HARMONISATION OF ACCOUNTING AND FINANCIAL REPORTING REGULATORY FRAMEWORK OF MOLDOVA WITH THE ACQUIS COMMUNAUTAIRE

• Main Authors: Alexandru NEDERITA, Angela POPOVICI
• Format: Article
• Language: English
• Published: Academy of the Economic Studies of Moldova 2018-03-01
• Series: Economica
• Subjects: harmonisation; Acquis Communautaire; regulatory framework; chart of accounts; financial statements; accounting standards
• Online Access: http://irek.ase.md/xmlui/bitstream/handle/123456789/519/Nederita-A_Popovici-A_%20ec_2018_3.pdf?sequence=1&isAllowed=y
• ISSN: 1810-9136; 1810-9136

The implementation of the Association Agreement “Republic of Moldova – European Union” requires the national accounting and financial reporting regulatory framework to be harmonised with the Acquis Communautaire. Yet many problems arise related to this harmonisation in terms of applying the recordkeeping methods stipulated by the European accounting regulations, aligning the individual and consolidated financial statement layouts with European standards, bounding the requirements for submitting financial information for different categories of entities. In order to address the aforementioned problems and implement properly the national accounting regulations based on the Acquis Communautaire it is recommended: to define distinct sets of individual financial statements intended for large, medium, small and micro-sized entities; to renounce to standard forms of consolidated financial statements and provide each parent entity with the right to develop independently the statement structure depending on the Users’ decisionmaking and information needs; to identify the stages and the way of implementing the new national accounting regulations compliant with the European standards.