Improving the accounting system in the Republic of Moldova: experiences, problems and prospects | Perfectionarea sistemului contabil din Republica Moldova: experiente, probleme, perspective

This article presents a critical analysis of the three pillars of the accounting system in the Republic of Moldova: National Accounting Standards, comments on the application of these standards and Chart of Accounts. The accounting system in the Republic of Moldova was established, in the organizational and practical plan, at the end of the last century and had a beneficial influence on the development of local business. But its conceptual base became ineffective, as it gradually evolved into an amorphous and rigid concept with numerous gaps and inconsistencies. The transition to the new Chart of Accounts and the implementation of National Accounting Standards were made without preparing it thoroughly in advance elucidating a preliminary publicdiscussion and without giving enterprises extra time to study the enumerated normative acts. The development and implementation of National Accounting Standards were not accompanied by concomitant release of related comments. Thus, none of the 13 existing comments entered into force concomitantly with the appropriate standards. The content of many standards and comments is not in full compliance with the law, with various Government Decisions, regulations, classifiers, instructions and other normative acts of the national or sectorial use that operates with incorrect terms and notions. Further improvement of the local accounting system must focus on the development, testing and implementation of the updated National Accounting Standards, General Chart of Accounts and other major normative acts. In the transition process of the accounting system to a new regulatory framework, previous shortcomings should be avoided (lack of transparency, insufficient funding, exaggerated requirements of the international organisms etc.) while the strategic interests of the country (increasing the Gross Domestic Product, creating new jobs, etc..) should be brought to the forefront.