Monday, March 5 2018 15:09
Naira Badalian

Armenia is reforming the sphere of corporate financial reporting

Armenia is reforming the sphere of corporate financial reporting

ArmInfo. Reforms in the field of  corporate financial reporting will lead to increased transparency and  confidence building among business entities. Such an opinion was  expressed by the director of the World Bank office in Armenia Sylvie  Bosutho on the margins of the March 5 working conference "Improving  the quality of auditing by ensuring quality control of audit  activity".

As Armenian Finance Ministry Vardan Aramyan noted the department aims  to increase the competitiveness of local companies by maintaining the  proper level of financial reporting and accounting.

According to the head of the Office, Armenia's economy should be  oriented to the future - to become more competitive, export-oriented  and ready for investment. In this context, the role of planned  reforms in financial reporting and accounting is important. "The  planned activities will not only ensure the competitiveness of  companies, but will also increase confidence in local businesses,  thereby contributing to the process of attracting investment and  access to finance," said Silvi Bosutho.

According to Vardan Aramyan, the financial reporting area of the  accounting is permanently in the focus of attention of the Armenian  government. The logic of the Ministry of Finance's actions is simple:  if the government plans to develop export-oriented directions of the  economy, it should focus on the growth of companies that claim to  participate in global markets. To do this, first of all, it is  necessary to ensure the competitiveness of these organizations, which  requires competent and accurate financial management by maintaining  the proper level of financial reporting and accounting.

At the same time, according to Aramian, the government also has  something to work on. "It is impossible to lay all the responsibility  on the shoulders of just one business, and at the same time expect to  increase the competitiveness of local companies," he said. That is  why, as the head of the Ministry of Finance pointed out, starting in  2008, the agency jointly with the World Bank (WB) initiated radical  reforms in the sphere.  The beginning was established by the  establishment of a number of rules and standards - in 2013, the  Strategy for Action in the field of accounting and audit was  approved. Already in 2017, the Armenian government developed and  approved a strategy for reform in the sphere. With the support of the  World Bank, the Armenian Ministry of Finance studied the world  experience, consulted with specialists, carried out certain  calculations in order to identify the mechanism that will ensure the  formation of proper level of financial management and accounting  systems and financial reporting.

For these purposes, the Ministry of Finance, according to Vardan  Aramian, aimed primarily at reviewing the approaches to mandatory  audit. The philosophy is that, as the minister pointed out, companies  with public significance and a significant role in the economic life  of the republic should be subject to mandatory audit. "They should  have social responsibility to the society - to show that financial  management is conducted correctly, and the reporting is reliable and  reliable," Aramyan said. He reminded that for today audit is  mandatory for open joint-stock companies (LLC). If this LLC does not  function or does not function fully, the strict application of this  rule becomes impractical. Proceeding from this, the Ministry of  Finance plans to reconsider its approaches on the basis of the role  assigned to the company in the economic life of the country.

In addition, as Vardan Aramyan noted, the government, setting an  imperative on compulsory audit, should not forget about ensuring a  high level of services provided by auditors. For this, a control  system should be established. Having studied the market, the Ministry  of Finance has identified two models of qualitative regulation of the  sphere: the state itself controls the quality with its own resources,  and the second model for the formation of an accredited structure  that has all the necessary tools in its arsenal, assigning  qualifications to the auditor in the future will be responsible for  the quality of the services it provides.

In general, as the head of the Ministry of Finance noted, the agency  is aimed at reforms in four main areas - legislation, education, the  system of passing the improvement of professional skill of the  personnel and trainings. "The goal is to create a platform in  accordance with international quality standards," said Vardan  Aramyan.

