ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF MOLDOVA

of March 3, 2000 No. 32

About approval and enforcement of national accounting standards and comments

List of amending documents

In pursuance of provisions of the order of the Government of the Republic of Moldova N 710 of September 23, 1994 "About the state program of transition of the Republic of Moldova to the international system of financial accounting and statistics" and based on the Law on the financial accounting N 426-XIII of April 4, 1999 I ORDER:

1. Approve:

National accounting standards:

- NSBU 4 "Features of accounting for categories of small businesses" and

- NSBU 17 "Lease accounting";

Changes and amendments N 1 to NSBU 2 "Inventory stocks";

Comments on application of NSBU 24 "Disclosure of information on the related parties".

2. National accounting standards and comments (according to Item 1 of this order) become effective from the date of publication in Monitorul Oficial al Republicii Moldova. The transactions reflected from January 1, 2000 before date of publication will be corrected according to requirements of the approved standards.

 

NSBU 4 "FEATURES OF ACCOUNTING ON SMALL BUSINESSES"

INTRODUCTION

1. This standard has no analog in the list of international standards and is developed proceeding from need of simplification of financial accounting for categories of small businesses.

PURPOSE

2. The purpose of this standard consists in establishment of rules of conducting financial accounting, creation of accounting registers and financial statements for categories of small businesses.

COVERAGE

3. This standard extends to the companies which conform to the requirements provided in the station 15, and. (1), Item (b) of the Law on the financial accounting N 113-XVI of 27.04.2007 which apply the simplified system of financial accounting by double record.

4. Provisions of this standard do not extend on:

a) small businesses:

- occupying according to the conclusion of the state body performing anti-monopoly regulation, dominant position in the domestic goods market

- created on share basis if in their property (authorized capital) the cumulative share of the founders who are not belonging to subjects of small business exceeds 35 percent,

- the indicators which exceeded for the accounting period established by the current legislation for subjects of small business (annual average number working, production volume (sales), etc.);

b) persons performing activities on the basis of the entrepreneurial patent.

DETERMINATIONS

5. In this standard terms with the following content are used:

Small business - the company having the status of legal entity or physical person on which annual average number working, the production volume (sales) and/or other indicators do not exceed the limits set by the current legislation for subjects of small business; *

Complete system of financial accounting - the system of financial accounting based on application of unified plan of accounts of financial accounting, forms of the accounting registers and financial statements provided for the business entities who are not belonging according to the current legislation to small business;

The simplified system of financial accounting by double zapisisistema of accounting which provides reflection of the economic facts on the basis of double record using the simplified versions of the chart of accounts of financial accounting, accounting registers and financial statements;

The simplified Chart of accounts of financial accounting - the list of accounts established by small business in the conditions of use of the simplified system of financial accounting by double record for accounting of the assets, equity, obligations, the income, expenses and results of activities;

Method of charges - accounting basis according to which elements of financial accounting are recognized in process of their origin irrespective of the moment of obtaining/payment of money or compensation other form;

Cash method of accounting - accounting basis according to which elements of financial accounting are recognized in process of obtaining/payment of money or compensation other form;

Double record - method of reflection of the economic fact on the debit of one account and the credit of other account in the same amount.

ORGANIZATION OF FINANCIAL ACCOUNTING

General provisions

6. Categories of small businesses keep financial accounting according to the methodological principles and rules established by the Law "About Financial Accounting", Conceptual bases of preparation and submission of financial statements, national accounting standards, the Chart of accounts of financial accounting of financial and economic activities of the companies and this standard.

7. Responsibility for conducting financial accounting and creation of the financial reporting bear:

a) management (executive body) - in subjects with the limited liability;

b) partners - in subjects which owners bear the unlimited liability;

c) the owner - in case of individual entrepreneurs;

d) the subject's head - in the subjects which are not provided in Items a) - with)

8. The company shall develop and apply own accounting policy to conducting financial accounting. The procedure for forming and disclosure of accounting policy is established by provisions NSBU 1 "Accounting policy", the Minister of Finance of the Republic of Moldova approved by the Order N 174 of 25.12.97 and enacted since January 1, 1998.

In the accounting policy the company determines:

- the applied system of financial accounting (complete or simplified);

- the chosen option of the simplified system of financial accounting;

- rules of document flow and technology of processing of accounting information;

- the simplified Chart of accounts of financial accounting;

- evaluation methods of assets and liabilities;

- methods of charge of depreciation (depreciation) of non-current assets;

- procedure for recognition and accounting of the income, expenses and financial results;

- other organizational and methodical aspects of financial accounting.

9. Accounting policy the current year affirms persons responsible for conducting financial accounting and creation of the financial reporting at the end of the prior year and is applied since January 1 of accounting year. The newly created company approves the accounting policy before the first submission of financial statements, but no later than 90 days from the date of state registration.

10. The company constitutes source documents according to provisions of Art. 19-20 of the Law "About Financial Accounting" N 113-XVI of 27.04.2007. Responsibility for ensuring control of the performed economic activities and registration them in source documents are born by the director.

The company can apply standard interdepartmental and departmental forms of source accounting documents, and also independently developed and approved in accordance with the established procedure document forms containing the obligatory details provided by the current legislation.

Source accounting document shall be constituted at the time of making of economic activity and if it is not possible - directly after its termination. In case of sales of goods, products and services using machines, control and cash with fiscal memory, source accounting documents (on receipt of money and write-off of book value of the realized goods, products and services) are constituted at least once a day, after its termination - based on cash register receipts.

Entering of corrections into cash documents (cash and bank) is not allowed. Error correction in other source documents shall be documented also by the signature of the persons which constituted and signed these documents with indication of date of introduction of the amendment. Responsibility for timeliness and correctness of creation of source accounting documents, reliability of information containing in them are born by persons which constituted and signatory these documents.

Source accounting documents can be constituted on paper and/or electronic media of information. In the latter case the company shall make copies of such documents on papers and draw up them according to the procedure, established by the current legislation.

11. Information containing in source accounting documents is subject to reflection and accumulating in accounting registers according to which financial statements are constituted. Accounting registers can be kept in special books (magazines), on separate leaves, cards, and also on machine data carriers. In case of the automated processing of accounting data final information shall be drawn up in the form of outgoing paper accounting registers.

The accounting register shall contain the following obligatory elements:

a) name of the register;

b) the name of the subject constituting the register;

c) start and end date of maintaining the register and/or the period for which it is constituted;

d) date of making of the economic facts grouped in chronological and/or systematic procedure;

e) accounting units of the economic facts;

f) positions, surnames, names and signatures of persons responsible for creation of the register.

Obligatory accounting registers are the Ledger, turnover balance or other summary registers forming basis for creation of financial statements.

Responsibility for correctness of reflection of economic activities in accounting registers, for timeliness of their creation is born by persons which constituted and signatory these registers. Error correction in accounting registers shall be proved and confirmed with the signature of person who made correction with indication of date of the amendment.

12. Source documents, accounting registers and financial statements are subject to obligatory storage according to the procedure, established by the current legislation. Responsibility for ensuring their storage is born by the director.

13. The company keeps financial accounting on the basis of method of charges or cash method of accounting according to Art. 17 of the Law "About Financial Accounting" N 113-XVI of 27.04.2007.

14. Excluded

15. Excluded

THE SIMPLIFIED SYSTEM OF FINANCIAL ACCOUNTING

16. In case of use of the simplified system of financial accounting the company:

a) develops and applies the simplified Chart of accounts of financial accounting;

b) uses the forms of accounting registers recommended by this standard;

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