World Bank2017-09-082017-09-082008-06https://hdl.handle.net/10986/28230This report provides an assessment of accounting, financial reporting and auditing requirements and practices within the enterprise and financial sectors in Armenia. The report uses International Financial Reporting Standards (IFRS) formerly International Accounting Standards (IAS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation, including in European Union (EU) member states, to assess the quality of financial information and make policy recommendations. This assessment of accounting and auditing practices in Armenia is part of a joint initiative of the World Bank and International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting and includes a review of both mandatory requirements and actual practice.en-USCC BY 3.0 IGOACCOUNTACCOUNTANCYACCOUNTANTACCOUNTANTSACCOUNTINGACCOUNTING POLICIESACCOUNTING PRINCIPLESACCOUNTING PROCEDURESACCOUNTING RECORDSACCOUNTING REFORMACCOUNTING RULESACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTSACCRUALSADMINISTRATIONAMOUNT OF COLLATERALAUDITAUDIT COMMITTEEAUDIT ENGAGEMENTSAUDIT EVIDENCEAUDIT REPORTSAUDIT STANDARDSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSBALANCE SHEETBANKINGBANKING INSTITUTIONSBANKING LAWBANKING SECTORBANKING SUPERVISIONBOOK VALUEBOOKKEEPINGBORROWERBORROWERSBROKERSBUDGETBUSINESSBUSINESS ADMINISTRATIONBUSINESS FORECASTSBUSINESS LAWBUSINESS SCHOOLSCAPACITY BUILDINGCAPITAL BASECASH FLOWCASH FLOW STATEMENTSCBACENTRAL BANKCENTRAL DEPOSITORYCHECKCOLLATERALCOMMERCIAL BANKSCOMPANY LAWCOMPLIANCE GAPCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATED SUPERVISIONCONTRACTSCORPORATE GOVERNANCECORPORATE SECURITIESCOSTCOST ACCOUNTINGCREDITCRITERIACURRENT ASSETSDEBTDEBT FINANCINGDERIVATIVESDISCLOSURE REQUIREMENTSENFORCEMENT MECHANISMSENFORCEMENT POWERSENTERPRISESEQUIPMENTEQUITYEXCHANGEEXCHANGESEXTERNAL AUDITORSFAIR VALUEFEE INCOMEFINANCEFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL RATIOSFINANCIAL REGULATIONFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMFOREIGN BANKSFOREIGN CAPITALFOREIGN DIRECT INVESTMENTFOREIGN INVESTMENTSFUTUREGLOBAL ECONOMIESGOODGOOD PRACTICEGOOD PRACTICESGOVERNANCE ISSUESGUARANTEESHOLDINGHOLDINGSIMPLEMENTATIONINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINTERESTINTERNAL AUDITINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL STANDARDSINVENTORIESISSUANCEJOINT STOCK COMPANIESLANDLAWSLEGAL FRAMEWORKLEGISLATIONLEGISLATIVE FRAMEWORKLENDINGLENDING DECISIONSLIABILITIESLIFOLIMITED LIABILITYLIQUIDITYLLCLOANLOAN APPLICATIONLOAN DECISIONSLOANSMANAGEMENT ACCOUNTINGMARKETMARKET DISCIPLINEMARKET ECONOMYMARKET PARTICIPANTSMARKETINGMONETARY FUNDOPEN JOINT STOCK COMPANIESOPEN JOINT-STOCK COMPANIESOPTIONOWNERSHIPPENSIONPENSION FUNDPORTFOLIOPORTFOLIO INVESTMENTPRINCIPALPROFITPROPERTYPRUDENTIAL REQUIREMENTSPRUDENTIAL STANDARDPRUDENTIAL STANDARDSPUBLIC POLICYPUBLIC REGISTRYQUALITYQUALITY ASSURANCEQUALITY AUDITSQUALITY CONTROLQUALITY STANDARDSREGULATORY AUTHORITIESREGULATORY AUTHORITYREGULATORY FRAMEWORKREGULATORY REPORTSREORGANIZATIONRESERVERESOURCESREVENUERISKRISK MANAGEMENTRISK PROFILESECURITIESSECURITIES INDUSTRYSECURITIES MARKETSECURITIES MARKET LAWSERVICESSETTLEMENTSHARESHAREHOLDERSSHAREHOLDERS EQUITYSOLVENCYSTATUTORY FUNDSTOCKSTOCK EXCHANGETAXTAX COMPLIANCETAXATIONTRADINGTRANSACTIONSTRANSPARENCYVALUATIONVALUE OF ASSETSReportWorld Bank10.1596/28230