|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||IFRS Standards required for listed companies and financial institutions.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Standard is required or permitted||No. SMEs may use either full IFRS Standards or Moldovan National Accounting Standards.|
|The IFRS for SMEs Standard is under consideration||No.|
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
Moldova made a commitment to IFRS Standards in Government Decision No. 238 dated 29 February 2008. That Decision requires the use of IFRS Standards by all public interest entities in the Republic of Moldova.
Article 47(2) of the Accountant Act No. 113 of 27 April 2007 requires public interest entities to apply IFRS Standards effective 1 January 2011. Other entities are encouraged to apply under IFRS Standards. Public interest entities are financial entities, investment funds, insurance companies, private pension funds, and entities whose shares are traded on the stock exchange.
Decision No. 238 authorises the Minister of Finance to (a) negotiate contractual details with the IFRS Foundation and (b) adopt procedures for endorsing and implementing individual IFRS Standards.
Endorsement of IFRS Standards by the Minister of Finance involves approval of an Order specifically identifying the standards that are adopted in Moldova. Three such Orders have been issued to date adopting all IFRS Standards through IFRS 13 Fair Value Measurement and IFRIC Interpretations through IFRIC 21:
- Order No. 109 issued 19 December 2008 (available here) covers IAS and IFRS issued through 15 July 2008 (through IFRS 8 Operating Segments).
Title of Order No. 109: Ordinul Ministerului Finanţelor 109 din 19.12.2008 privind acceptarea şi publicarea Standardelor Internaţionale de Raportare Financiară.
- The Minister of Finance updated Order No. 109 by issuing Order No. 44 on 1 April 2013 (available here). Order No. 44 covers IFRS issued through IFRS 13.
Title of Order No. 44: Ordinul Ministrului Finanţelor nr.44 din 01.04.2013 privind acceptarea şi publicarea Standardelor Internaţionale de Raportare Financiară.
- Order No. 105 issued 17 July 2015 covers IFRIC Interpretations 13 through 21 (available here).
Title of Order No. 105: Ordinul Ministerului Finanţelor 105 din 17.07.2015 privind acceptarea şi publicarea Standardelor Internaţionale de Raportare Financiară.