УСЪВЪРШЕНСТВАНЕ НА ИЗИСКВАНИЯТА ЗА ОПОВЕСТЯВАНИЯ ВЪВ ФИНАНСОВИТЕ ОТЧЕТИ НА МАЛКИ И СРЕДНИ ПРЕДПРИЯТИЯ
IMPROVING THE REQUIREMENTS FOR DISCLOSURES IN THE FINANCIAL STATEMENTS OF SMALL AND MEDIUM-SIZED ENTERPRISES

Summary/Abstract: The paper examines the opportunities for improving the disclosures in the financial statements of small and medium-sized enterprises in Bulgaria. The paper analyses the various legislative criteria for this category of enterprises. Attention is drawn to the need to shorten the disclosure requirements in annual reports. The International Financial Reporting Standard for Small and Medium-sized Enterprises (IFRS for SMEs) is discussed as an opportunity to improve financial disclosures. To this end, examples are given relating to inventories, property, plant and equipment, intangible assets, changes in accounting policies applied and prior period errors. Attention is drawn to the legislative obstacles within the European Union that prevent the application of the standard. It concludes with guidelines for improving disclosures in the financial statements of small and medium-sized enterprises.

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