Armenia Enterprise Accounting Reform (AEAR) Project

IDG managed a consortium that changed the financial management and dialogue practices in Armenia’s emerging market economy. The AEAR team converted Armenia’s then accounting and auditing systems into market-oriented systems 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. Sustainability was ensured by transferred skillsets and know-how to local Armenian auditing companies and enhancing the growth potential for Armenian accounting services through the incorporation of public awareness tools.