The team of "Audit Advisers" held training on International Accounting Standards for 40 officials of the PFIA divided into two groups for the project "Training – a Guarantee of Professionalism and Development", which is implemented with the financial support of Operational Programme "Administrative Capacity", co-financed by the European Union through the European Social Fund under Priority Axis II "Human Resource Management", sub-priority 2.2. "Competent and effective state administration" budget line BG051PO002 / 13 / 2.2-11 under Contract Reg. № 13-22-128 / 27.01.2014.

      Agency between 9 and 17 June 2014 and 26 June - 4 July 2014 at Rila Hotel in Sofia. During the trainings which lasted seven working days, participants were introduced to the basics of international financial reporting standards and in particular with IAS 1 Presentation of financial statements, IAS 8 Accounting policies, changes in accounting estimates and errors, IAS 10 Events after the reporting period, IAS 16 Property, plant and equipment, IAS 36 Impairment of assets, IAS 37 Provisions, contingent liabilities and contingent assets, IAS 38 Intangible assets, IAS 23 Borrowing costs, IAS 24 Related party disclosures, IAS 18 Revenue, IAS 20 Accounting for government grants and disclosure of government assistance, IAS 27 Separate financial statements and IAS 31 Interests in joint ventures. Overview of mandatory disclosures under IFRS and IAS.

The assessment of the covered topics, acquired knowledge, increased competence, presentation of topics and duration of the training is excellent; however the general opinion of the officials of the PFIA is that more trainings are needed in order to enhance their competence, knowledge and skills. The officials suggested future trainings on topics such as "National Accounting Standards" as these are more applicable by the institutions inspected by the PFIA authorities, as well as trainings focusing on inspection activities.