ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF MOLDOVA

of September 17, 2009 No. 69

About approval of Methodical recommendations about transition from National accounting standards to International accounting standards

In pursuance of provisions of the Law on financial accounting No. 113-XVI of April 27, 2007 (The official Monitor, No. 90-93/399 of 29.06.2007) and the orders of the Government No. 238 of February 29, 2008 "About application of International accounting standards in the territory of the Republic of Moldova" (The official monitor, No. 47-48/302 of 7.03.2008), "About approval of the Development plan for financial accounting and audit in the corporate sector for 2009-2011" (The official monitor, No. 10-11/31 of 23.01.2009) I ORDER to No. 1507 of December 31, 2008:

1. Approve Methodical recommendations about transition from National accounting standards to International accounting standards.

2. These Recommendations are developed for rendering the praktiko-methodical help to subjects in case of application of IFRS 1 "Application of international accounting standards for the first time".

Approved by the Order of the Minister of Finance No. 69 of September 17, 2009

Methodical recommendations about transition from National accounting standards to International accounting standards

Introduction

1. Methodical recommendations about transition from the National Accounting Standards (NAS) to the International Accounting Standards (IAS) (further - Recommendations) are developed based on provisions of the Law on financial accounting No. 113-XVI of April 27, 2007, the Development plan for the financial accounting and audit in the corporate sector for 2009-2011 approved by the Order of the Government RM No. 1507 of December 31, 2008 with subsequent changes and amendments and IFRS 1 "The first application of international accounting standards".

2. These Recommendations do not replace IFRS and do not prevail over their provisions, and are intended for rendering the praktiko-methodical help to subjects of the Republic of Moldova in application of IFRS 1.

These Recommendations regulate procedure for adjustment of differences between provisions NSBU and IFRS in financial accounting. Adjustments of differences are for tax purposes performed according to provisions of the Tax code.

Purpose

3. The purpose of these Recommendations consists in explanation of procedure for transition to IFRS and disclosures of information relating to creation and submission of the first financial reporting according to IFRS.

Coverage

4. These Recommendations are applied to all subjects which accept IFRS for the first time, that is constitute and represent the first financial reporting according to IFRS. They, as a rule, include subjects which:

did not constitute the financial reporting according to IFRS till transition period;

in the last financial reporting declared its compliance only with some, but, not with all IFRS;

provided the financial reporting according to IFRS without inclusion of the accurate statement for its compliance with IFRS;

constituted the financial reporting according to IFRS which was used only for the internal purposes, without representation to owners or other external users;

constituted packet of the financial reporting according to IFRS for the purpose of consolidation, without creation of complete set of the financial reporting as it is determined in the International Accounting Standard (IAS) 1.

5. These Recommendations are applied to creation and representation, both the annual financial reporting, and the intermediate (semi-annual) financial reporting for that part of the period which joins in the first annual financial reporting according to IFRS.

6. These Recommendations do not extend to subjects who already apply IFRS, that is which till transition period constituted the financial reporting in which accurately and unconditionally declared that this reporting conforms to requirements of IFRS.

Determinations

7. In these Recommendations the used determinations mean:

The International Financial Reporting Standards (IAS) - the standards and interpretations accepted by Council for International accounting standards (IASB). They include:

(a) International accounting standards;

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