site.btaParliament Adopts Amendments to Accountancy Act, Postponing Submission of Non-financial Sustainability Reports by One Year

Parliament adopted at first and second reading amendments to the Accountancy Act, submitted by Alexander Ivanov (GERB-UDF) and a group of MPs from the ruling coalition. The amendments postpone the submission of non-financial sustainability reports by companies by one year.

The other bill on the same topic, submitted by MPs from Continue the Change - Democratic Bulgaria, was rejected at first reading.

With amendments to the Accountancy Act last year, Bulgaria introduced the requirements of European Directive 2022/2464, according to which from 2025 companies with more than 500 employees had to submit special reports with non-financial information with their financial reports for 2024.

Postponing the new non-financial reporting requirements by one year would allow for a smoother transition and adaptation of companies, reduce the risk of inaccuracies and errors and help improve the quality of reports, the authors of the amendments pointed out.

The added that the additional year will allow lessons to be learned from the experience of the countries that were the first to introduce the requirements. The authors also noted that the directive has currently been transposed in 18 member states, while 11, including Germany, have not yet implemented it in their national legislation.