What is Annual Financial Statements?

Bulgarian annual financial statements are prepared under Bulgarian National Accounting Standards (NAS / НСФОМСП) for small and medium entities, or International Financial Reporting Standards (IFRS) for large and public interest entities. They must be filed with the Trade Register (BRRA) annually.

**Filing deadline**

30 September of the year following the financial year-end. For year ending 31 December 2024, the deadline is 30 September 2025.

**Content requirements**

- Balance Sheet (Баланс) - Income Statement (ОПР — Отчет за приходите и разходите) - Cash Flow Statement (for mid-size and above) - Notes to the financial statements - Independent Auditor's Report (if audit required) - Management Report (for larger entities)

**Audit requirement thresholds**

An audit by a registered auditor (регистриран одитор) is required if a company meets at least two of the following three criteria in the previous year: - Total assets: BGN 2,000,000 or more (approximately EUR 1,023,000) - Net revenue: BGN 4,000,000 or more (approximately EUR 2,046,000) - Average number of employees: 50 or more

All ADs (joint-stock companies) are always subject to mandatory audit, regardless of size.

**Small company simplification**

Companies that do not meet the audit thresholds can prepare simplified statements under the NAS micro-entity or small entity framework, with fewer line items and no cash flow statement requirement.

**Penalties for late or missing filings**

- First failure: BGN 500-3,000 company fine + BGN 100-2,000 personal fine for the manager - Repeated or persistent failure: enhanced fines up to BGN 5,000 company and BGN 3,000 personal - Late filing is publicly visible — brra.bg shows the filing date, and business partners frequently check whether accounts are current before entering contracts

**IFRS requirement**

IFRS is mandatory for: public companies, credit institutions, insurance companies, investment funds, and any company explicitly required by law. Large private companies may voluntarily adopt IFRS but must then maintain it consistently.