We provide accounting services in accordance with international standards and the Tax Code of the Republic of Armenia. The application of international standards ensures the comparability of financial reports and provides a comprehensive view of a company’s financial condition. These standards allow for the preparation of standardized financial statements, which are essential for attracting investments or securing loans. In the Republic of Armenia, financial accounting is conducted in compliance with IFRS (International Financial Reporting Standards).
As part of accounting under IFRS, a Balance Sheet is prepared, which provides an understanding of the company’s assets and their sources. The next financial statement is the Profit and Loss Statement (P&L), which reflects the results of operations for the reporting period. Additionally, a Cash Flow Report is prepared, showing the movement of the company’s cash. The package of financial reports concludes with the Statement of Changes in Owner’s Equity.
Conducting accounting in accordance with international standards involves studying, analyzing, and developing an accounting policy. While IFRS provides principles for analysis and decision-making, accounting policy represents the professional judgments made by an accountant or accounting firm. As part of this process, financial statement footnotes are prepared.
At Profin Consulting, financial accounting is conducted using both Armenian software (Armsoft, Mekum) and international platforms (Zoho Books, Xero). Flexibility in software choice allows our clients to obtain various statistical data and reports, enabling them to analyze and understand their company’s financial position.
Tax accounting is performed in compliance with the legislation of the Republic of Armenia. To ensure adherence to legal requirements, we monitor legislative updates daily and regularly inform our clients of any changes. Accurate tax calculations and timely payments prevent desk audits, thematic checks, and comprehensive inspections.
As part of our accounting services, we also represent our clients during comprehensive or thematic inspections. Tax audits may be conducted at different intervals, but proper and timely tax accounting ensures that our clients can feel confident during these checks.
Accounting is a complex and responsible task, but with Profin, you won’t have to deal with any accounting issues, as we take full responsibility for the services we provide in accordance with the law.