MINISTRY OF FINANCE AND ECONOMY PLANS TO IMPLEMENT INTERNATIONAL STANDARDS OF FINANCIAL ACCOUNTING IN ARMENIA

Mediamax Agency
Dec 3 2007
Armenia

Yerevan, December 3 /Mediamax/. Ministry of Finance and Economy of
Armenia is carrying out a program on reformation of the sphere of
business accounting, which is aimed at securing its correspondence
with international standards.

As Mediamax was told in the press service of the Ministry of
Finance and Economy, within the framework of the program, official
translation of international standards of financial accounting
will be realized, which will allow by means of legislative changes
securing the correspondence of standards functioning in Armenia with
the international requirements.

Prior to the start of translation work, there was the corresponding
agreement signed between the Ministry of Finance and Economy of
Armenia and the International Accounting Standards Board (IASB/IASCF).

In the process of realization of the program, the Ministry of Finance
and Economy of Armenia is also cooperating with the U.S. Agency for
International Development (USAID).