Financial Advantages Of IFRS
Steps have to be taken in order to help and position the blooming economy, and the introduction of the IFRS is the first and maybe one of the most important ones for the integration of Bulgaria in the economy of the European Union and the rest of the world.
However, there has been an ongoing discussion among the Bulgarian business society and media and although everybody realizes the advantages and benefits that come along with the new standards, the small and medium enterprises were said not to be capable to last the change yet. Therefore the IFRS were made compulsory only for listed companies and the small to medium businesses were left the free choice whether to use it or the Bulgarian GAAP. There were several reasons for that, which were not …show more content…
It is not hard to draw the conclusion that the introduction of the IFRS for small to medium entities is a difficult achievement. Even the World Bank states that neither now, nor even in the foreseeable future would a possibility exist for such a drastic change to occur in any country in the EU. The accountants of these businesses have to be trained to understand and use the standards which points to an educational problem which might turn out to be very difficult to implement. A skilled expert in the field of Bulgarian GAAP will not be an expert in the IFRS which underlines the urgent