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International Financial Reporting Standards (IFRS) Adoption in Moldova

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Moldova has made significant progress in adopting international accounting standards, including IFRS and IPSAS. However, there are still areas that require improvement.

Accounting and Financial Reporting Requirements

The Law on Accounting and Financial Reporting No. 287 of 2017 establishes accounting requirements for all reporting entities depending on their size (total income, total assets, and number of employees).

Public Interest Entities (PIEs)

Public interest entities in Moldova are required to apply IFRS under Article 5 of the Accounting Law.

Non-PIEs

Non-public interest entities have the option to apply either IFRS or Moldovan National Accounting Standards, which are based on IFRS and EU Directives.

International Public Sector Accounting Standards (IPSAS) Adoption in Moldova

The Ministry of Finance of the Republic of Moldova has established a Council for Public Sector Accounting Standards to develop NPSAS, which will be designed in compliance with IPSAS.

Integrated Information Accounting System

The Ministry plans to develop an integrated information accounting system for public entities by 2027.

Investigation and Discipline (I&D) in Moldova

Moldova has a Public Audit Supervisory Council that is responsible for investigation and discipline for auditors. However, there are gaps in the procedures against the SMO 6 requirements.

ACAP’s I&D System

The Association of Professional Accountants and Auditors (ACAP) operates an I&D system for its members, which includes auditors and other professionals.

Conclusion

Moldova has made significant progress in adopting international accounting standards. However, there are still areas that require improvement, such as the development of a comprehensive investigation and discipline system for auditors.