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South Caucasus Railway Shifts To International Financial Reporting S

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  • South Caucasus Railway Shifts To International Financial Reporting S

    SOUTH CAUCASUS RAILWAY SHIFTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

    ARKA
    November 1, 2010
    YEREVAN

    YEREVAN, November 1, /ARKA/. The South Caucasus Railway (SCR),
    operating Armenia's railroads, said today it has shifted to
    international financial reporting standards. In a press release,
    the Russia-managed company, said its employees have been having an
    extensive course conducted by experts from international auditing
    and advisory company BDO Unicon. It said the goal of the course is
    to upgrade the professional skills of the personnel and make them
    comply with international standards.

    The press release said also that in view of shifting to international
    financial reporting standards the company will introduce also
    international accounting standards and will be conducting its financial
    policy guided by internationally accepted norms and standards.

    The South Caucasus Railways is run by Russian Railways. The
    concessional agreement was concluded in 2008 for 30 years, with a
    right of extension for another 20 years after the first 20 years
    of operation.




    From: A. Papazian
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