OBJECTIVES OF ACCOUNTANCY AND AUDIT
IN THE BEGINING OF 21st CENTURY

The Institute of Chartered Public Accountants of Bulgaria (ICPA) has within the period April 17 - 18, 2003 in Varna, Bulgaria, organized the International Conference with a subject: "Objectives of Accountancy and Audit in the beginning of 21st Century". In the work of the Conference were participating the eminent professionals from industry, state and educational institutions, as well as the delegations of professional associations - SEEPAD member-bodies (SEEPAD - South Eastern European Partnership for Accountancy Development).

Since the application of the International Accounting Standards is proscribed in Bulgaria from the year 2005, at the conference were presented current problems of transition from the national to the international standards, as well as the adventages expected with the introduction and implementation of the IAS.

Special attention was given to the program of professional accountants education, and to the inevitable changes in adjusting national to the internationally recognized educational programs. In his speech, the President of ICPA, Simeon Milev, Ph. D. presented the current state of affairs and accounting profession development in Bulgaria, as well as the challenges of the profession, brought by the introduction and implementation of IAS. In further presentations, Stojan Durin, Dimitar Jeliazkov and Anton Svrakov, Ph.D. have presented the new requirements for the professional accountants, the ways of bridging potential difficulties and problems and emphasised the significance of the program of continuous professional accountants education, as a precondition for the accounting profession development and successful adjusting to the contemporary market requirements.

Within the discussion on the program of professional international education development there have been presented the ICPA activities within SEEPAD project of accounting profession harmonization, education program and mutual recognizing accounting vocations within the region.

Simeon Milev, Ph.D. President of ICPA

prof. Stojan Durin, Ph,D.

Topic "Diffuclties of adjusting to the International Accounting Standards"

"Implementation of International Accounting Standards in Bulgaria will take effect from year 2005.
However banks, financial institutions, insurance companies and pension funds are obligated to use IAS from year 2003. Implementation of IAS create a new chalenges for accountancy proffesion as well as new demands for education and knowledge development"