Monday, March 5 2018 18:38
Naira Badalian

Expert: Armenia is hopelessly lacks the international legal standards in the accounting and financial reporting field 

Expert: Armenia is hopelessly lacks the international legal standards in the accounting and financial reporting field 

ArmInfo. "The Chamber of Accountants and Auditors of Armenia" will ensure the timely transition of international legal standards in the field of accounting and financial reporting and International Financial Reporting Standards (IFRS). At present, Armenia is hopelessly behind the world development. Arthur Harutyunyan, deputy chairman of the Association of Accountants and Auditors of Armenia (ABAA), director of CJSC "AN-Audit" told journalists on March 5 at the margins of a working conference on "Improving the quality of auditing by ensuring quality control of auditing activities".

According to him, the International Financial Reporting Standards (IFRS) of January 1, 2013 are currently in effect in Armenia. Meanwhile, the legislator requires banks and other lending institutions to apply international standards, regardless of the availability of their transfer. The rest - after their official translation, publication and expiration of 6 months - from January 1 next year. Thus, formally Armenian companies are obliged to apply the standards from 2013, which means that Armenia is not responding in a timely manner to the dynamics of the global financial market.

In addition, according to the expert, an important innovation of the new law "On Accounting" and "On Auditing" is the requirement for continued professional development of the licensed auditor. The current legislative regulation from the licensed auditor requires keeping their own qualifications at a high level - to participate in professional development activities for at least 40 hours per year. If the auditor misses the courses within one year, he has the right to fill the gap within the next year - already in the amount of 80 hours. However, even without expressing a desire to fill in the pass, the auditor can lose only membership in the Association. At the same time, he has the right to continue his audit work. Currently, as explained by Harutyunyan, on the basis of the ABAA qualification, the RA Ministry of Finance provides an auditor's license without an examination. At the same time, there is no imperative to become a member of the Association, thus, ABAA does not have the tools to track whether the auditor has passed the courses of professional development that are due to him. As a result of legislative changes, the requirement will become imperative - the law will oblige the acting auditor to be a member of the Chamber, which will monitor compliance with the norms. Otherwise, the Chamber will suspend the membership of the auditor as a business.

