The planned transition is aimed at creating a unified accounting system applicable to all public institutions. The process includes implementation of updated methodology and training of specialists. The Moldovan Court of Accounts, which has long been pushing for the transition, is actively participating in seminars to implement the standards.
The new standards are planned to be introduced step by step. According to the latest decisions of the Ministry of Finance, the first set of national accounting standards published in the Official Gazette will enter into force on January 1, 2027.
The new standards will replace outdated cash-based accounting methods with accrual accounting, which will allow for a more accurate reflection of the state’s assets and liabilities. At the moment, the process of adapting the legislative framework and active training of specialists is underway. Most state agencies continue to use existing accounting systems (often based on 1C software).
The final transition to the standards will mean comparability of financial reporting systems of government agencies with the global practice. National standards were developed on the basis of the International Public Sector Accounting Standards (IPSAS).
