Dear Clients,
This is kindly to remind you that as per the Accounting Act the term for announcing the annual financial statements (“AFS”) for 2013 in the Commercial Register expires as follows:
- Sole traders, by 31st May 2014
- Limited liability companies, by 30th June 2014;
- Joint stock companies, by 31st July 2014; The joint stok companies submit their annual financial statements only electronically;
Each AFS, submitted for announcing has to include all constituents pursuant to тхе Bulgarian Accounting Act, namely:
- Balance sheet
- Profit and loss account
- Statement of cashflows
- Owner’s equity statement
- Accounting policies
- Annual activity report/ Consolidated annual activity report
Please note, that based on the Commercial Register’s practice the submission of an AFS without all of its constituents may result in rejection of the entry and respectfully in the imposition of the fines as specified below.
The AFS of joint stock companies, partnerships limited by shares and limited liability companies shall be accompanied by the proposal of the managing body on the distribution of profit or for covering a previous year’s loss and the decision of the general meeting of shareholders/partners on the allocation of profit for distribution or for covering a previous year’s loss.The AFS of an enterprise which prepares consolidated financial statements shall be published simultaneously with the consolidated financial statements of the group, together with their respective annual management reports.
In case of a breach of the deadlines hereinabove the Commercial Register may impose a fine at the amount between BGN 2000 and up to BGN 3000.
We recommend the campaign of submission of the AFS to begin as soon as possible to avoid last-minute submissions, with not-operating Commercial Register system, leading to failure to observe deadlines and further fines.
In case you would like to use our services in regards with the announcement of annual financial statements of the companies you represent, please do not hesitate to contact us.
