, 80, 81 105 and 108 in 2006, pcs. 31, 53, 108 and 109 of 2007, pcs. 36 and 106 in 2008, pcs. 6, 24, 44 and 95 of 2009, pcs. 55 94 of 2010, pcs. 19, 35, 82 and 99 of 2011, pcs. 29, 54 and 94 of 2012, pcs. 15, 101 and 109 of 2013, pcs. 1 and 105 2014 pcs. 30 of 2015) in art. 84, para. 6 in the text before item. 1 the words "Art. 7 "are replaced by" Art. 6 '.

§ 16. In the Water Act (prom. SG. 67 of 1999 .; amend., SG. 81 of 2000, pcs. 34, 41 and 108 in 2001, pcs. 47 , 74 and 91 of 2002, pcs. 42, 69, 84 and 107 of 2003, pcs. 6 and 70 in 2004, pcs. 18, 77 and 94 of 2005, pcs. 29, 30 36 and 65 of 2006 .; corr. SG. 66 of 2006 .; amend. pcs. 105 and 108 in 2006, pcs. 22 and 59 of 2007, pcs. 36, 52 and 70 2008, pcs. 12, 32, 35, 47, 82, 93, 95 and 103 of 2009, pcs. 61 and 98 in 2010, pcs. 19, 28, 35 and 80 of 2011 No.. 45, 77 and 82 of 2012, pcs. 66 and 103 of 2013, pcs. 26, 49, 53 and 98 of 2014 pcs. 12, 14, 17, 58 and 61 of 2015 ) in § 4 para. 4 of the transitional and final provisions be amended as follows:
"(4) the fixed assets of the sites under par. 3 and other aquaculture systems and installations for which the concession has been constituted accrue depreciation in accordance with applicable accounting standards in accordance with Chapter Four of the Accounting Act. "
§ 17. In the Law on Income Tax of Individuals ( prom. SG. 95 of 2006 .; amend., SG. 52, 64 and 113 in 2007, pcs. 28, 43 and 106 of 2008, pcs. 25, 32, 35, 41 82, 95 and 99 of 2009, pcs. 16, 49, 94 and 100 in 2010, pcs. 19, 31, 35, 51 and 99 of 2011, pcs. 40, 81 and 94 of 2012 ., No. 23, 66, 100 and 109 of 2013, pcs. 1, 53, 98, 105 and 107 of 2014 pcs. 12, 22, 61 and 79 of 2015) in art. 9, para. 2 words "Art. 7 "are replaced by" Art. 6 '.
§ 18. In the Law on Investment Trusts (prom. SG. 46 of 2003 .; amend. Pcs. 109 of 2003 pcs. 107 of 2004, pcs. 34 80 and 105 of 2006, pcs. 52 and 53 of 2007, pcs. 77 of 2011 and SG. 34 of 2015) in art. 12 para. 2, second sentence, the words "Art. 34, para. 2 "are replaced with" Art. 18 '.
§ 19. In the Law on Corporate Income Tax (Prom. SG. 105 of 2006 .; amend., SG. 52, 108 and 110 of 2007, pcs. 69 and 106 of 2008 No.. 32, 35 and 95 of 2009, pcs. 94 of 2010, pcs. 19, 31, 35, 51, 77 and 99 of 2011, pcs. 40 and 94 of 2012, No. . 15, 16, 23, 68, 91, 100 and 109 of 2013, pcs. 1, 105 and 107 of 2014 pcs. 12, 22, 35 and 79 of 2015) in art. 10, para. 3 words "Art. 1, para. 2 "are replaced with" Art. 2 ".