POST A COMMENT
Input digits     


News
Company, affiliated with RPA faction head, is granted tax benefits 
Mane Tandilyan will present new bill on funded pension system in next  2 monthsMane Tandilyan will present new bill on funded pension system in next  2 months
Artsvik Minasyan is optimistic about Armenia`s economic growthArtsvik Minasyan is optimistic about Armenia`s economic growth
In the regions of Armenia, prices for apartment buildings fell by  4.8% in the first quarter of 2018, with an annual decline of 0.9%In the regions of Armenia, prices for apartment buildings fell by  4.8% in the first quarter of 2018, with an annual decline of 0.9%
Armenian Helicopters received a certificate of the aircraft operating  companyArmenian Helicopters received a certificate of the aircraft operating  company
Armenian parliament approved amendments to the tax legislation of the  countryArmenian parliament approved amendments to the tax legislation of the  country
The Armenian government will now deal with the issue of the  qualification of charitable programsThe Armenian government will now deal with the issue of the  qualification of charitable programs
The Armenian parliament adopted amendments to the law The Armenian parliament adopted amendments to the law "On funded  pension"
Minister of Agriculture held a meeting with those responsible in the  regional administrations for agricultureMinister of Agriculture held a meeting with those responsible in the  regional administrations for agriculture
Portfolio of the program of subsidizing agro-credits in the  processing sector of Armenia in 2018 amounted to 18 billion AMDPortfolio of the program of subsidizing agro-credits in the  processing sector of Armenia in 2018 amounted to 18 billion AMD
ACBA-Credit Agricole Bank has now agreed with Ardshinbank on the  project ACBA-Credit Agricole Bank has now agreed with Ardshinbank on the  project "Unified ATM network"
Compulsory component of funded pension system will become mandatory  for all citizens of Armenia starting from 1 July, 2018Compulsory component of funded pension system will become mandatory  for all citizens of Armenia starting from 1 July, 2018
Tashir Group of Companies to reduce electricity tariff for low-income  sections of population Tashir Group of Companies to reduce electricity tariff for low-income  sections of population 
Starting from August 1, 2018 Gazprom Armenia will reduce gas tariff  for socially vulnerable groups of population for one year Starting from August 1, 2018 Gazprom Armenia will reduce gas tariff  for socially vulnerable groups of population for one year 
An interdepartmental commission will be set up in Armenia to study  problems related to milk purchasesAn interdepartmental commission will be set up in Armenia to study  problems related to milk purchases
Possibility of establishing grape registry being studied in Armenia Possibility of establishing grape registry being studied in Armenia 
ADB: Armenian Ameriabank will share its long-standing experience with  Uzbek Hamkorbank within TFP Bank Twinning Program ADB: Armenian Ameriabank will share its long-standing experience with  Uzbek Hamkorbank within TFP Bank Twinning Program 
"Veolia Djur" to consider proposal on revising drinking water tariff  for socially vulnerable inhabitants 
Pashinyan: In Russia there are problems with filling the market, and  they hope that we will support them in this matterPashinyan: In Russia there are problems with filling the market, and  they hope that we will support them in this matter
Fly Non-Stop, Fly Germania. A new air carrier appeared on the  Armenian market - Germania AirlinesFly Non-Stop, Fly Germania. A new air carrier appeared on the  Armenian market - Germania Airlines
KFW expressed readiness to expand cooperation with ArmeniaKFW expressed readiness to expand cooperation with Armenia
GIZ and the RA Ministry of Finance discussed issues related to  efficiency, accountability and transparency of public finance  management systemsGIZ and the RA Ministry of Finance discussed issues related to  efficiency, accountability and transparency of public finance  management systems
"SCHNEIDER GROUP" company to open its representative office in  Armenia
German bank KFW urges Armenia to build power line in the direction to  GeorgiaGerman bank KFW urges Armenia to build power line in the direction to  Georgia
Armenian Prime Minister and KfW delegation discussed possibility to  enlarge cooperation Armenian Prime Minister and KfW delegation discussed possibility to  enlarge cooperation 
Agreement on free trade zone between Iran and the EEU will create new  conditions for activation of Armenian-Iranian tradeAgreement on free trade zone between Iran and the EEU will create new  conditions for activation of Armenian-Iranian trade
The Russian company will equip The Russian company will equip "Shirak" airport with latest landing  system
RC: The Investigation Department instituted criminal proceedings on  the fact of tax evasion in especially large amounts - the damage is  estimated at 2 billion AMDRC: The Investigation Department instituted criminal proceedings on  the fact of tax evasion in especially large amounts - the damage is  estimated at 2 billion AMD
 The Armenian government will control the expenses of state  non-commercial organizations The Armenian government will control the expenses of state  non-commercial organizations
Armenian government rejected the proposal to increase the threshold  of non-taxable VAT on annual turnover from 58.35 million to 115  million AMDArmenian government rejected the proposal to increase the threshold of non-taxable VAT on annual turnover from 58.35 million to 115 million AMD


