ArmInfo.The ruling faction of the Armenian parliament proposes amendments to the RA Civil Code, according to which only open joint-stock companies representing the public interest will present financial statements.
Head of the Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan, presenting the draft law on amendments to the RA Civil Code in the National Assembly on May 3 recalled that on December 4, 2019, the Parliament adopted the law "On Amendments to the Law on Joint-Stock Companies", according to which, from January 1, 2020, the accounting statements of OJSCs are not subject to publication, with the exception of companies of public interest in accordance with the "Law on Accounting, adopted Dec. 4, 2019: The purpose of the law is to prevent small, often dormant companies from filing these reports, he explained. According to Gevorg Papoyan, the legislation should be constantly improved, and the shortcomings and difficulties in its implementation should be eliminated. In this context, an amendment is proposed to article 107 of the Civil Code, according to which only organizations of public interest will present financial statements.
In addition, with the adoption of the draft, the requirement to present financial statements will become mandatory not for all open joint-stock companies, but for those who publicly place securities on the territory of the Republic of Armenia or meet certain quantitative criteria of the RA Law "On Accounting" in terms of profit, balance sheet value of assets, number of employees.
