The Law on Accounting and Financial Reporting will enter into force one year later - from January 1, 2019.
This includes a document published in the Monitorul oficial, which was promulgated by President Igor Dodon. Unlike the current Law on Accounting, the new document will apply to permanent representative offices and branches of non-resident companies, as well as individuals engaged in entrepreneurial activities, except for holders of entrepreneurial patents. At the same time, public institutions financed from the budget are excluded from the sphere of application of the law. It is envisaged that from the date of entry into force of the Law on Accounting and Financial Reporting, the provisions of the current Accounting Law will apply only to budget agencies / institutions. All entities are classified in the law by category (micro, small, medium and large enterprises) and groups (small, medium, large), depending on the size of assets, sales revenue, average number of employees. Depending on the category and own information needs, entities applying the National Accounting Standards will annually submit reduced, simplified or complete financial reports. The law also contains innovations related to the publication of individual financial statements, management report and audit report: they will be sent via e-mail or uploaded to the system of the public Depository of financial statements, and also published on the company's website. In the law, are updated certain concepts, are established clear requirements for primary documents and accounting records, are defined requirements for persons responsible for accounting and financial reporting in the organization. // 05/01/2018 — InfoMarket.