The Extended Deadline for Publishing the 2019 Annual Financial Statement is Approaching

By Polya Dimitrova, Dimitrov, Petrov & Co. Law Firm

Due to the state of emergency related to the COVID-19 pandemic in Bulgaria, the term for publication of the 2019 annual financial statements (AFS) of the companies in the Commercial Register has been prolonged until 30th of September 2020.

Еarlier this year some amendments to the requirements for publication of the financial statements of micro, small and medium-sized enterprises were adopted aiming to reduce the administrative burden in this regard. According to the legislative amendments, the fact that the annual financial statements have been approved by the respective competent body of the company is evidenced by submitting a sample declaration signed by the legal representative of the company.

This means that in case a company falls within the legislative criteria for either micro, small or medium-sized enterprise, a resolution of the respective company body for approval of the 2019 AFS would not be subject to publication in the Commercial Register. However, such document should be prepared, signed and stored at the company for internal purposes in order to certify the proper approval of the financial statements for the respective year.

The abovementioned simplified procedure for publication of financial statement is applicable to the companies whose financial parameters as of 31 December 2019 do not exceed at least two of the following criteria:

Micro- Small Medium-sized enterprises
  • Book value of the assets up to: BGN 700,000 BGN 8,000,000 BGN 38,000,000
  • Net sales revenues up to: BGN 1,400,000 BGN 16,000,000 BGN 76,000,000
  • Average number of staff 10 people 50 people 250 people

If a company covers the criteria for either micro, small or medium-sized enterprise for the financial year 2019, only the abovementioned standard declaration will be necessary for publication of the AFS in the Commercial Register.

Polya Dimitrova is an associate at Dimitrov, Petrov & Co. law firm. The above text does not constitute a legal advice or consultation and should not be considered sufficient for resolving specific legal issues, cases, etc.

For more information, please contact Dimitrov, Petrov & Co. at