Parliament simplifies financial reporting for enterprises
Parliament today approved, in the second reading, a draft amendment to the Law on Accounting and Financial Reporting, which provides for the simplification of the financial reporting process for enterprises. The new legislative provisions will enter into force on 1 January 2027.
The legislative initiative, developed by the Ministry of Finance, aims to harmonize national legislation with European Union directives in the field of accounting and financial reporting. According to the new provisions, the criteria for classifying economic entities as micro, small, medium, large and groups have been adjusted, which will allow a larger number of companies to benefit from simplified reporting forms.
Thus, 209 entities will be able to prepare simplified financial statements, and another 1,128 entities will have the right to abbreviated financial statements. At the same time, 46 entities will no longer be required to prepare full financial statements.
The amendments will also reduce the number of large and medium-sized companies required to audit their financial statements, which will lead to lower administrative costs for the business environment.
According to statistics, 68,725 economic entities are registered in the Republic of Moldova, of which 31,632 are microenterprises, 6,152 are small enterprises, 791 are medium-sized and 150 are large.
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Parliament simplifies financial reporting for enterprises
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