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New national accounting standards in Moldova’s public sector will come into force on January 1, 2026, and will be implemented gradually - the Ministry of Finance

New national accounting standards in Moldova’s public sector will come into force on January 1, 2026, and will be implemented gradually - the Ministry of Finance

On October 7, the Ministry held public consultations on the draft Order on the approval of National Accounting Standards for the public sector. This event is part of the process of reforming and modernizing the accounting and financial reporting system in the public sector. At the opening of the event, Finance Minister Victoria Belous expressed gratitude to the European partners for their support in the process of updating and developing national accounting standards in the public sector. According to her, the purpose of this session is to jointly discuss the necessary details for effective and consistent implementation. The head of the Ministry of Finance invited all participants to express their suggestions and comments to ensure the clarity of these standards and the clear organization of work processes. “Updating and digitizing the accounting system are priority tasks for the Ministry of Finance,” the head of the department emphasized. The meeting was attended by representatives of central and local government agencies, accounting experts, representatives of academia and civil society, as well as international consultants involved in the process of harmonizing public accounting with European standards. The event featured the presentation and discussion of draft National Accounting Standards for the public sector, which cover accounting policy, changes in estimates and error corrections, events after the reporting period, reserves and contingent liabilities, as well as inventory management in budgetary institutions. The new standards, developed in accordance with International Public Sector Accounting Standards (IPSAS), will come into force on January 1, 2026, and will be implemented gradually, allowing budgetary institutions to adapt to them without serious difficulties. They will contribute to greater transparency and accountability in the management of public funds, improve decision-making, and increase the reliability of financial information. As part of the process of modernizing public sector accounting and harmonizing it with European practices, the Ministry of Finance will approve National Accounting Standards for the public sector as part of the implementation of the provisions of the Accounting Law, the Public Finance Management Development Strategy for 2023-2030, and the Concept for the Development of Standards of the 2016. // 07.10.2025 – InfoMarket.

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