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ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF MOLDOVA

of November 28, 2013 No. 166

About approval of Methodical recommendations about transition to new National accounting standards and changes and amendments to orders No. 118 and 119 of August 6, 2013.

Based on part (2) Art. 11 of the Law on financial accounting No. 113-XVI of April 27, 2007. (The official monitor of the Republic of Moldova, 2007, Art. No. 90-93, 399), with subsequent changes and amendments, and for the purpose of methodical ensuring subjects in connection with entry into force since January 1, 2014 of new National accounting standards of PRIKAZYVAYU:

1. Approve Methodical recommendations about transition to new National accounting standards, according to appendix No. 1.

2. Approve changes and amendments to the Order of the Minister of Finance No. 118 of August 6, 2013. (The official monitor of the Republic of Moldova, 2013, Art. No. 233-237, 1534, and Art. No. 177-181, 1224), according to appendix No. 2.

3. Approve changes and amendments to the Order of the Minister of Finance No. 119 of August 6, 2013. (The official monitor of the Republic of Moldova, 2013, Art. No. 233-237, 1534, and Art. No. 177-181, 1225), according to appendix No. 3.

Deputy minister of finance

Victor Barbenyagre

Appendix No. 1

to the Order of the Ministry of Finance of the Republic of Moldova of November 28, 2013 No. 166

Methodical recommendations about transition to new national accounting standards

Introduction

1. Methodical recommendations about transition to new National accounting standards (further - recommendations) are developed on the basis of National accounting standards (further - NSBU), the general plan of accounts of financial accounting and other regulations on financial accounting.

2. These recommendations do not replace NSBU and other regulations on financial accounting and do not prevail over their provisions, and are intended for rendering the praktiko-methodical help to subjects in the course of transition to new NSBU.

Purpose

3. The purpose of these recommendations consists in explanation of procedure for transition to new NSBU and adjustments of differences between provisions of the new NSBU and standards applied before date of transition to them.

Coverage

4. These recommendations extend to subjects who for the first time apply new NSBU, constitute and represent the first set of financial statements according to these standards.

General rules

5. Transition to new NSBU is performed as of the first day of the accounting period of application of new NSBU, after creation of financial statements and reformation of the balance sheet for the previous accounting period.

6. These recommendations regulate general procedure for adjustment in financial accounting of differences between provisions of the new NSBU and standards applied before date of transition to them.

7. In the course of transition and application of new NSBU it is necessary to take the following aspects into account:

1) provisions of new NSBU and other regulations on financial accounting are applied prospektivno from the date of their introduction in force;

2) the procedure for adjustment of specific differences between provisions of new NSBU and earlier applied standards is regulated by the Sections "Transitional Provisions" of the corresponding standards;

3) the comments and examples containing in new NSBU and other regulations on financial accounting have no exhaustive character, and only explain some typical situations relating to recognition, assessment and reflection in financial accounting of some elements of financial accounting;

4) in new NSBU and in other regulations on financial accounting terminology from European Union directives and International accounting standards (MSFO/IFRS) is used. Discrepancies between the basic concepts used in new NSBU, and applied by standards before date of transition to them are given in appendix 1;

5) the list of the main abbreviations used in new NSBU and in other regulations on financial accounting is given in appendix 2.

Stages of transition to new NSBU

8. Transition to new NSBU includes the following main stages:

1) forming of accounting policies according to provisions of new NSBU and other regulations on financial accounting;

2) development in case of need the working chart of accounts according to requirements of new NSBU and the general plan of accounts of financial accounting;

3) determination of the differences relating to recognition of elements of financial accounting;

4) determination of the differences relating to assessment of elements of financial accounting;

5) transfer of remaining balance of the accounts of financial accounting applied before date of transition to new NSBU in new accounts of financial accounting.

Accounting policies

9. Accounting policies are chosen each subject independently based on new NSBU and other regulations on financial accounting. In case of application of alternative methods of recognition and assessment of elements of financial accounting accounting policies are chosen according to provisions corresponding to MSFO/IFRS.

10. The procedure for development of accounting policies is regulated by NSBU "Accounting Policies, Changes in Accounting Valuations, Mistakes and Subsequent Events".

11. Accounting policies are applied prospektivno from the effective date new NSBU and other regulations on financial accounting. Depending on own information requirements the subject can apply accounting policies retroactively on voluntary basis with disclosure of the relevant information in notes to financial statements.

12. Accounting policies affirm body (person) responsible for financial accounting and the financial reporting according to the current legislation.

Working chart of accounts

13. The working chart of accounts is developed by each subject independently on the basis of the general plan of accounts of financial accounting, taking into account the approved accounting policies.

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