BANKS, INSURANCE COMPANIES AND INVESTMENT FUNDS TO PROVIDE MORE DATA ABOUT THEIR FINANCIAL STATE
10.03.2010
The insurance companies, banks and other financial institutions, investment funds, non-governmental pension funds, trust companies, as well as commercial societies, which shares are quoted at the stock exchange, will be obliged to include more data in their financial reports.
According to the Ministry of Finance, the International Financial Reporting Standards (IFRS) contain such standards, which will be introduced for the above organizations since January 1, 2011. Experts of the Ministry of Finance added that these institutions are of a particular public interest, for these reason they will be the first to pass to IFRS.
The remaining institutions will continue using the national accounting standards until January 1, 2012. The Ministry of Finance propose to work out the type form for the financial reports for each category of these institutions - for those, which use ISRF, national standards, as well as for small and medium enterprises, which apply the simplified accounting form. At the same time, it is proposed to exempt micro-enterprises from submitting compulsorily financial reports.
Moldova is preparing currently for introducing the International Financial Reporting Standards (IFRS) and in doing so its institutions use the experience of some EU countries and a grant in the amount of $120 thousand.
Earlier the Government planned to transfer financial institutions, insurance companies and investment funds to the International Financial Reporting Standards (IFRS) since January 1, 2010, but on the insistence by the Association of Moldovan Banks, at the end of 2009 the Parliament prolonged finally the term for introducing the IFRS for these organizations until January 1, 2011. The introduction of the accounting reform was put off due to the lack of financial resources and any adequate concomitant legislation.
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