Law on accounting, financial reporting to be published in Official Journal of Moldova

13:17 | 04.01.2018 Category: Economic

Chisinau, 4 January /MOLDPRES/- Accounting will be regulated by a new law. The provisions will be published in the Official Journal of Moldova on 5 January.

The document sees applying three sets of financial statements (abridged, simplified, complete), depending on the category and information needs of the entities applying the National Accounting Standards. The regulation is updated and aligned with the European legislation in the field of corporate financial reporting.

It also includes news on publication of individual financial statements, management’s report and auditor’s report, which will be sent by email or uploaded to the system of public financial statements depositary. Also, it will be mandatory to publish the documents on the entity’s website.

The law also contains clear requirements on primary documents and accounting records, requirements for people responsible for bookkeeping and financial reporting, clarification regarding the management period of the entities for which it differs from the calendar year or in case of reorganization and liquidation of the entity.

The provisions aim at setting legal framework, general requirements and mechanism of accounting and financial reporting in the country.

The law will enter into force on 1 January 2019.

(Reporter A. Ciobanu, editor A. Răileanu)

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