of December 30, 2016 No. 166
About approval of Methodical instructions about features of financial accounting and submission of information in financial statements of savings and loan associations
Based on part (2) Art. 11 of the Law on financial accounting No. 113-XVI of April 27, 2007 (repeated publication: The official monitor of the Republic of Moldova, 2014, Art. No. 27-34, 61) and for the purpose of improvement of the normative provisions connected with financial accounting of savings and loan associations according to provisions of National accounting standards, PRIKAZYVAYU:
1. Approve Methodical instructions about features of financial accounting and submission of information in financial statements of savings and loan associations, according to appendix.
2. From the effective date this order:
- declare invalid the Order of the Minister of Finance No. 89 of October 28, 2002. "About approval and enforcement of the National accounting standard 63 "Disclosure of information in the financial reporting of savings and loan associations and other similar organizations" and comments on its application" (The official monitor of the Republic of Moldova, 2002, Art. No. 151-153, 354);
- mikrofinansovye the organizations apply the National accounting standards approved by the Order of the Minister of Finance No. 118 of August 6, 2013. (The official monitor of the Republic of Moldova, 2013, Art. No. 177-181, 1224), with subsequent changes and amendments.
Deputy minister of finance
to the Order of the Minister of Finance of the Republic of Moldova of December 30, 2016 No. 166
1. These methodical instructions are developed proceeding from need of regulation of specifics of financial accounting for savings and loan associations.
2. The purpose of these methodical instructions consists in the description of features of financial accounting and financial statements in savings and loan associations.
3. These methodical instructions extend to the savings and loan associations, their branches, representations and other structural divisions registered according to the legislation of the Republic of Moldova (further – associations).
4. In these methodical instructions the used concepts mean:
Operating activiies of association – activities of association for attraction of personal savings of her members in the form of deposits, the credits, loans and other means (donations, grants and sponsorship) for the purpose of issue of loans and implementation of financial investments according to investment policy.
Conditional (conditional) asset (accounts receivable) - the possible asset resulting from last events and which existence is confirmed by approach or not approach of one or several unplanned future events which are not under complete control of association.
Expenses of operating activiies – the expenses of association connected with transactions on attraction of personal savings of members of association, the credits and loans, received from legal entities and physical persons, used for issue of loans and implementation of financial investments.
Contingent obligation – the possible obligation which resulted from last events and which existence is confirmed by approach or not approach of one or several unplanned future events which are not under complete control of association.
Interest receivable – the percent added on the granted loans, which are subject to obtaining.
Percent to payment – the percent added on deposits of members of association, to the obtained credits and loans, which are subject to payment.
Balance of repayment periods – full compliance of payment due dates of accounts receivable and other financial assets with terms of their payment for certain date.
Repayment period – calendar date of payment of accounts receivable or repayment of the obligation of association.
Reserve for covering of the granted loans and to the percent belonging to them – type of the assignments created from expenses on covering of the possible losses arising from the submitted loans which are not extinguished in time, failure to pay the added percent.
Risk of loan – risk of partial or complete default of the granted loan.
5. The association develops the accounting policies for each accounting period according to the Law on financial accounting and provisions of National accounting standards (further – NSBU).
6. Accounting policies include:
- types of authorized activities;
- methods of recognition, assessment and accounting of elements of financial accounting;
- structure of sources of financing;
- procedure for creation and use of source and summary documents and accounting registers;
- basis of determination of possible losses on the granted loans, and also procedure for write-off of adverse loans;
- the features influencing recognition of assets and liabilities in balance and those that determine only registration of contingent assets and obligations;
- basis of determination of general risks, policy of creation of reserves for compensation of possible losses and their reflection in financial statements;
- other methodological aspects of financial accounting.
7. Are applied to accounting policies:
- the forms of source documents and accounting registers developed by association independently;
- list of the officials responsible for creation and signing of source documents and accounting registers;
- the working chart of accounts developed on the basis of the General plan of accounts;
- other information necessary for financial accounting of the economic facts.
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