Moldova : Accounting and Auditing
Financial reporting and auditing practices in Moldova's corporate sector are currently in a period of transition from providing for tax calculation and statistical needs to convergence with International Financial Reporting Standards (IFRS) an...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2004/06/8366888/moldova-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14532 |
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okr-10986-14532 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNT ACCOUNTABILITY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES ACCOUNTING RECORDS ACCOUNTING RULES ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTS ACTUARIES AFFILIATES AMORTIZATION AUDIT COMMITTEES AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANKING INSTITUTIONS BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BENEFICIARIES BOOKKEEPING BORROWING COSTS BROKERAGE BROKERAGE FIRMS BUDGET CONSTRAINTS BUSINESS COMBINATIONS BUSINESS MANAGEMENT CAPITAL MARKETS CASH FLOW CASH FLOW STATEMENTS CHARTS OF ACCOUNTS CIVIL CODE COMMERCIAL BANKS COMPANY LAW COMPUTERIZED ACCOUNTING SYSTEMS CONFLICTS OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES COST OF CAPITAL CREDIT ASSESSMENT CREDIT ASSOCIATIONS CREDIT DECISIONS CREDIT INSTITUTIONS CREDITORS CURRENCY DEBT DEBTORS DEPOSITS DEPRECIATION DUE DILIGENCE EARNINGS PER SHARE ECONOMIC DEVELOPMENT EQUIPMENT EXCHANGE RATES EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SYSTEM FIXED ASSET FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FUTURE CASH FLOWS GAAP GOVERNMENT GRANTS GROSS DOMESTIC PRODUCT HOLDING HUMAN RESOURCE HUMAN RESOURCES INCOME TAXES INFLATION INSTITUTIONAL CAPACITY INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTANGIBLE INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVENTORIES INVESTING INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT PORTFOLIO INVESTMENT PROJECTS ISSUANCE JOINT STOCK COMPANIES JOINT-STOCK COMPANIES JOINT-STOCK COMPANY LACK OF TRANSPARENCY LAWS LEGAL FRAMEWORK LEGAL TRADITION LEGAL TRADITIONS LEGISLATION LENDERS LEVY LOAN LOAN PORTFOLIOS LOANS TO CUSTOMERS LOCAL STOCK MARKET LOSS STATEMENT MARKET CAPITALIZATION MARKET ECONOMY MATURITIES MONETARY FUND MUTUAL FUNDS NATIONAL BANK NATIONAL SECURITIES NET PROFIT NET SALES OPEN JOINT STOCK COMPANIES PAYROLL PENALTIES PENSION PENSION FUNDS PRESENT VALUE PRIVATE INVESTORS PRIVATIZATION PUBLIC ACCOUNTING PUBLIC DISCLOSURE PUBLIC OFFERINGS PUBLIC REGISTRY QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK REMITTANCE REMITTANCES REPORTING REPORTING SYSTEMS RESERVES RETIREMENT RETURN RETURN ON ASSETS SALES SAVINGS SECURITIES MARKET SECURITIES MARKET LAW SHAREHOLDERS SMALL BUSINESS SOLVENCY STATE ENTERPRISES STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET SUBSIDIARIES SUBSIDIARY TAX TAX CODE TAX COLLECTION TAXATION TECHNICAL ASSISTANCE TELECOMMUNICATIONS THE NATIONAL BANK OF MOLDOVA TRADING TRANSITION ECONOMIES TURNOVER WITHDRAWAL |
| spellingShingle |
ACCOUNT ACCOUNTABILITY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES ACCOUNTING RECORDS ACCOUNTING RULES ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTS ACTUARIES AFFILIATES AMORTIZATION AUDIT COMMITTEES AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANKING INSTITUTIONS BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BENEFICIARIES BOOKKEEPING BORROWING COSTS BROKERAGE BROKERAGE FIRMS BUDGET CONSTRAINTS BUSINESS COMBINATIONS BUSINESS MANAGEMENT CAPITAL MARKETS CASH FLOW CASH FLOW STATEMENTS CHARTS OF ACCOUNTS CIVIL CODE COMMERCIAL BANKS COMPANY LAW COMPUTERIZED ACCOUNTING SYSTEMS CONFLICTS OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES COST OF CAPITAL CREDIT ASSESSMENT CREDIT ASSOCIATIONS CREDIT DECISIONS CREDIT INSTITUTIONS CREDITORS CURRENCY DEBT DEBTORS DEPOSITS