Armenia Enterprise Accounting Reform (AEAR) Project

Region: 
Europe and Eurasia
Country / Countries: 
Armenia
Project Status: 
Completed

Following the success of the Georgian accounting reform project, IDG managed a consortium that dramatically changed financial management and dialogue practices in Armenia's emerging market economy. The team converted Armenia's then current accounting and auditing systems into market oriented accounting for enterprise managers, financial sector professionals, and other institutions. IDG worked directly with the Ministry of Finance and Parliament to develop and adopt International Accounting Standards (15 core standards within 5 months) as well as International Standards for Auditing as a major component of market and economic reform. The project merged two associations into a new entity, the Association of Accountants and Auditors of Armenia (AAAA), and eased the devolution of authority to this self-regulatory organization. IDG professionals developed a comprehensive training program based on internationally recognized ACCA syllabus for international and national certification, as well as licensing. They used the ACCA model in order to reform the educational curriculum in the training of future accountants. Sustainability was ensured by transferred skill-sets and know-how to local Armenian auditing companies and enhancing the growth potential for Armenian accounting services through the incorporation of public awareness tools.