Annual financial statements (AFS) subjects to publication in an Internet edition:

• Commercial enterprises under the Commercial Law, subject to independent financial audit (art. 38 par. 1 Accounting Law), not re-registered by May 31st 2010 in the Commercial Register at the Registry Agency.
• Legal entities who aren’t retailers and who aren’t set to perform social welfare activity.
• Unincorporated companies (Civil companies under the Obligations and Contracts Law).
• Foreign entities carrying out business activities in the country with place of establishment and commercial offices.
• Legal entities with non-profit goals, established to perform social welfare activity, through application for registration and submission to the Central Register at the Ministry of Justice under the conditions and by the procedures of the Law for legal entities with non-profit goals.

The deadline, according the Accounting Law, for publication of annual financial statements (AFS) is June 30th of next year.

 

Annual financial statements (AFS) subjects to publication at the Registry Agency:

All legal entities and sole proprietors, subject of annual financial audit, registered under the Commerce Law.
Sole proprietors who aren’t subject of independent annual financial audit don’t publish their annual financial statements.

Sole proprietors, subjects of independent annual financial audit, under the Accounting Law, are those who in the current or preceding year exceed the parameters of two of the following criteria:
 

• Book value of assets at December 31st – 1 500 000 BGN.
• Net sale revenues for the year – 2 500 000 BGN.
• Average number of employees for the year – 50 people.

Deadline for Annual Financial Statements (AFS) publication:

Under the new amendments of the Accounting Law in force from May 3rd 2011, annual financial statements (AFS) are published within:
 

• May 31st of next year for sole proprietors subject of independent financial audit.
• June 30th of next year for LTD and personal LTD.
• July 31st of next year for stock companies, limited partnerships and general partnerships. Companies re-registered by May 31st of current year are obliged to publish their annual financial statements (AFS) since 2007.

Companies re-registered after May 31st of the current year are obliged to publish their AFS within 3 months from date of re-registration.

 

Documents subject of publication:

Accounting documents:
 

• Balance sheet.
• Statement of income and expenditure.
• Statement of cash flows.
• Statement of equity.
• Application with information for the accounting policy and the conditions and changes in assets and liabilities, income and expenditure, cash flows and other disclosures as required under applicable accounting standards.
• Verification report prepared by a registered auditor or an auditing company.
• Annual activity report and consolidated annual activity report, adopted by the general meeting of shareholders or by the relevant authority.

Legal documents:
 

• Decision of the Governing body (for LTD – General meeting, personal LTD – decision of the sole shareholder) to adopt the annual financial statement (AFS).
• Decision to allocate profit or cover the loss of the company.

Joint-Stock companies, limited partnerships with shares and limited liability companies, publish with the AFS also:

• Details about the offer to allocate profit or to cover the loss of the previous year;
• Decision of the General meeting of shareholders for the manner of allocation of profit or covering the loss of the previous year.

Fines for unpublished Annual Financial Statements (AFS):

• Fine of 1500 to 2000 BGN for individuals;
• Fine of 2000 to 2500 BGN for sole proprietors and legal entities.

For repeated violation fines are doubled.
 

Lawyer`s Office Tomovski