YEREVAN. – International Financial Reporting Standards (IFRS) will be introduced also for small and medium-sized companies in Armenia, Deputy Minister of Finance Davit Ananyan told reporters on Tuesday.

Ananyan informed, however, that the IFRS will be implemented in full for large companies, whereas in part—for small and medium-sized companies in the country.

In addition, a simplified financial reporting procedure will be introduced for microbusinesses in Armenia.

But private entrepreneurs will not have to provide financial reporting, just like before, since they are not considered legal entities.