Theoretical Aspects of Accounting Presentation of Tangible Fixed Assets in Relation to the Applicable Accounting Legislation

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Author: Seniour Assist. Prof. Gergana Nikolova (Burgas Free University)

Keywords: tangible fixed assets (TFA), applicable legal norms for TFA reporting and presentation, comparative analysis.

This article contains a comparative analysis of the tangible fixed assets (TFA) in the aspects of their recognition, reporting and presentation in the financial statement of the company. The analysis has been done in consideration of the applicable legislation, especially the Law of Accounting, the National Financial Reporting Standards for SMEs, the International Accounting Standards (IAS), and the Corporate Income Tax Act. The basic differences originating from the application of the mentioned normative documents have been revealed. Basing one's arguments on the normative rules and on the good professional practices in accounting presentation of TFA in the financial statements of the companies will contribute to the optimization of their reporting.