of January 31, 2003 No. ZR-515
About financial accounting
Accepted by National assembly of the Republic of Armenia on December 26, 2002
This Law establishes uniform bases of the organization and financial accounting in the Republic of Armenia, creation and accounts presentations of general purpose (further - the financial reporting), governs other relations concerning financial accounting.
This Law extends to legal entities (including to the organizations created by them), branches and representative offices of the foreign organizations (further - the organizations) which received in accordance with the established procedure state registration in the Republic of Armenia.
Features of distribution of such rights and obligations between governing bodies of banks, investment societies, the insurance companies, the operator of the controlled market, and also the Central depositary and the chief accountant or person performing similar obligations are established respectively by the Laws of the Republic of Armenia "About banks and banking activity", "About insurance and insurance activity" and "About the security market".
The government establishes special regulations of tax accounting for the taxpayers who are not exceeding income size in 100 million dramas, subject to obtaining last calendar year.
The subjects established by the paragraph third this Article instead of international accounting standards and reference books of international standards can apply special regulations of tax accounting.
The legal acts regulating financial accounting include this Laws, other laws of the Republic of Armenia concerning financial accounting, established by this Law other legal acts adopted by the state body regulating financial accounting.
According to the procedure, established by this law, in the territory of the Republic of Armenia international standards of financial reportings, and also the principles of preparation and prestavleniye of financial reportings published by Council for International accounting standards, reference books on application of standards and other documents of obligatory application are effective (further – reference books of international standards).
International accounting standards include the international accounting standards accepted by Council for International accounting standards, International Financial Reporting Standards, comments on them, subsequent in them changes (and their comments), and also the standards further accepted by Council for International accounting standards and their comments.
1. Regulation of financial accounting is performed by the state authorized body of the Government if the law does not provide other, and in banks, at the credit, payment and settlement institutions, at persons, in investment societies, investment funds and at managing investment funds - the Central bank together with the state authorized body of the Government (further - the state body regulating financial accounting).
2. The state body regulating financial accounting within the competence claims:
a) ceased to be valid according to the Law of the Republic of Armenia of 29.12.2008 No. ZR-226
b) chart of accounts of financial accounting and instruction for their application;
c) methodical instructions, instructions on the production cost accounting (cost).
2.1. The state body regulating financial accounting can approve model forms of financial reportings and instruction for their filling, assuming as a basis international standards of financial reportings and reference books of international standards. For the subjects established by the paragraph third article 2 of this law, the state body regulating financial accounting establishes separate model forms of financial reportings and instruction for their filling.
3. Other legal acts about financial accounting adopted by the state body regulating financial accounting shall correspond the international standard of financial reportings and to reference books of the international standards except for established by this law of cases.
1. Financial accounting is system of collection, registration and generalization of information on condition and movement of assets, equity, obligations of the organization in terms of money by continuous and continuous documentary accounting of economic activities.
2. All organizations shall keep financial accounting.
3. Financial accounting of the organization is kept with observance of requirements of the Law of the Republic of Armenia "About anti-money laundering and terrorism financing".
Term of financial accounting by the computer program |
The size of gross income of last year calculated according to the Tax code of the Republic of Armenia |
Since July 1, 2013 |
More than 1 billion dramas |
Since July 1, 2014 |
More than 500 million dramas |
The procedure for determination of compliance of the computer programs specified in this Article to requirements of the legislation regulating the sphere of financial accounting establishes the Government of the Republic of Armenia.
The schedules and requirements represented to computer programs of financial accounting established by this Article do not belong to banks, credit institutions, the insurance companies and investment societies at which requirements of implementation of the automated systems of financial accounting are established by the Central bank of the Republic of Armenia.
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The document ceased to be valid since January 1, 2020 according to article 30 of the Law of the Republic of Armenia of December 20, 2019 No. ZR-282