Moldova : Reports on the Observance of Standards and Codes on Accounting and Auditing, Update

This assessment of accounting and auditing practices in Moldova is part of a joint initiative that is implemented by the World Bank and the International Monetary Fund to prepare Reports on the Observance of Standards and Codes (ROSC). The assessme...

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Bibliographic Details
Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANT ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING REFORM ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTS AFFILIATES AUDIT COMMITTEE AUDIT COMMITTEES AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK CREDIT BANKING SECTOR BANKS BORROWER BROKERS BUSINESS COMMUNITIES BUSINESS COMMUNITY BUSINESS ETHICS CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL MARKET CERTIFIED PUBLIC ACCOUNTANTS CHARTS OF ACCOUNTS COMMERCIAL BANKS COMPANY LAW CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE COST OF CAPITAL CREDIT ASSOCIATIONS CREDIT INSTITUTIONS CREDIT RISKS CURRENCY DEPOSITS DISCLOSURE REQUIREMENTS EMPLOYMENT ENABLING ENVIRONMENT ENTERPRISE PERFORMANCE ENTREPRENEURSHIP EXTERNAL AUDITORS EXTERNAL FUNDING FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTING PERIOD FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STATEMENTS FINANCIAL SYSTEM FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN INVESTORS GOOD PRACTICES GOVERNANCE STANDARDS GOVERNMENT FUNDING HOLDING HUMAN RESOURCE HUMAN RESOURCES IMAGE INITIAL PUBLIC OFFERING INSTITUTIONAL CAPACITY INSURANCE INSURANCE COMPANIES INTERNAL AUDIT INTERNATIONAL BANK INTERNATIONAL STANDARDS INVESTMENT CLIMATE INVESTMENT FUNDS IPO JOINT STOCK COMPANY JOINT-STOCK COMPANIES JUDICIAL SYSTEM LAWS LEGAL FRAMEWORK LEGISLATION LEVEL OF CONFIDENCE LIMITED LIABILITY LIQUID ASSETS LIQUIDATION LOCAL INVESTORS LOCAL MARKET LONG-TERM INVESTMENT MICRO ENTERPRISES MICRO-FINANCE MIGRATION MONETARY FUND PENALTIES PENSION PENSION FUNDS PRIVATE FINANCE PRIVATE INVESTMENT PRIVATE INVESTMENTS PRODUCTIVITY PROFITABILITY PRUDENTIAL REGULATIONS PUBLIC AGENCIES PUBLIC ASSETS PUBLIC REGISTER PUBLIC REGISTRY QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL QUALITY STANDARDS REGULATORY FRAMEWORK REMITTANCE REMITTANCES SALES SAVINGS SECURITIES SECURITIES MARKET SHAREHOLDERS SMALL BUSINESS STATE ENTERPRISES STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE SUBSIDIARIES SUBSIDIARY SUPERVISORY AUTHORITIES TAX TAX CODE TAX COLLECTIONS TAX PLANNING TAXATION TECHNICAL ASSISTANCE THE NATIONAL BANK OF MOLDOVA TRANSPARENCY VALUATION WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2013/06/18310007/moldova-reports-observance-standards-codes-rosc-accounting-auditing-update http://hdl.handle.net/10986/16783

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Summary:	This assessment of accounting and auditing practices in Moldova is part of a joint initiative that is implemented by the World Bank and the International Monetary Fund to prepare Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, and includes a review of both statutory requirements and actual practice. It uses International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices, as well as the European Union's acquis communautaire given Moldova's strategy of further integration with the European Union. In the medium term, improvement in Moldova's business environment is essential to put the country on a sustainable growth path. The strategic objective of this task is to support the Government in its efforts to improving the business environment in Moldova by contributing to an elevated level of competitiveness and productivity across the economy through business enterprises providing timely and reliable financial information, formulated according to internationally accepted standards, while also observing standards of governance that create confidence among local and foreign investors. These will enable companies to have greater access to finance, invest and increase their productivity. This assessment was drawn up at the request of the Government of Moldova and builds on the previous Accounting and Auditing ROSC that was prepared in 2004. The 2004 ROSC had the following objectives: (i) to spell out the ingredients of a good set of national accounting and auditing practices; (ii) to assess how Moldovan practices and its accounting profession perform relative to those practices; and (iii) to lay out the reforms needed to bring those practices and the profession into compliance with the generic model of good practices.

Moldova : Reports on the Observance of Standards and Codes on Accounting and Auditing, Update

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