Having ending with the command economy Bulgaria has undergone fundamental economical changes that strongly influenced its accounting theory. The present paper analyses some particularities of Bulgarian accounting research and teaching within the country’s transition economy. For the purpose of accounting education’s modernization in orthodox Bulgaria was introduced so called Optimization accounting. Lately it was fully developed on the basis of Russian mathematical economics and Anglo-Saxon theory of capital structure. Bulgarian founders of the adequate accounting model consider it as an alternative of Western management accounting. Characterized are the major features of the Optimization accounting for assets and liabilities, as a symbol of new Bulgarian accounting.