Moldova Report on the Observance of Standards and Codes : Accounting and Auditing
Financial reporting and auditing practices in Moldova's corporate sector are currently in a period of transition from providing for tax calculation and statistical needs to convergence with International Financial Reporting Standards (IFRS) an...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/432381468760226348/Report-on-the-observance-of-standards-and-codes-ROSC-Moldova-accounting-and-auditing http://hdl.handle.net/10986/25714 |
| Summary: | Financial reporting and auditing
practices in Moldova's corporate sector are currently
in a period of transition from providing for tax calculation
and statistical needs to convergence with International
Financial Reporting Standards (IFRS) and International
Standards on Auditing (ISA). This report draws upon recent
international experience in developed economies and EU
accession countries as well as expected amendments to EU
Directives. The National Accounting Standards (NAS) were
developed on the basis of International Accounting Standards
(IAS) from 1996 to 1998 for the most part, but they are
substantially incomplete and out of date vis-à-vis IFRS
(which incorporate IAS). Accordingly, the standard-setting
process should be streamlined so as to allow the prompt
adoption of the numerous existing IASs not yet reflected in
the NAS. The National Standards of Auditing were developed
recently and mirror ISA. The existing Accounting Law and
certain aspects of the Joint Stock Companies Law are unduly
onerous and restrictive in that they demand bookkeeping and
other administrative procedures not normally required in
market economy systems. These conflict with mandated
accounting standards, confuse the preparers of financial
statements and are detrimental to the quality of the
financial information. A new Accounting Law should be passed
with simplified requirements and incorporating key elements
of the NAS and relevant EU Directives on that matter. |
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