Bulgaria is to fully adopt the international accounting standards from 2005. The Bulgarian Parliament passed a new accounting bill at first reading on October, 2001. A new Accounting Council, a public register and a National system to collect reports from independently audited companies will be established. Bulgaria auditors` training on the international standards will be completed in 2003. The Bulgarian accountants are concerned with the introduction since the 41 international standards cover 1000 pages. After the translation, the standards have to be learned by thousands Bulgarian accountants. According to the Institute of Certified Public Accounts, the international standards should be obligatory for the big companies only. In the EU countries, the small and medium-sized enterprises use their national standards. Deputy Prime Minister and Economy Minister Nikolay Vassilev and Ivan Iskrov who proposed the bill are categorical that all Bulgarian enterprises should start using the international standards by 2005. Apart from training problems, the new standards will cause financial difficulties to the Bulgarian companies, according to Pari Daily. The introduction of the international standards will leave many accountants without jobs since the small and medium enterprises will prefer to use the services of the accounting houses.

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