Journal of Accounting and Management Information Systems (JAMIS)

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

Vol. 13, Nr. 2/2014 ,   p259..280

Svetlana MIHAILA
Aliona BIRCA

Keywords:   IFRS, transition, Republic of Moldova

Implementation ofIFRS was a controversial process in many countries. The case of the Republic ofMoldova is not an exception from this rule. The initially established timeframework (year 2009) for IFRS implementation could not be respected due tosome objective reasons and it was postponed for 2011. However, even this2-years postponement did not create all necessary conditions and bases foruncomplicated first-time application of IFRS. Insufficient number of charteredaccountants who know the IFRS’ rules and principles and how to apply them inpractice, fiscal instability caused by frequent legislative changes, limitsimposed by existing outdated IT systems and other factors in line withaccounting traditions and perceptions give birth to many questions anddifficulties in IFRS implementation in the Republic of Moldova. Authorsdescribe the major obstacles and particularities of this process in thearticle, basing on analysis of regulatory framework, personal experiences and casestudy of the entity which applies IFRS since 2011.