On April 4, National Accouting Day was observed with an event held at the Ministry of Finance in Chisinau to recognize the achievements of the profession, as well as highlight areas where progress is still being made. At the end of the event, a ceremony was held in which diplomas and professional certificates were given, and the recipients honored in front of their peers.

%26nbsp;

%26ldquo;Today we are celebrating National Accounting Day. It is a joint ceremony organized by the regulator, which is the Ministry of Finance of Moldova, and the Association of Professional Accountants of the Republic of Moldova (ACAP).%26rdquo; said Marina Selaru, Executive Director of ACAP.

%26nbsp;

The event began with opening remarks from both Veaceslav Negruta, Minister of Finance, and Victor Barbaneagra, the Vice-Minister of Finance, in which both praised the work of ACAP and accountants in implementing the international standards of the International Federation of Accountants (IFAC). 2013 is the first year the IFAC standards have been implemented in Moldova. Mr Barbeanegra called the process %26ldquo;a challenge,%26rdquo; but in the end, a proud accomplishment for all that were involved. He also highlighted some of the benefits that the IFAC standards will bring, such as the ability to compare international accounting reports.

%26nbsp;

Other speakers included Alexandru Nederita, the Vice President at the Accounting Methodology Council of the Ministry of Finance, Lucia Spoiala, the Director of the National Bureau of Statistics, and Gheorghe Cojocari, Deputy Chief of the State Tax Inspectorate.

%26nbsp;

Mr Nederita, who is fondly known as the %26ldquo;father%26rdquo; of accounting, highlighted some of the challenges that the profession of accounting still faces in Moldova. One of the main concerns noted by Mr Nederita and echoed by other speakers was the burden placed on individual accountants; in many western countries, he said, larger companies have multiple accountants because of the heavy workload. But in Moldova, typically there is just one per firm. Mr Nederita also lamented that much of the recent legislation is difficult for accountants to implement, and suggested that in the future, a professional committee of accountants be established to review new laws relating to the profession before they are passed.

%26nbsp;

After the scheduled speakers were finished, Mr Negruta invited attendees to share their thoughts. To conclude the event, Mr Negruta then presented diplomas professional certificates to each individual recipient.

%26nbsp;

On April 5, a full-day conference will be held at the Academy of Economic Studies of Moldova (ASEM), focusing on accounting and audit in the context of European economic integration.