National Accounting Standards to be compulsorily applied beginning with 1 January 2015

National Accounting Standards (NAS) in compliance with International Standards for Financial Reporting and the General plan of accounts shall be compulsory for enforcement starting with 1 January 2015, the Ministry of Finances informs, quoted by MOLDPRES.

According to the Order published in the Official Gazette at the end of last week, the National Accounting Standards, Methodical guidelines and General plan of accounts are recommended for application since 1 January 2014 and they shall be compulsorily applied beginning with 1 January 2015”.

The Ministry of Finances ensures its support for the entities in the process of turning to new National Accounting Standards, by providing the methodological assistance for problematic issues of accounting and financial reporting in accordance with new NAS and General plan of accounts.

This delay to postpone the application of new NAS by one year was requested by the European Business Association, American Chamber of Commerce, Association of Foreign Investors and Association of Professional Accountants and Auditors. The signatories of this appeal claimed they had faced certain problems while passing to new standards.

According to the Plan of accounts, the companies are obliged to adhere to the new National Accounting Standards starting with 1 January 2014.

The new National Accounting Standards comply with International Standards for Financial Reporting and EU Directives, and will bring an invaluable benefit to companies and stakeholders (founders, state bodies, etc.) by ensuring appropriate book-keeping and obtaining truthful economic information.