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Financial Reporting Regulations in Moldova: New Measures to Enhance Transparency and Accountability

The Government of Moldova has approved new regulations governing the organization and functioning of the Public Depository of Financial Reporting (PDFO), a key information system designed to improve transparency and accountability in financial reporting.

What is PDFO?

According to the Regulation, PDFO is an integrated information system that collects, stores, generalizes, analyzes, and publishes financial statements, management reports, and audit opinions from legal units across Moldova. The system aims to:

  • Automate data acquisition
  • Centralize financial reporting
  • Provide public access to financial information

Responsibilities of Entities Involved in PDFO

The regulation outlines the responsibilities of various entities involved in creating, maintaining, and using PDFO, including:

  • Owner (State): Responsible for the overall management and control of PDFO.
  • Technical Administrator (National Bureau of Statistics): Responsible for ensuring the safety and protection of PDFO, as well as providing constant development of the system.
  • Users: Responsible for submitting financial reports to PDFO.
  • Suppliers of Data: Responsible for providing data to PDFO in standardized formats.
  • Receivers of Data: Responsible for accessing and using data from PDFO.

Data Protection Requirements

The regulation establishes requirements for data protection, including:

  • Standardized data formats
  • Secure access control
  • Regular updates to ensure scalability and interoperability with external information systems.

Goals of PDFO Implementation

The implementation of PDFO aims to achieve several goals, including:

  • Integration of financial reports from official sources
  • Public access to financial statements and management reports
  • Provision of financial data according to regulations on data exchange and interoperability
  • Rapid access to data for authorized users
  • Standardization of data and actions
  • Reduction of operating expenses
  • Improvement of communication quality

Expected Outcomes

The new regulation is expected to enhance transparency and accountability in Moldova’s financial reporting, as well as reduce the time it takes to receive necessary information.