LAW OF THE REPUBLIC OF ARMENIA

of December 29, 2008 No. ZR-226

About modification and amendments in the Law of the Republic of Armenia "About financial accounting"

Accepted by National Assembly of the Republic of Armenia on December 26, 2008

Article 1. Three articles 2 of the Law of the Republic of Armenia "About financial accounting" of December 26, 2002 to state the paragraph to ZR-515-N (further - the Law) in the following edition:

"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".

Article 2. In article 3 of the Law:

Heading after the words "legal acts" to add 1) with the words "and international standards of financial reportings";

To add 2) with new paragraphs of the following content:

"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".

Article 3. In article 4 of the Law:

To declare 1) invalid part 2 Item "and";

2) to exclude words from the Item "g" of part 2 "applications of standards of the accounting report, making of identifications in financial reportings, politicians of financial accounting,";

To add 3) with part 2.1 following of content:

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