PROFESSIONAL COMPETENCE FOR USING ACOUNTING ESTIMATES IN CORPORATE FINANCIAL STATEMENTS

Abstract

The IAS adopted in Bulgaria following its accession to the European Union introduced some new terms in the field of accounting, such as “accounting policy”, “accounting estimate”, and “accounting error”. Generally, the indigenous scepticism of professional accountants is an obstacle to their accepting the new knowledge and points of view and subsequently applying them in practice. The aim of this paper is to investigate the possibilities of unifying the professional competence of accountants and auditors in terms of using accounting estimates in financial statements of non-financial enterprises in compliance with the accounting legislation in force. In order to achieve this aim, the author has tried to outline the different meanings attributed to this term by accountants and auditors in related standards.