National consultant to amend, to international requirements, the National Accounting Standards related to SCA activity
BACKGROUND
Government of the Republic of Moldova signed in February 2014, with the International Fund for Agricultural Development (IFAD) an agreement on the financing of Inclusive Rural Economic and Climate Resilience Programme (IRECR), which aims to enable the rural population to increase their incomes and strengthen their resilience to climate change.
The Program provides resources to enhance the ability of the banking and non-banking institution to provide investment financing facilities to rural-based small and medium enterprises, young and micro entrepreneurs-Savings and Credit Associations members. For strengthening Savings and Credit Associations (SCAs) sector support and technical assistance will be provided throughout the program implementation period (2015-2020) and will be targeted to support three key areas: (i) capacity development support for SCA consolidation; (ii) assistance to SCA central organizations; and (iii) assistance to the National Commission for Financial Market (NCFM).
ARGUMENTATION
In the conditions of the reforms extension and thoroughness within savings and loan associations and micro-financing organizations, a crucial role in ensuring the growth of the economy pertains to the financial market as a whole and its participants. National Commission for Financial Markets, being the single authority of regulation and control of several sectors of the non-banking financial market, including savings and loan associations and micro-financing organizations, pays a special attention to ensure changes, modifications in laws and regulations necessary for sector development.
Currently, NCFM is in the process of developing the regulatory framework and methodology for implementation of the new National Accounting Standards in non-banking financial market, including SCA and microfinance organizations (MFO). As of today, SCAs and MFOs are reporting according to the NAS 63, which covers only this sector and have not been updated to international requirements. Considering the fact that all general National Accounting Standards have been already amended in accordance with the international financial reporting standards, the development of new NAS for the microfinance sector is of a high priority. In this way, the transition to new mentioned accounting Standards should be in line with requirements and provisions of the IFRS and new general National Accounting Standards, being adjusted to the particular features of the microfinance activity.
To meet the requirements of the development process within SCAs sector and according to IRECR, CPIU-IFAD has planned, for 2015, necessary for NCFM qualified assistance.
Assistance will be provided by contracting a national consultant, who will be selected by CPIU-IFAD, in accordance with IFAD Procurement Guidelines.
TASK OF THE ASSIGNMENT
Under this activity, CPIU-IFAD will cover the total cost of provided services by consultant/consulting company. The consultant will undertake the following tasks:
· Review and examine the enforce National Accounting Standards (NAS) related to the activity of SCAs and microfinance organizations (inclusively NAS nr. 63);
· Review and examine the international standards and concerned requirements. Assess and identify the content and main particular accounting principles necessary to be implemented by the SCAs and microfinance sector to insure the adequate correlation to the international and new national accounting standards.
· Develop the draft of new National Accounting Standards related to the activity of SCAs and microfinance organizations, adjusted to the specialized legal framework and harmonized to national and international requirements. This document should include the related Commentaries to the mentioned standards.
· Participate and promote the drafted NAS together with the NCFM representatives at all public discussions, more particularly with the Ministry of Finance and the Consultative council institutionalized closed to it.
· Define the final version of the drafted NAS (together with the related Commentaries) considering the presented suggestions and objections by the civil society and interested public authorities.
DELIVERABLES AND TIMEFRAME
The timeframe for this assignment is in total 40 calendar days, tentatively to be carried out in May-June 2015.
Performing the mentioned above assignment, the consultant will be responsible for deliver to CPIU-IFAD, the following documents:
· A copy of the final version of drafted NAS nr. 63 amended to international requirements, signed and approved by authorized representative of NCFM.
· Final report on the undertaken assignment, which would include the activities performed, list of people met, recommendations, other information deemed necessary;
· Certificate which will conform that the services have been satisfactorily performed signed and approved by authorized representative of NCFM.
The copy of final version of drafted NAS, final report and certificate will be basis of payment performed services.
REQUIREMENTS FOR ELIGIBILITY and QUALIFICATIONS
· Holds diploma of high education in accounting, finance, or economics;
· Have practical work experience with IFRS and NAS;
· Have at least 3 years’ practical work experience in the field of accounting for the SCA and microfinance sector; Have experience in providing specialized professional services in the field of accounting for the SCA and microfinance sector.
General requirements
· Good command of spoken and written in English and Romanian;
· Resident of Republic of Moldova;
For more detail please see:
Terms of Reference
CONDITION FOR OFFER’S SUBMISSION
To be considered interested companies or consultants should submit their proposal (technical and financial) one as “Original” and second as “Copy” in separate sealed envelopes. Each envelope will consist of the technical and financial offer sealed in separate envelopes 1 As per the Government Decree no.246 dd. 08.04.2010 procurement of goods and services under the IFAD-funded programmes shall be carried out applying 0% VAT. as well (a total of 2 envelopes, each with 2 envelopes inside).
Offers to be submitted, no later than 24th April 2015, 15:00 15th May 2015, 10:00, at the following address:
CPIU-IFAD, 162, Stefan cel Mare si Sfint blvd., office 1303, MD-2004 Chisinau, Republic of Moldova
Electronic bidding will be not permitted. Late bids will be rejected.
CPIU-IFAD is entitled to cancel the tender at any stage of the competition due to the impossibility of financial coverage or due to unconformity of tenders to the requirements set out in the tender documents or other justified reasons.
Any request for clarification must be sent in writing by standard electronic communication to office@ifad.md.