ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF MOLDOVA

of December 27, 2016 No. 159

About approval of the Concept and Action plan on development of National accounting standards in the public sector

For the purpose of realization of provisions of the Law on financial accounting No. 113-XVI of April 27, 2007 and the Strategy of development of management of public finance for 2013-2020 approved by the Order of the Government No. 573 of August 6, 2013, PRIKAZYVAYU:

1. Approve the Concept about development of National accounting standards in the public sector, according to appendix No. 1.

2. Approve the Plan of action for development of National accounting standards in the public sector, according to appendix No. 2.

3. Assign to Council for National accounting standards in the public sector development of National accounting standards in the public sector according to the Action plan provided by the Concept.

4. To impose control over accomplishment of this order on the State secretary (in the field of budget implementation).

Appendix No. 1

to the Order of the Deputy Minister of Finance of the Republic of Moldova of December 27, 2016 No. 159

The concept about development of National accounting standards in the public sector

Main reducings

NSBUPS - National accounting standards in the public sector

MSFOOS - International accounting standards of the public sector

IISBUOPV - The integrated information system of financial accounting in bodies of the public power

SGF - Statistics of public finances

1. Introduction

Reforming of financial accounting in the public sector is caused on bigger measure by reforming and development of management of public finance.

Relevance of enhancement of this area it is determined that the system of financial accounting and the reporting provides accounting and financial situations about assets and liabilities of the budget sector, the income and expenses, financial results of the budget bodies of authorities/organizations, necessary for acceptance of timely and effective solutions on financial management.

Receipt of high-quality solid data about the economic activity of the budget bodies of authorities/organizations meeting needs of consumers can be realized only in case of existence of complex methodology of financial accounting and the reporting approved with accepted international standards which the International Accounting Standards of the Public Sector (IASPS) are.

The purpose of this Concept consists in determination of future base of financial accounting for the budget sector of the Republic of Moldova, the setup of interval of time and measures necessary for development and deployment of National accounting standards in the public sector (NSBUPS).

2. Urgent situation and actions for reforming of financial accounting in the budget sector of the Republic of Moldova

2.1. Urgent situation of system of financial accounting in the budget sector

The Republic of Moldova inherited the Soviet system of financial accounting in the budget sector. Financial accounting in the budget sector was regulated by several charts of accounts of financial accounting and instructions of financial accounting. In April, 2007 the Law on financial accounting for the purpose of regulation of financial accounting both in corporate, and in budget sectors was adopted. Now, the mentioned law establishes general base of regulation for financial accounting and the financial reporting only for organizations of the budget sector.

The Republic of Moldova is in process of reforming of the budget system, including by means of improvement of management of public finance, financial accounting and the financial reporting. The purpose of reform is consolidation of efficiency, responsibility and transparency of management of public finance.

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