Yerevan /Mediamax/. “Grant Thornton International” welcomes the adoption of the new International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).

Mediamax was informed in Marketing Department of “Grant Thornton Amyot” that the new standard is composed based on the full IFRSs, which were developed primarily for listed companies.

According to Emil Vassilyan, Partner at “Grant Thornton Amyot”, unlisted businesses around the world which currently have to comply with full IFRS “will be pleased to find that the new standard is about one tenth of the length of full IFRS”.

In Armenia, according to the recent legislative changes, since January 1, 2009, all banks carry out their financial reporting in accordance with IFRS. Other financial organization, in particular, insurance and credit ones, will shift to IFRS since January 1, 2010. 

“Individual countries will now consider the new standard, consult with local stakeholders and decide whether and when it should be used in their jurisdiction. Individual countries will also have discretion over which entities the new standard will apply to”, “Grant Thornton Amyot” statement reads.