ABOUT THE ACCOUNTING PRINCIPLES IN THE CONTEXT OF THE NEW ACCOUNTING LAW


Author: Assoc. Prof. Gergana Nikolova, PhD (Burgas Free University)

Keywords: accounting principles, contrastive analysis, old and new Accounting laws in force since 01.01.2016, International Accounting Standards.

The article is an attempt to look, in an analytical and contrastive way, at the accounting principles of the Accounting laws in force both before and after 2016. To find the philosophy of the accounting principles we start from: the normative regulation of Accounting; the two accounting schools: the European-Continental and the Anglo-Saxon; the importance of the accounting information, based on the accounting principles, and the essence of Accounting as a social science. In order to look in a contrastive way at the topic of the accounting principles in full scale, presented are not only the accounting principles regulated in both Accounting laws but in the International Accounting Standards and their continuation: the International Standards of Financial Reporting, which are carried out by the European Union (as far as these principles are applicable for enterprises that have chosen the group of the International Accounting Standards as their accounting basis). On that base reflections are made and conclusions are drawn. 

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