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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Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	ACCOUNT ACCOUNTABILITY ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES ACCOUNTING RULES ACCOUNTING STANDARDS ACCOUNTS AFFILIATES ASSETS AUDIT COMMITTEES AUDIT REPORTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BANKS BOOKKEEPING BUDGET CONSTRAINTS BUSINESS MANAGEMENT CANCELLATION CAPITAL MARKETS CAPITALIZATION CERTIFICATES CHARTS OF ACCOUNTS COMMERCIAL BANKS COMPANY LAW COMPUTERIZED ACCOUNTING SYSTEMS CONSOLIDATION COST OF CAPITAL COUNTERPART CURRENCY DEPOSITS ECONOMIC BENEFITS ECONOMICS EXPOSURE EXTERNAL AUDITORS FINANCIAL ACCOUNTABILITY FINANCIAL ACTIVITIES FINANCIAL ANALYSIS FINANCIAL INSTITUTIONS FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL YEAR FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN SHAREHOLDERS GAAP INCOME INFLATION INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT MANAGEMENT INVESTMENT PORTFOLIO JOINT STOCK LAWS LEGAL FRAMEWORK LEGISLATION MARKET ECONOMY MATCHING MUTUAL FUNDS NET SALES OBLIGATION OFFERINGS PAYROLL PENALTIES PRIVATIZATION PUBLIC ACCOUNTING PUBLIC DISCLOSURE REINSURANCE REPORTING REPORTING SYSTEMS SALES SANCTIONS SAVINGS SECURITIES SHARE CAPITAL SHAREHOLDING STRUCTURE STATE ENTERPRISES STATUTORY AUDITORS STOCK EXCHANGE STOCK MARKET STOCKHOLDERS SUBSIDIARIES TAX COLLECTION TAXATION TOTAL MARKET CAPITALIZATION TRANSITION ECONOMIES TRANSPARENCY
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

