Pursuant to the new Accountancy Act in force as of 1 January 2016 all entities must publish their annual financial statements (audited, consolidated where applicable) and their annual management reports, as approved by the General Meeting of Shareholders of the respective committee for 2015, in the Commercial Register of the Registry Agency by 30 June 2016. The due date for publishing the required set of documents does not depend on the legal form of the respective entity, as the case was under the old Accountancy Act in force till 31 December 2015. Bulgarian branches of foreign entities do not need to publish their annual financial statements in the Commercial Register but rather in a business magazine or on the Internet.
Another notable change in the current Accountancy Act are the administrative penalties for reporting incompliance, which are significantly higher than the sanctions applicable under the abolished Accountancy Act. Entities that fail to publish their financial reports by 30 June 2016 will face penalties ranging from 0.1% to 0.5% of their net sales revenue for 2015, but not less than BGN 200, while the person directly responsible for filing the underlying annual financial reports in the Commercial Register (e.g. directors) will be subject to a penalty of between BGN 200 and BGN 3000.