Over 25 representatives from banks, insurance, as well as credit organizations took part in a training course on International Financial Reporting Standards (IFRS) 16, organized by Grant Thornton Armenia on November 30.

IFRS 16 new leases standard was issued in January 2016 and comes into effect on January 1 of 2019.

According to the new standard, lessees should recognise nearly all leases on the balance sheet, which will reflect their right to use an asset for a period of time and the associated liability for payments.

The training course was conducted by Angela Gevorgyan, Senior Auditor at Grant Thornton Armenia, expert in audit, accounting and budgeting with profound knowledge of IFRS.

“This new leases standard greatly affects all those companies which have/sign contracts that contain a lease, and we decided to organize this training course and help our clients and partners get acquainted with the key elements of the new standard, understand its financial, operational and business impacts, as well as be ready for all those changes that the standard will bring,” Angela Gevorgyan commented.