What is the annual financial report, who has to prepare, verify and publish it?

All companies in Bulgaria that are subject to an outside independent audit also have to go every year through this type of check. Accountancy Law in the country is pretty clear about that. Furthermore, all civil association and entities that operate for profit and do not perform „Pro-bono“ activity also publish yearly financial statement. Foreign companies are no exception too – investors from outside also have to present Annual financial report. Sole trader are not obliged to go through ot, if they are not subject  of audit.

This document is not important only because of its obligatory nature. The yearly statement itself show if certain business entity is going the right way. Financial reports of the companies in the country are accessible to the wide public on the base of it follow in depth analysis that are substantial for future decisions and connections between partners in any sphere of commercial activity. In the report expert accountants present exact and clear information about ownership and assets of the firm, balance between profit and loss and the changes in the activity compared to past periods of time. There is one certain specific regarding Annual financial report – it has to be verified by legitimate expert accountants when company owns shares and securities.

Annual financial report is prepared on year by year basis till the end of every December. Deadlines for submitting such reports are different depending on the legal form of a company. So better ask experienced professionals for support when it comes to such an important matter.