Tweet
ARMENIA'S SMALL AND MEDIUM BUSINESSES TO JOIN ISFR
PanARMENIAN.Net
June 4, 2010 - 13:54 AMT 08:54 GMT
Shareholder of Grant Thornton Amiot audit and consulting company
Gurgen Hakobyan said that adoption of the International Standards of
Financial Reporting (ISFR), including by small and medium businesses
of Armenia, will provide with the opportunity to transparently exchange
information on business conduct at international financial markets.
"Besides, the transfer will allow unifying concepts and process of
bookkeeping," Hakobyan told a PanARMENIAN.Net reporter.
He added that the preparation of financial reports in compliance
with international standards is a technically complicated process,
so it was decided to simplify it at the international level.
Currently, there are two options of financial reporting: one for large
corporations and a simplified option for small and medium businesses.
"This served as an impetus for accelerating the process of transfer
from national to international standards," Hakobyan said.
On June 2, the Armenian Ministry of Finance hosted an official ceremony
of submission of financial reports by small and medium businesses
that were developed in compliance with international standards.
From: A. Papazian
PanARMENIAN.Net
June 4, 2010 - 13:54 AMT 08:54 GMT
Shareholder of Grant Thornton Amiot audit and consulting company
Gurgen Hakobyan said that adoption of the International Standards of
Financial Reporting (ISFR), including by small and medium businesses
of Armenia, will provide with the opportunity to transparently exchange
information on business conduct at international financial markets.
"Besides, the transfer will allow unifying concepts and process of
bookkeeping," Hakobyan told a PanARMENIAN.Net reporter.
He added that the preparation of financial reports in compliance
with international standards is a technically complicated process,
so it was decided to simplify it at the international level.
Currently, there are two options of financial reporting: one for large
corporations and a simplified option for small and medium businesses.
"This served as an impetus for accelerating the process of transfer
from national to international standards," Hakobyan said.
On June 2, the Armenian Ministry of Finance hosted an official ceremony
of submission of financial reports by small and medium businesses
that were developed in compliance with international standards.
From: A. Papazian