The Experience of the Republic of Moldova in Reforming the Accounting System and Its Harmonization with Ifrs and European Directives

Abstract

Reforming the accounting system in the Republic of Moldova and its harmonization with IFRS and European directives takes almost three decades and is a complex technical route which involves important financial and human resources. The given paper aims to present and interpret the way in which the accounting system reform was achieved, how international accounting standards and European directives have been transported into national legislation in order to identify the main waves of the accounting reform and the regulatory changes made by the regulator, of the benefits and costs, advantages and disadvantages arising from the implementation of the reformed regulatory framework. The responses are obtained by applying, as a method of research, the phenomenological interpretive analysis, the documentary and analytical research, the comparative opinion and analysis, thus being categorized as a qualitative empirical research. The results and conclusions of the study will serve as the basis and lessons learned for future reforms. However, knowing the past is building the future.