§ 20. In the Hospitals Act (prom. SG. 62 of 1999 .; amend., SG. 88 and 113 in 1999 .; corr., No. 114 of 1999 amended .; ., No. 36, 65 and 108 of the 2000 .; Decision № 11 of the Constitutional Court of 2001 - SG. 51 of 2001 .; amend., SG. 28 and 62 of 2002, pcs. 83 102 and 114 of 2003, SG. 70 of 2004, pcs. 46, 76, 85, 88 and 105 of 2005, pcs. 30, 34, 59, 80 and 105 of the 2006 issue. 31, 53 and 59 of 2007 pcs. 110 of 2008, pcs. 36, 41, 99 and 101 of 2009, pcs. 38, 59, 98 and 100 in 2010, pcs. 45 and 60 of 2011, pcs. 54, 60 and 102 of 2012, pcs. 15 and 20 of 2013, pcs. 47 of 2014 and SG. 72 of 2015) in art. 102, para. 4 the words "Art. 15 of the Accounting Act "is replaced by" applicable accounting standards in accordance with Chapter Four of the Accounting Act. "
§ 21. In the Patronage Act (prom. SG. 103 of 2005 .; amend., SG. 30, 34, 63 and 80, 2006, issue. 53 and 109 of 2007 SG. 42 of 2009 and SG. 20 of 2012) in art. 21, para. 2 is amended as follows:
1. In item. 1 the words "Art. 1, para. 2 "are replaced with" Art. 2 ".
2. In item. 2, 'art. 1, para. 2 "are replaced with" Art. 2 ".

§ 22. The Law on Environmental Protection (prom. SG. 91 of 2002 .; corr., No. 98 2002 .; amend., SG. 86 of 2003, SG . 70, 74, 77, 88, 95 and 105 of 2005, pcs. 30, 65, 82, 99, 102 and 105 of 2006, pcs. 31, 41 and 89 of 2007, pcs. 36 52 and 105 of 2008, pcs. 12, 19, 32, 35, 47, 82, 93 and 103 of 2009, pcs. 46 and 61, 2010, issue. 35 and 42 of 2011 No.. 32, 38, 53 and 82 of 2012, pcs. 15, 27 and 66 of 2013, pcs. 22 and 98 2014 and SG. 62 of 2015) in art. 62, para. 7 the words "Art. 33 para. 6 "is replaced by" Art. 63, para. 4 ".
§ 23. In the Law on Public Offering of Securities (prom. SG. 114 of 1999 .; amend., SG. 63 and 92 of 2000, pcs. 28, 61, 93 and 101 2002 pcs. 8, 31, 67 and 71 of 2003, SG. 37 of 2004, pcs. 19, 31, 39, 103 and 105 of 2005, pcs. 30, 33, 34 59, 63, 80, 84, 86 and 105 of 2006, pcs. 25, 52, 53 and 109 of 2007, pcs. 67 and 69 in 2008, pcs. 23, 24, 42 and 93 2009, pcs. 43 and 101 in 2010, pcs. 57 and 77 of 2011, pcs. 21, 94 and 103 of 2012 pcs. 109 of 2013 pcs. 34, 61 and 62 of 2015) is amended as follows:
1. In art. 81, para. 3, second sentence, the words "Art. 34, para. 2 "are replaced with" Art. 18 '.
2. In art. 100m, par. 3, second sentence, the words "Art. 34, para. 2 "are replaced with" Art. 18 '. 3
. In art. 124, para. 2 pt. 4 the words "Art. 26, para. 1 "are replaced by" Art. 29, para. 1 ".
§ 24. In the Roads Act (prom. SG. 26 of 2000 .; amend., SG. 88 of 2000 pcs. 111 of 2001, pcs. 47 and 118 of 2002 SG. 9 and 112 in 2003, pcs. 6 and 14 in 2004, pcs. 88 and 104 of 2005, pcs. 30, 36, 64, 102, 105 and 108 of 2006 SG. 59 of 2007, pcs. 43 and 69 in 2008, pcs. 12, 32, 41, 42, 75, 82 and 93 of 2009, pcs. 87 of 2010, pcs. 19 , 39, 55 and 99 of 2011, pcs. 38, 44, 47 and 53 of 2012, pcs. 15 and 66 in 2013, pcs. 16, 53 and 98 of 2014 pcs. 10 14, 37 and 61 of 2015) in art. 28h para. 2 words "Art. 33 para. 6 "is replaced by" Art. 63, para. 4 ".
