OLICIES AND PRACTICES FOR IMPLEMENTATION OF IFRS AND NAS IN THE REPUBLIC OF MOLDOVA
This study aims to analyse the process of harmonization of national accounting standards of the Republic of Moldova to the international standards. It highlights the main advantages, disadvantages, risks and opportunities regarding the implementation of the new standards. A major step for the Republ...
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| Format: | Article |
| Language: | English |
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Editura Univeristatii "Stefan cel Mare" din Suceava
2015-06-01
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| Series: | USV Annals of Economics and Public Administration |
| Subjects: | |
| Online Access: | http://annals.seap.usv.ro/index.php/annals/article/view/815/734 |
| _version_ | 1818643772287746048 |
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| author | Lica ERHAN Marian SOCOLIUC Svetlana MIHAILA Veronica GROSU |
| author_facet | Lica ERHAN Marian SOCOLIUC Svetlana MIHAILA Veronica GROSU |
| author_sort | Lica ERHAN |
| collection | DOAJ |
| description | This study aims to analyse the process of harmonization of national accounting standards of the Republic of Moldova to the international standards. It highlights the main advantages, disadvantages, risks and opportunities regarding the implementation of the new standards. A major step for the Republic of Moldova was the implementation of IFRS, which has become mandatory for all public interest entities from 1 January 2012 and the adoption of new NAS in accordance with EU Directives and IFRS for small and medium-sized entities, for which the transition to IFRS was difficult due to high costs involved. The new NAS came into force on 1 January 2014 as a recommendation, but starting with 1st January 2015 it will be mandatory for all entities. The paper includes a practical analysis of the impact of transition to IFRS on the financial results of a public interest entity- Moldova Agroindbank, which is the largest commercial bank, with the highest market share in the banking sector of the Republic of Moldova. A result of the analysis of primary and secondary indicators calculated on the base of the financial statements prepared by commercial bank at 31.12.11, we found that the transition to IFRS has resulted in the growth of all financial indicators. |
| first_indexed | 2024-12-17T00:04:16Z |
| format | Article |
| id | doaj.art-8f3b44ad1d024a7e9dc9dd277d918f3f |
| institution | Directory Open Access Journal |
| issn | 2285-3332 2344-3847 |
| language | English |
| last_indexed | 2024-12-17T00:04:16Z |
| publishDate | 2015-06-01 |
| publisher | Editura Univeristatii "Stefan cel Mare" din Suceava |
| record_format | Article |
| series | USV Annals of Economics and Public Administration |
| spelling | doaj.art-8f3b44ad1d024a7e9dc9dd277d918f3f2022-12-21T22:11:00ZengEditura Univeristatii "Stefan cel Mare" din SuceavaUSV Annals of Economics and Public Administration2285-33322344-38472015-06-01153(2015)147162OLICIES AND PRACTICES FOR IMPLEMENTATION OF IFRS AND NAS IN THE REPUBLIC OF MOLDOVALica ERHAN0Marian SOCOLIUC1Svetlana MIHAILA2Veronica GROSU3Academy of Economic Studies of Moldova, Stefan cel Mare University of Suceava, RomaniaAcademy of Economic Studies of Moldova, Stefan cel Mare University of Suceava, Romania of Moldova, This study aims to analyse the process of harmonization of national accounting standards of the Republic of Moldova to the international standards. It highlights the main advantages, disadvantages, risks and opportunities regarding the implementation of the new standards. A major step for the Republic of Moldova was the implementation of IFRS, which has become mandatory for all public interest entities from 1 January 2012 and the adoption of new NAS in accordance with EU Directives and IFRS for small and medium-sized entities, for which the transition to IFRS was difficult due to high costs involved. The new NAS came into force on 1 January 2014 as a recommendation, but starting with 1st January 2015 it will be mandatory for all entities. The paper includes a practical analysis of the impact of transition to IFRS on the financial results of a public interest entity- Moldova Agroindbank, which is the largest commercial bank, with the highest market share in the banking sector of the Republic of Moldova. A result of the analysis of primary and secondary indicators calculated on the base of the financial statements prepared by commercial bank at 31.12.11, we found that the transition to IFRS has resulted in the growth of all financial indicators.http://annals.seap.usv.ro/index.php/annals/article/view/815/734Financial reportingfinancial statementsIFRSNASfinancial indicators |
| spellingShingle | Lica ERHAN Marian SOCOLIUC Svetlana MIHAILA Veronica GROSU OLICIES AND PRACTICES FOR IMPLEMENTATION OF IFRS AND NAS IN THE REPUBLIC OF MOLDOVA USV Annals of Economics and Public Administration Financial reporting financial statements IFRS NAS financial indicators |
| title | OLICIES AND PRACTICES FOR IMPLEMENTATION OF IFRS AND NAS IN THE REPUBLIC OF MOLDOVA |
| title_full | OLICIES AND PRACTICES FOR IMPLEMENTATION OF IFRS AND NAS IN THE REPUBLIC OF MOLDOVA |
| title_fullStr | OLICIES AND PRACTICES FOR IMPLEMENTATION OF IFRS AND NAS IN THE REPUBLIC OF MOLDOVA |
| title_full_unstemmed | OLICIES AND PRACTICES FOR IMPLEMENTATION OF IFRS AND NAS IN THE REPUBLIC OF MOLDOVA |
| title_short | OLICIES AND PRACTICES FOR IMPLEMENTATION OF IFRS AND NAS IN THE REPUBLIC OF MOLDOVA |
| title_sort | olicies and practices for implementation of ifrs and nas in the republic of moldova |
| topic | Financial reporting financial statements IFRS NAS financial indicators |
| url | http://annals.seap.usv.ro/index.php/annals/article/view/815/734 |
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