DEPRECIATION DUE DILIGENCE EARNINGS PER SHARE ECONOMIC DEVELOPMENT EQUIPMENT EXCHANGE RATES EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SYSTEM FIXED ASSET FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FUTURE CASH FLOWS GAAP GOVERNMENT GRANTS GROSS DOMESTIC PRODUCT HOLDING HUMAN RESOURCE HUMAN RESOURCES INCOME TAXES INFLATION INSTITUTIONAL CAPACITY INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTANGIBLE INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVENTORIES INVESTING INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT PORTFOLIO INVESTMENT PROJECTS ISSUANCE JOINT STOCK COMPANIES JOINT-STOCK COMPANIES JOINT-STOCK COMPANY LACK OF TRANSPARENCY LAWS LEGAL FRAMEWORK LEGAL TRADITION LEGAL TRADITIONS LEGISLATION LENDERS LEVY LOAN LOAN PORTFOLIOS LOANS TO CUSTOMERS LOCAL STOCK MARKET LOSS STATEMENT MARKET CAPITALIZATION MARKET ECONOMY MATURITIES MONETARY FUND MUTUAL FUNDS NATIONAL BANK NATIONAL SECURITIES NET PROFIT NET SALES OPEN JOINT STOCK COMPANIES PAYROLL PENALTIES PENSION PENSION FUNDS PRESENT VALUE PRIVATE INVESTORS PRIVATIZATION PUBLIC ACCOUNTING PUBLIC DISCLOSURE PUBLIC OFFERINGS PUBLIC REGISTRY QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK REMITTANCE REMITTANCES REPORTING REPORTING SYSTEMS RESERVES RETIREMENT RETURN RETURN ON ASSETS SALES SAVINGS SECURITIES MARKET SECURITIES MARKET LAW SHAREHOLDERS SMALL BUSINESS SOLVENCY STATE ENTERPRISES STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET SUBSIDIARIES SUBSIDIARY TAX TAX CODE TAX COLLECTION TAXATION TECHNICAL ASSISTANCE TELECOMMUNICATIONS THE NATIONAL BANK OF MOLDOVA TRADING TRANSITION ECONOMIES TURNOVER WITHDRAWAL World Bank Moldova : Accounting and Auditing |
| geographic_facet |
Europe and Central Asia Moldova |
| description |
Financial reporting and auditing
practices in Moldova's corporate sector are currently
in a period of transition from providing for tax calculation
and statistical needs to convergence with International
Financial Reporting Standards (IFRS) and International
Standards on Auditing (ISA). This report draws upon recent
international experience in developed economies and EU
accession countries as well as expected amendments to EU
Directives. The review found that, except in the banking
sector, the current level of compliance with financial
reporting obligations is inadequate, and that the quality of
the financial reporting is low. In that context, the report
recommends the following actions: (i) the capacity of
regulatory agencies for enforcing accounting standards and
financial reporting requirements to all entities of public
interest - including large state-owned enterprises - should
be increased; (ii) a public registry should be set-up for
all public-interest companies to file their financial
statements; and (iii) an independent oversight board of
auditors should be established under the soon-to-be-issued
new Audit Law, with the function to qualify statutory
auditors, adopt auditing standards and develop guidelines,
and monitor auditors compliance with NSA and independence requirements. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Moldova : Accounting and Auditing |
| title_short |
Moldova : Accounting and Auditing |
| title_full |
Moldova : Accounting and Auditing |
| title_fullStr |
Moldova : Accounting and Auditing |
| title_full_unstemmed |
Moldova : Accounting and Auditing |
| title_sort |
moldova : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/06/8366888/moldova-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14532 |
| _version_ |
1764429359482929152 |
| spelling |