§ 25. In the Commercial Register Act (prom. SG. 34 of 2006 .; amend., SG. 80 and 105 of 2006, pcs. 53 and 59, 2007, issue. 104 of 2007 pcs. 50 and 94 of 2008, pcs. 44 2009 n. 101 of 2010, pcs. 34 and 105 of 2011, pcs. 25, 38 and 99 2012, No. 40 of 2014 pcs. 22 and 54 of 2015) in art. 6 para. 3 words "Art. 40, para. 1-3 "are replaced by" Art. 38, para. 1, 3 and 5 ".
§ 26. In the Trade Act (prom. SG. 48 of 1991 .; amend., SG. 25 of 1992, pcs. 61 and 103 of 1993, pcs. 63 1994 ., No. 63 of 1995, pcs. 42, 59, 83, 86 and 104 of 1996, pcs. 58, 100 and 124 of 1997, pcs. 21, 39, 52 and 70 of 1998 ., No. 33, 42, 64, 81, 90, 103 and 114 of 1999, pcs. 84 of 2000, pcs. 28, 61 and 96 of 2002, pcs. 19, 31 and 58 2003 pcs. 31, 39, 42, 43, 66, 103 and 105 of 2005, pcs. 38, 59, 80 and 105 of 2006, pcs. 59, 92 and 104 of 2007 pcs. 50, 67, 70, 100 and 108 of 2008, pcs. 12, 23, 32, 47 and 82 of 2009, pcs. 41 and 101 in 2010, pcs. 14, 18 and 34 2011 pcs. 53 and 60 of 2012, pcs. 15 and 20 of 2013, pcs. 27 of 2014 and SG. 22 of 2015) the following amendments:
1. In art. 221:
a) pt. 6 finally added "when an audit is mandatory in cases provided by law or a decision was made to perform an independent financial audit";
B) pt. 7, after the word "auditor" shall be added "when he was made an independent financial audit."
2. In art. 245 finally added "when an audit is mandatory in cases provided by law or decision has been taken to perform an independent financial audit." 3
. In art. 248 par. 1 is amended as follows:

"(1) The annual financial report is verified by appointed by the General Assembly registered auditors in cases provided by law."
4. In art. 249, para. 1 after the word "When" is added "the annual financial statements of the Company are subject to mandatory independent financial audit and law."
5. In art. 251:
a) in para. 3 first sentence is amended as follows: "When the independent financial audit is mandatory in cases provided by law or when a decision was made to perform an independent financial audit, the General Assembly approves the annual financial statements upon completion of the audit and presentation of the audit report. Registered Auditor attend the meeting of the supervisory board, the board of directors under par. 1 and 2. ";
B) in para. 4 words "inspected and passed" are replaced by "adopted by the General Assembly."
§ 27. In the Law on Independent Financial Audit (prom. SG. 101 of 2001 .; amend., SG. 91 of 2002, No. 96 of 2004, pcs. 77 and 105 2005 pcs. 30, 33, 62 and 105 of 2006, pcs. 67 of 2008, pcs. 95 2009 n. 54 of 2010, No. 99 of 2011 No.. 38, 60 and 102 of 2012, pcs. 15 of 2013 and SG. 61 of 2015) in § 1 of the additional provisions. 11 is amended as follows:
"11. "Enterprises in the public interest" are those within the meaning of § 1, p. 22 of the Additional Provisions of the Accountancy Act. "
§ 28. In the Law on public finance (SG. 15 of 2013) in Art . 168, para. 1 the words "Art. 1, para. 2 "are replaced with" Art. 2 ".
§ 29. This Act shall enter into force on January 1, 2016, with the exception of Art. 48-52, which come into force from January 1, 2017
law was adopted by the 43rd National Assembly on November 24, 2015 and was affixed with the official seal of the National Assembly.
Chairman of the National Assembly Tsetska Tsacheva
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