Transnistria to implement international financial reporting standards

The Transnistrian region intends to implement international financial reporting standards, Info-Prim Neo’s correspondent reports. The new system will allow the economic entities to significantly improve the business relations with foreign partners and to insure greater transparency in the policies and economic activities, say Transnistrian officials. At a working meeting, Alexandru Martynov, the head of the state fiscal polices and accounting methodology service of the Transnistrian finance ministry, said that it is now impossible to work in business and exchange information if the international standards are not applied. The new documents that will be introduced when the international standards are implemented will stimulate information exchange between the local and foreign experts, Martynov said. Transnistria’s economy ministry Elena Cernenko said that 85% of the production volume is exported. 45% of the commercial transactions are performed with EU member states, while 45% - with the Russian Federation. The need to implement international financial reporting standards arises from here. The shift to new financial reporting standards will be carried out through next year. The system will be fully functional from January 1, 2010.