INTERNATIONAL FINANCIAL REPORTING STANDARDS TO BE INTRODUCED IN ARMENIA

Noyan Tapan
Sep 17, 2009

YEREVAN, SEPTEMBER 17, NOYAN TAPAN. A protocol on the completion of
the official translation of the International Financial Reporting
Standards was signed between the RA Ministry of Finance and the USAID
on September 17, which was followed by the ceremony of handing over
the standards translated into Armenian. The International Financial
Reporting Standards were translated and edited under the program of
reforms in Armenia’s accounting sector with the assiatance of the
USAID Financial Sector Deepening Project.

The indicated program envisages introducing the International Financial
Reporting Standards in Armenia.

Armenian Minister of Finance Tigran Davtian pointed out the importance
of bringing the financial processes in Armenia into line with
international standards. "The USAID has ensured the translation of the
standards into Armenian, and we should be able to take the respective
actions and make changes so that these standards will really work in
Armenia," he said, adding that the application of the standards will
allow Armenia to satisfy the modern accounting requirements.

Head of the USAID Armenia Mission Economic Unit David Hull said the
translation of the International Financial Reporting Standards will
create a legal field for their application in Armenia. In his words,
it is necessary to have modern accounting standards in order to do
commercial deals in a proper way and to ensure an "open business"
climate in the country.

He informed those present that the International Accounting Standards
Board has developed and published new standards for small and medium
enterprises.

He underlined that their adoption is of primary importance to Armenia
because the majority of Armenian companies are small and medium
enterprises which will operate by the new standards.