POST A COMMENT
Input digits     


News
Expert: Business is not fully ready for the transition to digital  traceability of goods within the EAEUExpert: Business is not fully ready for the transition to digital  traceability of goods within the EAEU
Since the beginning of the year, the Central Bank of Armenia has  bought over $ 502 million, keeping the dram from excessive  revaluation Since the beginning of the year, the Central Bank of Armenia has  bought over $ 502 million, keeping the dram from excessive  revaluation 
Tigran Khachatryan: Attracting several transnational investors to  Armenia will allow the country to start playing for high stakesTigran Khachatryan: Attracting several transnational investors to  Armenia will allow the country to start playing for high stakes
"Safe" excise stamps to be circulated in Armenia from 2020
Yerevan budget for 2020 to increase by 24 billion drams, reaching  107.1 billionYerevan budget for 2020 to increase by 24 billion drams, reaching  107.1 billion
Karine Minasyan: The share of counterfeit products in Armenia  decreased by 30-40%Karine Minasyan: The share of counterfeit products in Armenia  decreased by 30-40%
EEC Minister: Eurasian Economic Commission will study the letter of  the Armenian EEC Minister: Eurasian Economic Commission will study the letter of  the Armenian "Spayka" company on the export of cheese to Russia  through the "Upper Lars" checkpoint 
The volume of cargo transportation in Armenia for 9 months of 2019  decreased by 52.2% per annum, with an increase in passenger traffic  by 4.6%The volume of cargo transportation in Armenia for 9 months of 2019  decreased by 52.2% per annum, with an increase in passenger traffic  by 4.6%
The communications sector, by October 2019, accelerated annual  revenue growthThe communications sector, by October 2019, accelerated annual  revenue growth
The production of all alcoholic beverages except for whiskey is  growing in ArmeniaThe production of all alcoholic beverages except for whiskey is  growing in Armenia
Armenia ranks 3rd in terms of the number of requested certificates  for a permanent residence permit in GeorgiaArmenia ranks 3rd in terms of the number of requested certificates  for a permanent residence permit in Georgia
HSBC Armenia named Best Cash Management Bank by Euromoney  HSBC Armenia named Best Cash Management Bank by Euromoney  
Finances, energy, medicine and tourism are the priority sectors of  IFC`s cooperation with Armenia Finances, energy, medicine and tourism are the priority sectors of  IFC`s cooperation with Armenia 
Expert: Viticulture in Armenia is inferior to winemaking in terms of  developmentExpert: Viticulture in Armenia is inferior to winemaking in terms of  development
In Armenia by October 2019 birth rate decreased by 0.1%, with an  increase in mortality by 2.2% In Armenia by October 2019 birth rate decreased by 0.1%, with an  increase in mortality by 2.2% 
Conference - Exhibition of Pharmaceutical Business India-Armenia Held  in YerevanConference - Exhibition of Pharmaceutical Business India-Armenia Held  in Yerevan
Statistics: In January-September 2019 the population of Armenia  decreased by 11.7 thousand people.Statistics: In January-September 2019 the population of Armenia  decreased by 11.7 thousand people.
Nikol Pashinyan expressed dissatisfaction with the implementation of  subvention programs in YeghegnadzorNikol Pashinyan expressed dissatisfaction with the implementation of  subvention programs in Yeghegnadzor
Nikol Pashinyan familiarized with the process of implementing  subvention and other programs in the Syunik regionNikol Pashinyan familiarized with the process of implementing  subvention and other programs in the Syunik region
Armenian citizens make money and get rid of the burden of mortgage  loans ahead of schedule - PashinyanArmenian citizens make money and get rid of the burden of mortgage  loans ahead of schedule - Pashinyan
Pashinyan: Armenia is an attractive country for foreign investmentPashinyan: Armenia is an attractive country for foreign investment
Deputy Prime Minister: Armenia is ready to host the participants of  the EBRD annual meeting at the highest levelDeputy Prime Minister: Armenia is ready to host the participants of  the EBRD annual meeting at the highest level
Ministry of Finance: Henceforth, to participate in public  procurement, enterprises must provide information on a bank guaranteeMinistry of Finance: Henceforth, to participate in public  procurement, enterprises must provide information on a bank guarantee
Minister: The Government of Armenia is exploring various options for  improving transport links with the EAEU countriesMinister: The Government of Armenia is exploring various options for  improving transport links with the EAEU countries
Minister: The Russian side has doubts about the country producing  blue cheese Minister: The Russian side has doubts about the country producing  blue cheese 
GK DASOYAN Group of Companies opens a new knitwear factory in  AlaverdiGK DASOYAN Group of Companies opens a new knitwear factory in  Alaverdi
Beeline has concluded the largest landline network modernization  project in the company`s historyBeeline has concluded the largest landline network modernization  project in the company`s history
In October 2019, compared with October 2018, the passenger flow  through the airports of Armenia increased by 12.6%In October 2019, compared with October 2018, the passenger flow  through the airports of Armenia increased by 12.6%
Reuters: Economic Reforms Bring Armenia Into the Perspective of  Income-Craving InvestorsReuters: Economic Reforms Bring Armenia Into the Perspective of  Income-Craving Investors
Armenian State Control Service studies legality and effectiveness of  investment processes initiated after the victory of the Armenian State Control Service studies legality and effectiveness of  investment processes initiated after the victory of the "velvet  revolution"


Exchange rates
11.11.2019
RUB7.470.00
USD477.220.05
EUR526.33-0.42
GBP610.79-0.42
CAD360.93-0.59
JPY43.790.15
CNY68.240.02
CHF479.470.09


Experts
Tigran Khachatryan: Attracting several transnational investors to  Armenia will allow the country to start playing for high stakesTigran Khachatryan: Attracting several transnational investors to  Armenia will allow the country to start playing for high stakes
During the first 5 years, the agricultural insurance market in Armenia will operate at a lossDuring the first 5 years, the agricultural insurance market in Armenia will operate at a loss
Artak Kamalyan: Education is the key to success. Everything else is of secondary importanceArtak Kamalyan: Education is the key to success. Everything else is of secondary importance
Head of PSRC: Whatever the agreement, the domestic tariff is  dependent on the price at the borderHead of PSRC: Whatever the agreement, the domestic tariff is  dependent on the price at the border
IMF: Armenia needs to achieve sustainable inclusive growthIMF: Armenia needs to achieve sustainable inclusive growth
Artur Atoyan: Problems of fish farmers are solved by the communist  method, that is, they are not solved at allArtur Atoyan: Problems of fish farmers are solved by the communist  method, that is, they are not solved at all
HSBC Bank Armenia digitalizes cooperation with retail clients HSBC Bank Armenia digitalizes cooperation with retail clients 
AmRating agency in cooperation with European Rating-Agentur Expert RA  GmbH has issued regular research on Armenia`s banking systemAmRating agency in cooperation with European Rating-Agentur Expert RA  GmbH has issued regular research on Armenia`s banking system
Yulia Ustyugova: Armenia can get access to IMF “insurance line”Yulia Ustyugova: Armenia can get access to IMF “insurance line”
Armand Arton: The question whether citizenship should be granted in  return for investments is rather rhetoricalArmand Arton: The question whether citizenship should be granted in  return for investments is rather rhetorical
Former head of the Ministry of Finance: <Confrontation> with Lydian may cost much to ArmeniaFormer head of the Ministry of Finance: with Lydian may cost much to Armenia
Vardan Aramyan: It will be unreasonable if the government goes to revise the allowable national debt ceiling in GDPVardan Aramyan: It will be unreasonable if the government goes to revise the allowable national debt ceiling in GDP
HSBC Bank Armenia increases efficiency and focuses on digital servicesHSBC Bank Armenia increases efficiency and focuses on digital services
Bulgarian Minister: The level of Armenian-Bulgarian economic  cooperation is still unsatisfactoryBulgarian Minister: The level of Armenian-Bulgarian economic  cooperation is still unsatisfactory
Expert: Recruitment market in Armenia from the point of view of  supply and demand is sleepingExpert: Recruitment market in Armenia from the point of view of  supply and demand is sleeping
Expert: Despite the adequacy of Armenian banks` capitals, the  opportunities for its optimal use are severely limitedExpert: Despite the adequacy of Armenian banks` capitals, the  opportunities for its optimal use are severely limited
Association of Organic Agriculture is being created in ArmeniaAssociation of Organic Agriculture is being created in Armenia
Pailak Tadevosyan: Governments change in Armenia, but taxation  approaches do not changePailak Tadevosyan: Governments change in Armenia, but taxation  approaches do not change
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

