Transition to IFRS in the Republic of Moldova: general and practical aspects

Olesea Ghedrovici (), Svetlana Mihaila, Lica Erhan and Aliona Birca
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Aliona Birca: Academy of Economic Studies, Moldova

Journal of Accounting and Management Information Systems, 2014, vol. 13, issue 2, 259-280

Abstract: Implementation of IFRS was a controversial process in many countries. The case of the Republic of Moldova is not an exception from this rule. The initially established time framework (year 2009) for IFRS implementation could not be respected due to some objective reasons and it was postponed for 2011. However, even this 2-years postponement did not create all necessary conditions and bases for uncomplicated first-time application of IFRS. Insufficient number of chartered accountants who know the IFRS’ rules and principles and how to apply them in practice, fiscal instability caused by frequent legislative changes, limits imposed by existing outdated IT systems and other factors in line with accounting traditions and perceptions give birth to many questions and difficulties in IFRS implementation in the Republic of Moldova. Authors describe the major obstacles and particularities of this process in the article, basing on analysis of regulatory framework, personal experiences and case study of the entity which applies IFRS since 2011.

Keywords: IFRS; transition; Republic of Moldova (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2014
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