Exchange rates
21.06.2018
RUB7.55-0.04
USD482.200.18
EUR555.40-2.10
GBP632.02-2.22
CAD361.79-0.63
JPY43.68-0.10
CNY74.52-0.11
CHF483.41-0.11

Experts
Rouben Indjikian: Everyone should follow the established unified and fair rules of the gameRouben Indjikian: Everyone should follow the established unified and fair rules of the game
Mher Arakelyan:  Armenia`s payment business has great prospectsMher Arakelyan:  Armenia`s payment business has great prospects
Rating-Agentur Expert RA GmbH and AmRating issued an industry report  on Armenia`s banking systemRating-Agentur Expert RA GmbH and AmRating issued an industry report on Armenia`s banking system
Igor Nazaruk: Each planted sprout has the right to a successful prospect if it is cherished and taken care ofIgor Nazaruk: Each planted sprout has the right to a successful prospect if it is cherished and taken care of
Ara Khzmalyan: Armenia is comfortable to Russian touristAra Khzmalyan: Armenia is comfortable to Russian tourist
The Armenian delegation to the US followed the advice of President TrumpThe Armenian delegation to the US followed the advice of President Trump
Outflow of population and passivity of the Diaspora pushes property prices downOutflow of population and passivity of the Diaspora pushes property prices down
Finombudsman: Amendments to the Civil Code on the imposition of fines and penalties will reduce the number of outstanding loans and  non-creditworthy consumersFinombudsman: Amendments to the Civil Code on the imposition of fines and penalties will reduce the number of outstanding loans and non-creditworthy consumers
Vahan Shakaryan: If we promote Armenia, the promotion of economic sectors will not be a run with obstacles, but a light run for short distancesVahan Shakaryan: If we promote Armenia, the promotion of economic sectors will not be a run with obstacles, but a light run for short distances
Gagik Aghajanyan: There is no need to look for alternatives - it is necessary to work and develop actual   directionsGagik Aghajanyan: There is no need to look for alternatives - it is necessary to work and develop actual   directions
Vitaly Nesis: Armenia is very promising from the geological point of viewVitaly Nesis: Armenia is very promising from the geological point of view
The market of OSAGO goes into virtual spaceThe market of OSAGO goes into virtual space
Ishkhan Mkhitaryan: ArCa and Mir complete the technological part of the project of interaction, business for banksIshkhan Mkhitaryan: ArCa and Mir complete the technological part of the project of interaction, business for banks
The second stage of implementation of the program for prolonging the lifetime of the power unit N2 of the Armenian NPP beginsThe second stage of implementation of the program for prolonging the lifetime of the power unit N2 of the Armenian NPP begins
Successful business is forging for years - to the jubilee of IC Successful business is forging for years - to the jubilee of IC "INGO Armenia"
Armen Shahnazaryan: The double increase in the insurance portfolio of EIAA ICJSC by the end of 2018 is quite feasibleArmen Shahnazaryan: The double increase in the insurance portfolio of EIAA ICJSC by the end of 2018 is quite feasible
Expert: Real estate market of Armenia started demonstrating weak  signs of recovery in I half-yearExpert: Real estate market of Armenia started demonstrating weak signs of recovery in I half-year
Amulsar: Ecology and РeopleAmulsar: Ecology and Рeople
GeoProMining - ten years of work for the benefit of the country, at the forefront of gold miningGeoProMining - ten years of work for the benefit of the country, at the forefront of gold mining
SolarOn will become a catalyst for the development of solar energy in  ArmeniaSolarOn will become a catalyst for the development of solar energy in Armenia

Search by date

Government Bonds

 

ISIN AMGB1029A250
Auction ID AMGB1029A250A
Date 12.05.2017
Issue date 29.10.2015
Issue volume (AMD) 50 000 000 000
Maturity date 29.10.2025
Coupon year yield 11.00%
Auction volume (AMD) 1000 000 000 - 2.000 000 000
Auction date 12.05.2017
DLS
Total amount (AMD) 1 000 000 000
Amount of the total bids (AMD) 787 200 000
Amount of the total accepted bids (AMD) 787 200 000
Cut of yield (%) 10,6447
Weighted avrage yield (%) 10,6447
Auction max  yield (%) 10,6447
Auction min  yield (%) 10,6447
Number of participants 5
ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000

