LAW OF THE REPUBLIC OF ARMENIA

of December 20, 2019 No. ZR-282

About financial accounting

Accepted by National Assembly of the Republic of Armenia on December 4, 2019

Chapter 1. General provisions

Article 1. Law purpose

1. This Law establishes unified bases of the organization and financial accounting, preparation and submission of financial statements of general purpose (further – the financial reporting), governs other relations connected with financial accounting.

Article 2. Law coverage

1. This Law extends to the legal entities having state registration in the Republic of Armenia (including the organizations created by them), branches and representative offices of the foreign organizations (further – the organizations), and also the groups established by Items 14-16 of part 1 of article 3 of this Law.

2. This Law does not extend:

1) on the Central bank;

2) on the organization in field of activity of the Law "About Financial Accounting of the Organizations of the Public Sector";

3) on the International Monetary Fund, the European Central Bank, the European Investment Bank, other international organizations in which the Republic of Armenia consists;

4) on investment funds.

Article 3. The basic concepts used in the Law

1. In this Law the following basic concepts are used:

1) financial accounting – system of collection, registration and generalization of information in terms of money on assets of the organization, equity, condition and movement of obligations, and also the income and expenses by means of general and documentary accounting of transactions, other cases and events;

2) the financial reporting – the systematized representation of financial position and financial results of the organization;

3) international accounting standards (further – complete of IFRS) – the standards published by Council of international accounting standards (IASB) and enacted in the territory of the Republic of Armenia according to the Law "On Regulation and Public Control of Financial Accounting and Auditor Activities" (for the organizations provided by part 2 of article 4 of this Law – irrespective of this action), and their explanations. Complete the IFRS are included:

and. international accounting standards (IFRS);

. international accounting standards (IAS);

century of explanation of Committee on explanations of the international financial reporting (IFRIC);

of explanation of Standing committee on explanations (SIC);

4) conceptual bases of the financial reporting – the conceptual bases of the financial reporting published by Council of international accounting standards (IASB) and enacted in the territory of the Republic of Armenia according to the Law "On Regulation and Public Control of Financial Accounting and Auditor Activities" (further – conceptual bases);

5) international accounting standard of the small and average organizations – the international accounting standard of the small and average organizations published by Council of international accounting standards (IASB) and enacted in the territory of the Republic of Armenia according to the Law "On Regulation and Public Control of Financial Accounting and Auditor Activities" (further – IFRS for MSO);

6) the organization which is of public interest – the organization, which:

and. is person acting with public offer of securities in the territory of the Republic of Armenia or the accountable issuer, except for being person acting with public offer of securities in the territory of the Republic of Armenia or the accountable issuer of the International Monetary Fund, European Central Bank, European Investment Bank, other international organizations in which the Republic of Armenia consists, or

. is bank, credit institution, the payment and settlement organization, investment company, the operator of the controlled market, the central depositary, insurance company, the reinsurance company, broker insurance company or the managing director of investment fund;

7) the large organization – the organization which as of the end of accounting year (on which the financial reporting shall be constituted) exceeded, at least, two of three following indicators:

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