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Moldova started moving towards a market economy after it declared its independence in 1991. A wide range of reforms were implemented including the steps towards setting up a national system for corporate financial reporting. The first World Bank report on the Observance of Standards and Codes in Accounting and Auditing (A&A ROSC) in Moldova was published in June 2004 and made a range of recommendations for improving the legal and statutory framework for accounting and auditing.

Following this report the Government of Moldova benefited from a FIRST initiative funded project ( and adopted new Accounting and Auditing laws (in 2007) and a Country Strategy and Action Plan to strengthen corporate financial reporting (in December 2008). Moldova intends to align its legal and institutional framework with the EU acquis communitaire, and so both the Accounting and Auditing laws and the Strategy and Action Plan have the ultimate objective of complying with EU corporate financial reporting requirements.

The Republic of Moldova is part of the following programs at the CFRR:

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Republic of Moldova
Republica Moldova

Capital (and largest city):

Official language:

Contact at the CFRR:
Andrei Busuioc
Tel: +43 1 2170716


Economic and Business Background for Moldova

Doing Business 2012"Doing Business" Results for Moldova

The World Bank's annual "Doing Business" reports provide objective measures of the impact of business regulations and their enforcement in 183 economies across the world.

Source:, the World Bank Group

Download "Moldova, Doing Business Report 2012"

Background Economic Indicators

Source: World Development Indicators (WDI), the World Bank Group


Gross Domestic Product (GDP, current US$)

Government budget surplus/deficit (% of GDP)

Exports of goods and services (% of GDP)

Imports of goods and services (% of GDP)

Inflation, GDP deflator (annual %)

Market capitalization of listed companies (% of GDP)

Total debt service (% of exports of goods, services and income)


General news on Moldova

South-South Experience Exchange Report published

Articles on REPARIS

Ministerial Conferences and Senior Officials' Workshops

Audit and Oversight Community of Practice (AOCoP)

Accounting Education Community of Practice (EduCoP)

Financial Reporting Community of Practice (FRCoP)

IFRS for Regulators

In Country Engagement


A&A ROSC Moldova, 28 June 2004

Executive Summary

Financial reporting and auditing practices in Moldova’s corporate sector are currently in a period of transition from providing for tax calculation and statistical needs to convergence with International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). This report draws upon recent international experience in developed economies and EU accession countries as well as expected amendments to EU Directives.

The National Accounting Standards (NAS) were developed on the basis of International Accounting Standards (IAS) from 1996 to 1998 for the most part, but they are substantially incomplete and out of date vis-à-vis IFRS (which incorporate IAS). Accordingly, the standard-setting process should be streamlined so as to allow the prompt adoption of the numerous existing IASs not yet reflected in the NAS. The National Standards of Auditing were developed recently and mirror ISA.

The existing Accounting Law and certain aspects of the Joint Stock Companies Law are unduly onerous and restrictive in that they demand bookkeeping and other administrative procedures not normally required in market economy systems. These conflict with mandated accounting standards, confuse the preparers of financial statements and are detrimental to the quality of the financial information. A new Accounting Law should be passed with simplified requirements and incorporating key elements of the NAS and relevant EU Directives on that matter.

There is a lack of transparency in the reporting systems, which do not have a registry to allow interested parties to view the companies’ financial statements.

Strengthening financial reporting will also require improving education and training in the field of accounting and auditing. It will also depend on active enforcement on the part of regulatory agencies. In that regard, the review found that, except in the banking sector, the current level of compliance with financial reporting obligations is inadequate, and that the quality of the financial reporting is low. In that context, the report recommends the following actions: (i) the capacity of regulatory agencies for enforcing accounting standards and financial reporting requirements to all entities of public interest including large state-owned enterprises should be increased; (ii) a public registry should be set-up for all public-interest companies to file their financial statements; and (iii) an independent oversight board of auditors should be established under the soon-to-be-issued new Audit Law, with the function to qualify statutory auditors, adopt auditing standards and develop guidelines, and monitor auditors compliance with NSA and independence requirements.

A table summarizing the policy recommendations arising from this ROSC is provided hereafter.


Country Action Plan (CAP)

The Country Action Plan (CAP) is the Moldovan government's strategy and action plan for strengthening corporate financial reporting. It comprises a range of activities which will require significant commitment from government agencies, regulatory bodies and the accounting and auditing professions for their effective implementation. The Plan is supported by the World Bank and the CFRR's activities in Moldova are designed to assist the government in carrying out the CAP.

Note: This is the document at the time of adoption. Small changes have been made since and information on these can be made available upon request.

Moldovan Country Office

Laws and Regulations

Accounting and Auditing Laws

Moldova adopted new laws on accounting and auditing in 2007 and translations into English of the two laws as they were adopted are provided below. The two laws have been modified in minor ways since their adoption and the CFRR can provide further details of these changes on request.


Andrei Busuioc

Andrei BusuiocAndrei Busuioc is a Financial Management Specialist with over 11 years of experience in the accounting and auditing area in both, the private and public sectors, as well as in lecturing. Prior to joining the Centre, Andrei worked in the World Bank Country Office in Moldova as a Financial Management Specialist, covering fiduciary activities, public finance management development, and corporate financial reporting development.

He is an accountant by training, and a member of the Association of Chartered Certified Accountants.

Andrei holds a university degree in economics from the Moldova State Agricultural University, and a Ph.D. in economics from the Academy of Economic Studies of Moldova. He has completed a postgraduate diploma in public financial management from the Centre for Financial and Management Studies, University of London. He speaks Russian, Romanian, English and basic Bulgarian.

Contact information

Tel: +43 1 2170716


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