Contrary to popular belief, Lorem Ipsum is not just a random text. Its roots are in classical Latin literature from 45 BC, which it did more than 2,000 years ago. Richard McClintock, a professor of Latin at Hampden-Sydney College in
Contrary to popular belief, Lorem Ipsum is not just a random text. Its roots are in classical Latin literature from 45 BC, which it did more than 2,000 years ago. Richard McClintock, a professor of Latin at Hampden-Sydney College in
Contrary to popular belief, Lorem Ipsum is not just a random text. Its roots are in classical Latin literature from 45 BC, which it did more than 2,000 years ago. Richard McClintock, a professor of Latin at Hampden-Sydney College in
Nowadays, accounting is often described as the “language of business”, as it is the means of presenting financial information about the assets, liabilities, capital, income and expenses and cash flows of an enterprise, which information can be used by different groups from people – users of information, for making economic decisions. Accounting in market conditions is differentiated into two branches: management accounting and financial accounting. Management accounting is aimed at creating and analyzing information for internal needs: it is used by the company’s management to make decisions, plan, control and evaluate the results of activities. Accounting that focuses on the preparation of financial statements for use by external users of information outside the enterprise is called financial accounting. External users include suppliers, customers, creditors, government agencies, owners, staff, potential investors, auditors, financial analysts, economists. As these users have different information needs, it is necessary for the accounting information to be structured in a certain way, therefore the preparation and presentation of financial statements is subject to regulation, unlike management accounting.
In Bulgaria, most accounting systems in enterprises are of the financial accounting type, as the information created is mainly for use by external users with a predominance of tax and other government agencies (including national statistics) and creditor banks. In larger companies, usually with foreign participation, there are also management accounting systems. In Bulgaria, accounting (financial) is subject to regulation by the Accounting Act and applicable accounting standards. The two main categories of standards are: National Financial Reporting Standards for Small and Medium-sized Enterprises (IFRS) and International Financial Reporting Standards (IFRS).