id	okr-10986-25714
recordtype	oai_dc
spelling	okr-10986-257142021-04-23T14:04:31Z Moldova Report on the Observance of Standards and Codes : Accounting and Auditing World Bank Group ACCOUNT ACCOUNTABILITY ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES ACCOUNTING RULES ACCOUNTING STANDARDS ACCOUNTS AFFILIATES ASSETS AUDIT COMMITTEES AUDIT REPORTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BANKS BOOKKEEPING BUDGET CONSTRAINTS BUSINESS MANAGEMENT CANCELLATION CAPITAL MARKETS CAPITALIZATION CERTIFICATES CHARTS OF ACCOUNTS COMMERCIAL BANKS COMPANY LAW COMPUTERIZED ACCOUNTING SYSTEMS CONSOLIDATION COST OF CAPITAL COUNTERPART CURRENCY DEPOSITS ECONOMIC BENEFITS ECONOMICS EXPOSURE EXTERNAL AUDITORS FINANCIAL ACCOUNTABILITY FINANCIAL ACTIVITIES FINANCIAL ANALYSIS FINANCIAL INSTITUTIONS FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL YEAR FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN SHAREHOLDERS GAAP INCOME INFLATION INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT MANAGEMENT INVESTMENT PORTFOLIO JOINT STOCK LAWS LEGAL FRAMEWORK LEGISLATION MARKET ECONOMY MATCHING MUTUAL FUNDS NET SALES OBLIGATION OFFERINGS PAYROLL PENALTIES PRIVATIZATION PUBLIC ACCOUNTING PUBLIC DISCLOSURE REINSURANCE REPORTING REPORTING SYSTEMS SALES SANCTIONS SAVINGS SECURITIES SHARE CAPITAL SHAREHOLDING STRUCTURE STATE ENTERPRISES STATUTORY AUDITORS STOCK EXCHANGE STOCK MARKET STOCKHOLDERS SUBSIDIARIES TAX COLLECTION TAXATION TOTAL MARKET CAPITALIZATION TRANSITION ECONOMIES TRANSPARENCY 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. 2016-12-12T22:43:29Z 2016-12-12T22:43:29Z 2004-06-28 Report 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 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Accounting and Auditing Assessment Europe and Central Asia Moldova
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNT ACCOUNTABILITY ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES ACCOUNTING RULES ACCOUNTING STANDARDS ACCOUNTS AFFILIATES ASSETS AUDIT COMMITTEES AUDIT REPORTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BANKS BOOKKEEPING BUDGET CONSTRAINTS BUSINESS MANAGEMENT CANCELLATION CAPITAL MARKETS CAPITALIZATION CERTIFICATES CHARTS OF ACCOUNTS COMMERCIAL BANKS COMPANY LAW COMPUTERIZED ACCOUNTING SYSTEMS CONSOLIDATION COST OF CAPITAL COUNTERPART CURRENCY DEPOSITS ECONOMIC BENEFITS ECONOMICS EXPOSURE EXTERNAL AUDITORS FINANCIAL ACCOUNTABILITY FINANCIAL ACTIVITIES FINANCIAL ANALYSIS FINANCIAL INSTITUTIONS FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL YEAR FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN SHAREHOLDERS GAAP INCOME INFLATION INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT MANAGEMENT INVESTMENT PORTFOLIO JOINT STOCK LAWS LEGAL FRAMEWORK LEGISLATION MARKET ECONOMY MATCHING MUTUAL FUNDS NET SALES OBLIGATION OFFERINGS PAYROLL PENALTIES PRIVATIZATION PUBLIC ACCOUNTING PUBLIC DISCLOSURE REINSURANCE REPORTING REPORTING SYSTEMS SALES SANCTIONS SAVINGS SECURITIES SHARE CAPITAL SHAREHOLDING STRUCTURE STATE ENTERPRISES STATUTORY AUDITORS STOCK EXCHANGE STOCK MARKET STOCKHOLDERS SUBSIDIARIES TAX COLLECTION TAXATION TOTAL MARKET CAPITALIZATION TRANSITION ECONOMIES TRANSPARENCY
spellingShingle	ACCOUNT ACCOUNTABILITY ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES ACCOUNTING RULES ACCOUNTING STANDARDS ACCOUNTS AFFILIATES ASSETS AUDIT COMMITTEES AUDIT REPORTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BANKS BOOKKEEPING BUDGET CONSTRAINTS BUSINESS MANAGEMENT CANCELLATION CAPITAL MARKETS CAPITALIZATION CERTIFICATES CHARTS OF ACCOUNTS COMMERCIAL BANKS COMPANY LAW COMPUTERIZED ACCOUNTING SYSTEMS CONSOLIDATION COST OF CAPITAL COUNTERPART CURRENCY DEPOSITS ECONOMIC BENEFITS ECONOMICS EXPOSURE EXTERNAL AUDITORS FINANCIAL ACCOUNTABILITY FINANCIAL ACTIVITIES FINANCIAL ANALYSIS FINANCIAL INSTITUTIONS FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL YEAR FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN SHAREHOLDERS GAAP INCOME INFLATION INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT MANAGEMENT INVESTMENT PORTFOLIO JOINT STOCK LAWS LEGAL FRAMEWORK LEGISLATION MARKET ECONOMY MATCHING MUTUAL FUNDS NET SALES OBLIGATION OFFERINGS PAYROLL PENALTIES PRIVATIZATION PUBLIC ACCOUNTING PUBLIC DISCLOSURE REINSURANCE REPORTING REPORTING SYSTEMS SALES SANCTIONS SAVINGS SECURITIES SHARE CAPITAL SHAREHOLDING STRUCTURE STATE ENTERPRISES STATUTORY AUDITORS STOCK EXCHANGE STOCK MARKET STOCKHOLDERS SUBSIDIARIES TAX COLLECTION TAXATION TOTAL MARKET CAPITALIZATION TRANSITION ECONOMIES TRANSPARENCY World Bank Group Moldova Report on the Observance of Standards and Codes : Accounting and Auditing
geographic_facet	Europe and Central Asia Moldova
description	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.
format	Report
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Moldova Report on the Observance of Standards and Codes : Accounting and Auditing
title_short	Moldova Report on the Observance of Standards and Codes : Accounting and Auditing
title_full	Moldova Report on the Observance of Standards and Codes : Accounting and Auditing
title_fullStr	Moldova Report on the Observance of Standards and Codes : Accounting and Auditing
title_full_unstemmed	Moldova Report on the Observance of Standards and Codes : Accounting and Auditing
title_sort	moldova report on the observance of standards and codes : accounting and auditing
publisher	World Bank, Washington, DC
publishDate	2016
url	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
_version_	1764459966421270528

Moldova Report on the Observance of Standards and Codes : Accounting and Auditing

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