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The obligation to publish financial statements and annual reports is laid down in Article 38 of the new Accounting Act (BAA). Under Article 10 of the BAA's TFP, the preparation and audit of financial statements and activity reports for 2015 are governed by the repealed Accounting Act, and publication must take place by 30 June of the following year.
Sole-trader micro-enterprises are not subject to independent financial audit and are exempt from the obligation to publish financial statements under Article 19(2) of the new BAA if, as at 31 December of the current reporting period, they do not exceed at least two of the following criteria: balance-sheet assets – BGN 700,000; turnover – BGN 1.4 million; average number of employees during the period – 10 people.
Penalties for failure to publish: • for the company director, a fine ranging from BGN 200 to BGN 3,000; • for the company, a financial penalty ranging from 0.1 to 0.5 per cent of net sales for the reporting period to which the unpublished financial statements relate, but not less than BGN 200.
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