Representatives of PAC Doverie participated in a discussion of a project for a new national accounting standard

Representatives of PAC Doverie took part in a round table on the topic "Financial and accounting reporting for general purpose pension funds from the second and third pillars of the pension system in Bulgaria. National Accounting Standard Project", organized by the Bulgarian Association of Supplementary Pension Security Companies (BASPSC), which took place on November 13 in Sofia. 


The main focus was the prepared legislative changes aimed at adopting a national accounting standard (NSS) that would address the specific financial and accounting reporting of pension funds from the second and third pillars of the pension system. Important aspects and arguments were presented in support of finding the most correct solution to reflect national characteristics.


Many experts joined the discussion. Among them were Diana Yordanova, deputy chairperson of the Financial Supervision Commission (FSC), Iliana Zhekova, member of Parliament and member of the Committee on Labour, Social and Demographic Policy in the National Assembly, representatives of the Commission for Public Supervision of Registered Auditors representatives of the Ministry of Labor and Social Policy, employers' organizations (BICA, BIA and BCCI), trade unions (Confederation of Labour Podkrepa), as well as members of BASPSC. The experts - participants at the institutional level who worked on the preparation of the standard - were also heard. 


Everyone united around the idea of ​​supporting the creation of an up-to-date, detailed and nationally adapted financial and accounting framework for the supplementary mandatory pension insurance funds, supplementary voluntary pension insurance funds, as well as for the payment funds, as the currently applied, but extremely limited, international accounting standard has not been changed since its inception in 1988 and does not adequately reflect modern accounting thinking and the highly regulated nature of these pension funds.


"We insist the standard to be adopted as quickly as possible so that we have only one type of report. We are firmly convinced that the changes in the NSS are not related to the interest of the business of the pension companies, but correspond only to the interests of the insured persons and pensioners. With the implementation of the new standard, a much higher sustainability of pension payments will be created, in contrast to the current regime of reporting government securities at market value", summarized Daniela Petkova, member of the Board of Directors (BoD) of BASPSC and Chairperson of the BoD of PAC Doverie.