Shareholder of Grant Thornton Amiot audit and consulting company Gurgen Hakobyan said that adoption of the International Standards of Financial Reporting (ISFR), including by small and medium businesses of Armenia, will provide with the opportunity to transparently exchange information on business conduct at international financial markets.

“Besides, the transfer will allow unifying concepts and process of bookkeeping,” Hakobyan told a PanARMENIAN.Net reporter.

He added that the preparation of financial reports in compliance with international standards is a technically complicated process, so it was decided to simplify it at the international level.

Currently, there are two options of financial reporting: one for large corporations and a simplified option for small and medium businesses. “This served as an impetus for accelerating the process of transfer from national to international standards,” Hakobyan said.

On June 2, the Armenian Ministry of Finance hosted an official ceremony of submission of financial reports by small and medium businesses that were developed in compliance with international standards.