Background

The Ministry of Finance of Armenia is a republican body of executive authority, which elaborates and implements the policies of the Republic of Armenia Government in the areas of fiscal revenue collection, public finance administration.

The Government of the Republic of Armenia has authority to set standards to be used by micro-entities as well as to publish the officially translated IFRS Accounting Standards. The Association of Accountants and Auditors of Armenia (AAAA) assists the Government of the Republic of Armenia in translating IFRS Accounting Standards into Armenian.

Accounting Standards

IFRS Accounting Standards, including the IFRS for SMEs Standard, have been adopted as the accounting standards of the Republic of Armenia by law for all companies except ‘micro-entities’.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.