Yerevan  /Mediamax/. USAID Financial Sector Deepening Project (FSDP) on Armenia USAID and Ministry of Finance of RA have signed the Letter of Intent (LOI), the purpose of which is to detail the terms of mutual cooperation and collaboration with regard to the official translation of International Financial Reporting Standards (IFRS) into Armenian and their national adoption.

It is planned that starting January 1, 2009, all banks acting within RA, and starting January 1, 2010, all financial organizations will conduct the accounting in accordance with IFRS.