All Bulgarian companies must use IFRSs starting 2005

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28 Oct 2004

As of 1 January 2003, all listed companies, banks, insurance companies, and pension funds in Bulgaria were required to use International Financial Reporting Standards.

Other companies had the option of applying IFRSs or continuing to use Bulgarian GAAP. Starting in 2005, the other companies will be required to switch to IFRSs. The Bulgarian Ministry of Finance is developing a Bulgarian translation of IFRSs.

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