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Bulgaria Makes Progress in Implementing International Standards

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Sofia, Bulgaria - The Institute of Certified Public Accountants in Bulgaria (ICPAB) has made significant progress in implementing international standards in the country’s accounting and auditing profession. According to a recent assessment by the International Federation of Accountants (IFAC), ICPAB has adopted several key standards, including International Standards on Auditing (ISA) and the Code of Ethics for Professional Accountants.

Key Findings

  • Bulgaria has made efforts to comply with international standards.
  • Partial accrual accounting standards have been adopted for public sector entities.
  • The country still needs to implement International Public Sector Accounting Standards (IPSAS).

ICPAB’s Role in Implementing International Standards

ICPAB plays a key role in promoting and implementing international standards in Bulgaria. The organization requires its members to complete continuing professional development (CPD) programs, which includes training on ISA and the Code of Ethics. ICPAB also has an investigation and discipline system in place for its members.

Challenges and Opportunities

The assessment highlighted several areas where Bulgaria can improve its implementation of international standards, including:

  • Adopting IPSAS for public sector entities.
  • Implementing a more comprehensive CPD program for all accountants.
  • Enhancing its investigation and discipline system.
  • Increasing awareness of international standards among Bulgarian accountants.

SMO Action Plan

ICPAB’s SMO (Standard-Setting Oversight) Action Plan includes several key objectives, including:

  • Adopting IPSAS for public sector entities
  • Implementing a more comprehensive CPD program for all accountants
  • Enhancing its investigation and discipline system
  • Increasing awareness of international standards among Bulgarian accountants

Conclusion

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Bulgaria has made significant progress in implementing international standards, but there are still areas where improvement is needed. With the support of organizations like ICPAB and CPOSA, the country is well on its way to becoming a leader in accounting and auditing best practices.