The organization has submitted a package of proposals to the Ministry of Finance and is urging the ministry to implement a process of ongoing harmonization of Moldovan legislation with EU standards in the area of financial reporting.
AmCham experts note that our legislation must take into account not only the current EU Directive 2013/34/EU, which establishes the general principles and rules for preparing financial statements in the EU, but also the latest regulatory changes, including the Corporate Sustainability Reporting Directive (CSRD).
This will allow Moldovan legislation to be prepared in advance for new sustainability disclosure requirements and ensure its consistency with auditing rules.
Another priority for AmCham is maintaining full compatibility with International Financial Reporting Standards (IFRS). In this regard, the organization’s experts recommend updating terminology in a timely manner, publishing new IFRS standards and amendments, and regularly reviewing legislation to avoid discrepancies between Moldovan and international practices.
It is also important to regularly review the criteria for classifying businesses in light of European changes to clearly define financial reporting requirements for different categories of companies.
In this context, AmCham members propose eliminating situations in which small and micro-enterprises face an excessive reporting burden.
