Details

Service: Advisory
Type: Press release
Date: 12/15/2008

IFRS – Drive for Global Convergence, Status in Armenia

In today’s financial world there are two dominant financial reporting systems – US GAAP (Generally Accepted Accounting Practices), used by a significant part of the global capital market; and International Financial Reporting Standards (IFRS), the system now being used as the benchmark in all European Union countries and many other countries on all five continents. Countries throughout the world increasingly favor the idea of setting up a worldwide single accounting framework.

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