okr-10986-145322021-04-23T14:03:19Z Moldova : Accounting and Auditing World Bank ACCOUNT ACCOUNTABILITY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES ACCOUNTING RECORDS ACCOUNTING RULES ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTS ACTUARIES AFFILIATES AMORTIZATION AUDIT COMMITTEES AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANKING INSTITUTIONS BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BENEFICIARIES BOOKKEEPING BORROWING COSTS BROKERAGE BROKERAGE FIRMS BUDGET CONSTRAINTS BUSINESS COMBINATIONS BUSINESS MANAGEMENT CAPITAL MARKETS CASH FLOW CASH FLOW STATEMENTS CHARTS OF ACCOUNTS CIVIL CODE COMMERCIAL BANKS COMPANY LAW COMPUTERIZED ACCOUNTING SYSTEMS CONFLICTS OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES COST OF CAPITAL CREDIT ASSESSMENT CREDIT ASSOCIATIONS CREDIT DECISIONS CREDIT INSTITUTIONS CREDITORS CURRENCY DEBT DEBTORS DEPOSITS DEPRECIATION DUE DILIGENCE EARNINGS PER SHARE ECONOMIC DEVELOPMENT EQUIPMENT EXCHANGE RATES EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SYSTEM FIXED ASSET FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FUTURE CASH FLOWS GAAP GOVERNMENT GRANTS GROSS DOMESTIC PRODUCT HOLDING HUMAN RESOURCE HUMAN RESOURCES INCOME TAXES INFLATION INSTITUTIONAL CAPACITY INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTANGIBLE INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVENTORIES INVESTING INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT PORTFOLIO INVESTMENT PROJECTS ISSUANCE JOINT STOCK COMPANIES JOINT-STOCK COMPANIES JOINT-STOCK COMPANY LACK OF TRANSPARENCY LAWS LEGAL FRAMEWORK LEGAL TRADITION LEGAL TRADITIONS LEGISLATION LENDERS LEVY LOAN LOAN PORTFOLIOS LOANS TO CUSTOMERS LOCAL STOCK MARKET LOSS STATEMENT MARKET CAPITALIZATION MARKET ECONOMY MATURITIES MONETARY FUND MUTUAL FUNDS NATIONAL BANK NATIONAL SECURITIES NET PROFIT NET SALES OPEN JOINT STOCK COMPANIES PAYROLL PENALTIES PENSION PENSION FUNDS PRESENT VALUE PRIVATE INVESTORS PRIVATIZATION PUBLIC ACCOUNTING PUBLIC DISCLOSURE PUBLIC OFFERINGS PUBLIC REGISTRY QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK REMITTANCE REMITTANCES REPORTING REPORTING SYSTEMS RESERVES RETIREMENT RETURN RETURN ON ASSETS SALES SAVINGS SECURITIES MARKET SECURITIES MARKET LAW SHAREHOLDERS SMALL BUSINESS SOLVENCY STATE ENTERPRISES STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET SUBSIDIARIES SUBSIDIARY TAX TAX CODE TAX COLLECTION TAXATION TECHNICAL ASSISTANCE TELECOMMUNICATIONS THE NATIONAL BANK OF MOLDOVA TRADING TRANSITION ECONOMIES TURNOVER WITHDRAWAL Financial reporting and auditing practices in Moldova's corporate sector are currently in a period of transition from providing for tax calculation and statistical needs to convergence with International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). This report draws upon recent international experience in developed economies and EU accession countries as well as expected amendments to EU Directives. The review found that, except in the banking sector, the current level of compliance with financial reporting obligations is inadequate, and that the quality of the financial reporting is low. In that context, the report recommends the following actions: (i) the capacity of regulatory agencies for enforcing accounting standards and financial reporting requirements to all entities of public interest - including large state-owned enterprises - should be increased; (ii) a public registry should be set-up for all public-interest companies to file their financial statements; and (iii) an independent oversight board of auditors should be established under the soon-to-be-issued new Audit Law, with the function to qualify statutory auditors, adopt auditing standards and develop guidelines, and monitor auditors compliance with NSA and independence requirements. 2013-07-24T18:56:06Z 2013-07-24T18:56:06Z 2004-06-28 http://documents.worldbank.org/curated/en/2004/06/8366888/moldova-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14532 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work Europe and Central Asia Moldova |