Search by date

Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

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
Russian processing company Russian processing company "MultiCarta" discussed cooperation  opportunities with Yerevan Municipality in the transport sector
$ 270 Million to be invested in the construction of the first  skyscraper in Yerevan$ 270 Million to be invested in the construction of the first  skyscraper in Yerevan
The AGBU Women Entrepreneurs Program Launched in Artsakh: FRUITFUL  ARMENIA Foundation is the partnerThe AGBU Women Entrepreneurs Program Launched in Artsakh: FRUITFUL  ARMENIA Foundation is the partner
Forecast: Armenia has good prospects for expanding its presence in  the Polish marketForecast: Armenia has good prospects for expanding its presence in  the Polish market
Armenian government`s delegation headed by Prime Minister will take  part in the St. Petersburg International Economic Forum on June 6-7Armenian government`s delegation headed by Prime Minister will take  part in the St. Petersburg International Economic Forum on June 6-7
Concessionaire of Zvartnots International Airport promises to become  one of the best operators in the worldConcessionaire of Zvartnots International Airport promises to become  one of the best operators in the world
Arthur Javadyan: Central banks are not responsible for economic  growthArthur Javadyan: Central banks are not responsible for economic  growth
Forecast: Electricity exports to the Middle East through Iran are a  key component of Armenia`s geo- economic strategyForecast: Electricity exports to the Middle East through Iran are a  key component of Armenia`s geo- economic strategy
ArmInfo IC: In Armenia,  CMTPL loss ratio increased up to 64.5% in Q1  2019ArmInfo IC: In Armenia,  CMTPL loss ratio increased up to 64.5% in Q1  2019
From January 1, 2020, the cost of customs clearance of cars from  non-EEU countries in Armenia will increase by at least 4-5 fold:  whether the market for used cars is going upFrom January 1, 2020, the cost of customs clearance of cars from  non-EEU countries in Armenia will increase by at least 4-5 fold:  whether the market for used cars is going up
Overdue loans accelerate growth in banking system of ArmeniaOverdue loans accelerate growth in banking system of Armenia
RA Prime Minister: European Union is not ready to finance 100% of  development programs implementation in ArmeniaRA Prime Minister: European Union is not ready to finance 100% of  development programs implementation in Armenia
Converse Bank offers online loans at a low effective interest rateConverse Bank offers online loans at a low effective interest rate
Renco company will attract additional shareholders and partners to  the project of building a new thermal-power plant in ArmeniaRenco company will attract additional shareholders and partners to  the project of building a new thermal-power plant in Armenia
T.Avinyan: The Government is open for cooperation and encourages  active dialogue and interaction in all areas T.Avinyan: The Government is open for cooperation and encourages  active dialogue and interaction in all areas 
Agreement on construction of a new unit with combined gas cycle  signed in YerevanAgreement on construction of a new unit with combined gas cycle  signed in Yerevan
Veolia Jur: Regulatory charges are false and unfoundedVeolia Jur: Regulatory charges are false and unfounded
Armenian Prime Minister: We are gaining momentum for economic takeoffArmenian Prime Minister: We are gaining momentum for economic takeoff
Through the mobile banking application of Ardshinbank you can get a  loan in seconds.Through the mobile banking application of Ardshinbank you can get a  loan in seconds.
By the end of 2018, By the end of 2018, "Galburdjian Group" will launch the production of  sesame oil in Armenia
Expert: Armenia has a problem with effective use of water resources,  rather than small hydropower stationsExpert: Armenia has a problem with effective use of water resources,  rather than small hydropower stations
Investment forum Investment forum "Energy Week 2018" to be held in Armenia
Expert: It is necessary to start implementing the program for the  construction of a new nuclear unitExpert: It is necessary to start implementing the program for the  construction of a new nuclear unit