Принципни постановки и процедури съгласно концепцията за недействащо предприятие (Счетоводство на ликвидационна база)
Principles and procedures according to the wound-up concern concept (liquidation-based accounting)

Summary/Abstract: The study aims to review and discuss a complex of principles and procedures to be followed by the accounting systems of large production enterprises with accounting systems falling within the scope of IFSR, which are no longer considered going enterprises, i.e. are declared insolvent by the court and, on the second stage, bankrupt (a court-enforced procedure initiated by their creditor/s). In most cases these considerations could be applied (with a certain level of adaptation) to enterprises that have started a liquidation procedure (a voluntary procedure initiated by the company itself). Thus an attempt was made to compensate the existing relatively small gap and ambiguity in the IFSR and their common framework69 regarding the need for application of a different accounting base for preparation of the financial statements when there is a suspicion for a going concern. According to their provisions, if the concern intends or is required to start a liquidation procedure or shrink substantially the scope of its activities, it should prepare its financial statements on a different accounting base. A research was made on a large Bulgarian production enterprise operating in the metallurgy sector (steel milling), which was declared insolvent in 2008 and has not yet been declared bankrupt. Some critical remarks concerning the current AS 13 are also made.

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