AFA Offers a New Service to Its ClientsIn compliance with the requirements of Bulgarian Accounting Standards (BAS) an illustrative model of annual financial statements for the year 2002 has been prepared by the staff of AFA together with a control questionnaire for disclosure of accounting policy.
10 February 2003, Sofia
In response to the great interest shown by our clients and following our wish to contribute to their success with new and useful products, AFA offers to its clients an illustrative model of annual financial statements for the year 2002 together with a control questionnaire for disclosure of accounting policy.
The model of annual financial statements has been developed by taking the following into consideration:
- the requirements of the Bulgarian accounting legislation effective from 1 January 2002;
- the good practices applied by the developed countries.
The illustrative model has the nature of a sample, wherein the major requirements for preparation of annual financial statements and disclosures are systemized. Its aim is to provide methodological assistance in the preparation of annual financial statements for the year 2002 in compliance with the requirements of the Bulgarian accounting legislation. The specific contents of each set of annual financial statements as well as the scope and substance of the particular disclosures are determined by the Company's management, which bears the responsibility for preparation of the financial statements as per the effective legislation.
The illustrative model of annual financial statements comprises the following modules:
Module One
This Module comprises the four main components of the annual financial statements. It allows additions and respectively, summarizing of the individual items in accordance with the requirements of BAS and the specifics of the Company's activities.
Module Two
The Module contains a sample pattern of accounting policy disclosure in compliance with the requirements of BAS, which can be amended and supplemented depending on the specifics of the Company's activities.
It also contains sample notes for disclosures to the main four elements following the mandatory requirements of BAS, which are usually included in the annual financial statements. They can be amended and enriched depending on the specifics of the Company's activities.
Module Three
The Module contains a control questionnaire for the accounting policy disclosures. It provides a possibility to exercise control over the disclosure requirements applicable in the preparation of the annual financial statements of each Company and to check omissions in the disclosures.
The advantages of using the model are as follows:
- possibility for professional preparation of the annual financial statements in accordance with the established best practices worldwide;
- prompt and easy presentation of the items in the components of the annual financial statements in accordance with the specifics of the Company's activities;
- prompt and easy establishment of the requirements for disclosures applicable to each Company in compliance with the requirements of every single BAS;
- effective control on the application of all disclosure requirements of BAS taking into consideration the specifics of the Company's activities;
- saving time and efforts during the intensive period of annual closing of accounts.
All clients, who are already preparing their annual financial statements for 2002 using our illustrative model, have shared that the advantages of its application are far more than the described above.
This proves that we are helpful and our efforts are intended towards our clients' success.
For additional information or request to buy the model, please contact Mila Burova at
tel. 943 37 00, fax 943 37 07 or via e-mail:
mila.burova@afa.bgBack