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The document ceased to be valid since January 1, 2015 according to Item 2 of the Order of the Ministry of Finance of the Republic of Moldova of August 6, 2013 No. 118

ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF MOLDOVA

of November 19, 2003 No. 68

About approval and enforcement of the National accounting standard 8 "Net profit (loss) of the accounting period, material mistakes and change of accounting policy" and the National accounting standard 10 "The events which took place after date of creation of financial statements"

In pursuance of provisions of the Order of the Government of the Republic of Moldova N 710 of September 23, 1994 "About the state program of transition of the Republic of Moldova to the international system of financial accounting and statistics" and based on the Law on the financial accounting N 426-XIII of April 4, 1995 PRIKAZYVAYU:

1. Approve National accounting standards 8 "Net profit (loss) of the accounting period, material mistakes and change of accounting policy" and 10 "The events which took place after date of creation of financial statements".

2. Enact in the territory of the Republic of Moldova National accounting standards 8 "Net profit (loss) of the accounting period, material mistakes and change of accounting policy" and 10 "The events which took place after date of creation of financial statements" for the financial statements relating to the periods since January 1, 2004.

 

Minister of Finance

Zinaida Grechany

National accounting standard 8 "Net profit (loss) of the accounting period, material mistakes and change of accounting policy"

Introduction

1. This standard is developed on the basis of the International Accounting Standard (IAS) 8 "Net profit or loss of the accounting period, fundamental mistakes and changes in accounting policy" accepted by Committee on MSBU in 1977 and reviewed in 1993.

Purpose

2. The purpose of this standard consists in provision of classification, procedure for preparation and accounting submission of information in the Report on financial results, and also accounting treatment for changes of accounting valuations, changes of accounting policy and corrections of material mistakes.

Coverage

3. This standard is applied to creation of financial statements for the purpose of representation to users of financial statements of information on net profit (loss) of the accounting period. This standard is applicable both to financial statements of the separate companies, and to consolidated financial statements of group of companies.

4. This standard extends on all legal entities and physical person which are engaged in business activity and registered in the Republic of Moldova and also to their branches, representations and other structural divisions located both in the territory of the Republic of Moldova and beyond its limits.

5. Financial institutions and savings and loan associations, and also other similar organizations observe only those provisions of this standard which do not contradict the regulations established by higher bodies.

6. This standard is also applied to consideration of accomplishment of the purposes of financial statements by means of disclosure of article about net profit (loss) of the accounting period, for the purpose of assessment of the previous activities and its forecast in the future. This information reveals as amendment to information provided by NSBU 5 "Submission of financial statements", NSBU 30 "Disclosures in financial statements of banks and other financial institutions" and NSBU 63 "Disclosure of information in financial statements of savings and loan associations and other similar organizations".

7. The expenses (economy) on the income tax connected with the changes which arose in accounting policy as a result of the extraordinary events and material mistakes taken into consideration in case of determination of net profit (loss) of the accounting period are reflected in accounting according to requirements of NSBU 12 "Accounting of the income tax".

Determinations

8. In this standard terms with the following content are used:

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