The Council is an advisory body for examining draft accounting regulatory acts, including draft standards, the general chart of accounts, rules, instructions, methodological guidelines, rules and comments, accounting and financial reporting issues, in order to train qualified specialists within research institutions, higher education institutions, ministries, other central administrative authorities, as well as private entities.

The Advisory Council membership is approved once every two years by the Government at the proposal of the Ministry of Finance.

The Advisory Council include representatives of the main branches of the national economy, the Ministry of Finance, the National Bank of Moldova, other central administrative authorities, public institutions and academia, of which at least 50% hold scientific and professional titles.