We continuously assist our clients with all of their accounting and reporting needs. Accurate financial statements, as well as accounting system are key tools and our clients expect us to understand their businesses, to develop and maintain internal control systems suitable to existing business processes and to keep them up-to-date with constant changes in legislation.
You should have the fullest confidence that we apply the same caring and thoughtful approach to guarantee first class service to all businesses irrespective of its size.
We also prepare accounts in a clear and timely basis and take time to interpret the data so that client can make effective decisions. We also make recommendations to help them improve their accounting and internal control systems. You can also delegate us your day-to-day duties or more complex tasks.
You can also choose the level of service you need. You may want us to prepare tax and financial reports, design and maintain accounting systems or provide a fully bespoke payroll or other functions.
Our accounting experts come from wide range of fields. We will build a bespoke team to meet your needs- whatever the size of your company.
International financial reporting standards (IFRS)
The Republic of Armenia has publicly stated its support for IFRS by having enacted The Law on Accounting in 2003 as amended in December 2008. That Law requires all companies in the Republic of Armenia to prepare financial statements in accordance with IFRS with a sole exception of micro-sized entities. The following types of entities are obliged to prepare their financial statements in accordance with IFRS:
Financial institutions: banks, credit organizations, payment and settlement organizations, investment companies, insurance companies, insurance brokers e.t.c
Other entities except micro-sized entities
What refers to micro-sized entities, the Law on Accounting provides an exception from IFRS for entities with annual revenue not exceeding AMD 100 million. Such entities are sometimes referred to as micro-sized entities. The Law allows these micro entities to apply a simplified tax accounting guide to be developed by the Government of the Republic instead of IFRS. However, such a guide has not yet been issued. These companies may use the guide to the IFRS for SMEs developed for micro-sized entities.
IFRS for SMEs
All small and medium-sized entities as defined in the IFRS for SMEs are permitted to use the IFRS for SMEs. IFRS for SMEs was issued by IASB in 2009 and the official Armenian translation was published by Government of the RA in 2010.
What AN Audit CJSC offers
- Outsourced accounting
- Preparation of financial statements in accordance with IFRSs
- Preparation of tax returns and managerial reports
- Preparation of special regulatory reports (Central Bank, Public Services Regulatory Commission etc.)
- Evaluation of internal control and accounting systems
- Design and improvement of internal control and accounting systems
- Labor processing
- Cash transactions processing
- Agreed-upon procedures