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. |
Yes.
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: