INTERNATIONAL ACCOUNTING AND FINANCIAL ACCOUNTING STANDARDS TO HAVE DIRECT APPLICATION IN ARMENIA

Noyan Tapan
March 12, 2008

YEREVAN, MARCH 12, NOYAN TAPAN. The RA ministry of finance and economy
has initiated a translation of the new international standards of
accounting and financial statements and their adoption in Armenia,
the RA deputy minister of finance and economy Davit Avetisian stated
at the March 12 press conference.

In his words, the international accounting standards used in Armenia
have become obsolescent, changes have been made to 18 of them, as
well as 6 international standards of financial statements (newly
adopted) are not yet used in Armenia. The deputy minister expressed
an opinion that the adoption of new accounting documents will allow
Armenian enterprises to operate in a more transparent way, which will
promote the securitization of their capital (which has already started)
and help attract investments.

He said that the translation, adoption of the indicated documents
and their direct application within a year will be done under the
agreement signed between Armenia (the RA ministry of finance and
economy) and the International Accounting Standards Committee. The
process is being financed by a donor organization. Armenia assumed
the obligation to put into direct use the documents adopted by the
committee in the future as well.