Modernization of Public Financial Reporting in the Republic of Moldova in Accordance with IPSAS

Abstract

The issues of preparation and presentation of financial reports of public sector worldwide are disclosed in the International Public Sector Accounting Standards. The Republic of Moldova, was aligned to other countries example and, currently is in process of reforming of budgetary accounting regarding to adoption of IPSAS. The research methodology was based on the detailed analysis of the domestic and international normative framework, on the use of the deductive and analytical approach to the theoretical concepts of the IPSAS financial reports and the method of their formation. Due to the logical synthesis, some fundamental recommendations were given, according to our consideration, and a draft component of financial reports was elaborated, which are aligned with the IPSAS requirements and at the same time maintain the specific characteristics of the Republic of Moldova.

Keywords

• international public sector accounting standards
• financial reporting
• public sector
• qualitative information