ЕТАПИ ПРИ ПРОЦЕСА НА ГОДИШНО СЧЕТОВОДНО ПРИКЛЮЧВАНЕ И ГОДИШЕН ФИНАНСОВ ОТЧЕТ НА ЗАСТРАХОВАТЕЛНИТЕ ДРУЖЕСТВА
STAGES IN THE ANNUAL ACCOUNTING CLOSURE AND FINANCIAL STATEMENTS OF INSURANCE COMPANIES

Author(s): Mariana Petrova Mihaylova, Atanaska Filipova-Slancheva
Subject(s): Economy, Business Economy / Management, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: insurers; annual financial statements; process; steps; annual accounting closure
Summary/Abstract: Annual general-purpose financial statements are the final result of financial reporting – the primary presentation source for insurance companies of an information to stakeholders (shareholders, counterparties, supervisory and management bodies, etc.). It is presented through the components of the annual financial statement – statement of financial position (or balance sheet), statement of profit or loss and other comprehensive income (or statement of comprehensive income for the period), statement of changes in equity, cash flow statement, explanatory notes, as well as non-financial information (activity report, corporate governance statement, non-financial statement) accompanyingthe financial statements. presents the nature and components of the annual financial statements as well as the specifics and stages of the annual accounting closure of insurance companies. The main objective of the report is to presents the nature and components of the annual financial statements as well as the specifics and stages of the annual accounting closure of insurance companies in Bulgaria. The methodology involves a literature review and practice of the annual accounting closure in Bulgaria – nature, elements, components, stages. The regulatory framework in Bulgaria is also thoroughly examined. The main conclusion of the study is that there are several stages of annual accounting closure, applied by insurers, which the authors examines in detail.

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