Commented
German bank KFW urges Armenia to build power line in the direction to  GeorgiaGerman bank KFW urges Armenia to build power line in the direction to  Georgia
Anna Chobanyan-one of most likely candidates for new Head of General  Department of Civil Aviation Anna Chobanyan-one of most likely candidates for new Head of General  Department of Civil Aviation 
IFAD confirms its readiness to develop and implement new joint programs with Armenia`s Agriculture MinistryIFAD confirms its readiness to develop and implement new joint programs with Armenia`s Agriculture Ministry
Rosselkhoznadzor asks not politicize the issue of deliveries of tomatoes from Armenia to RussiaRosselkhoznadzor asks not politicize the issue of deliveries of tomatoes from Armenia to Russia
Armenian nuclear power station has a resource for work for another 30  yearsArmenian nuclear power station has a resource for work for another 30 years
Premier: Construction of a new nuclear power plant in Armenia is one of the priorities of the new government of the countryPremier: Construction of a new nuclear power plant in Armenia is one of the priorities of the new government of the country
Gyumri programmers won on hekaton Gyumri programmers won on hekaton "Innovative ideas for tourism development"
Armenian Lori opens a large international ski resortArmenian Lori opens a large international ski resort
A number of light and alcohol industry enterprises of Armenia will be  provided with state supportA number of light and alcohol industry enterprises of Armenia will be provided with state support
Expert: The attitude of Armenian public to the nuclear power industry is demonstrated not by the promiseExpert: The attitude of Armenian public to the nuclear power industry is demonstrated not by the promise
Expert: The biggest gap in procurement legislation is the lack of an institution for accountability for its violationExpert: The biggest gap in procurement legislation is the lack of an institution for accountability for its violation
Maxim Sokolov: Russian Federation remains the main trade partner of  ArmeniaMaxim Sokolov: Russian Federation remains the main trade partner of Armenia
Russian MP: Restoring railway communication between Armenia and  Russia through Abkhazia and Georgia meets the economic interests of  Yerevan and MoscowRussian MP: Restoring railway communication between Armenia and Russia through Abkhazia and Georgia meets the economic interests of Yerevan and Moscow
Amulsar program was awarded a certificate of compliance with ICMC standards in pre-production cycleAmulsar program was awarded a certificate of compliance with ICMC standards in pre-production cycle
Expert: Subsidizing is the worst model of softening the results of price increaseExpert: Subsidizing is the worst model of softening the results of price increase
Fitch improved outlook on Yerevan`s rating from Fitch improved outlook on Yerevan`s rating from "Stable" to "Positive"
Expert: Energy component of the Armenia-EU agreement conceals big threats for ArmeniaExpert: Energy component of the Armenia-EU agreement conceals big threats for Armenia
Armenian Energy Ministry raises permissible threshold of autonomous  generation of electricity on the basis of RES to 500 kW / hArmenian Energy Ministry raises permissible threshold of autonomous generation of electricity on the basis of RES to 500 kW / h
Beeline hosted the largest this year`s "Client`s Day"
Armenian Deputy Energy Minister urged ECC members to pay more  attention to climate change and greenhouse gas emissionsArmenian Deputy Energy Minister urged ECC members to pay more attention to climate change and greenhouse gas emissions
Compensation for OSAGO shows an impressive annual increase Compensation for OSAGO shows an impressive annual increase
In Armenia, imported electric vehicles will be exempt from all types of taxesIn Armenia, imported electric vehicles will be exempt from all types of taxes
David Lokyan: The volume of own incomes of Armenian communities will grow by 10%David Lokyan: The volume of own incomes of Armenian communities will grow by 10%
Human Rights organization Human Rights organization "Driver`s Friend": ban on right-hand drive cars - nothing more than a regular business project
In Q1 2017 foreign investments in the volume of $ 1 billion were  received to the real sector of Armenian economy  with annual growth  of 36.6%In Q1 2017 foreign investments in the volume of $ 1 billion were received to the real sector of Armenian economy with annual growth of 36.6%
Ameriabank is awarded Euromoney Award for Excellence 2017 as Best  Bank of the Year in ArmeniaAmeriabank is awarded Euromoney Award for Excellence 2017 as Best Bank of the Year in Armenia
Chinchilla fur factory will be established in ArmeniaChinchilla fur factory will be established in Armenia