Proposal for an intended subject-matter of the Accounting Act approved
In a meeting held on 5 October 2020, the Government approved a proposal for the intended subject-matter of the new Accounting Act. The Ministry of Finance will prepare and present to the Government the Accounting Act arranged according to sections by 30 June 2022.
The new Accounting Act is to be the most significant part of the new accounting legislation, which aims to create a new regulatory framework for accounting that will be able to better respond to both new and current accounting trends.
Further information on the forthcoming Accounting Act is available in our article The Ministry of Finance Presented a Consultation Document of the New Accounting Act.