Annual report 2007
2007 Annual Financial Statements of the Central Bank of the Republic of Armenia
According to Article 17 of the Law on the Central Bank of the Republic of Armenia, the Central Bank of the Republic of Armenia (the CBA) hereby presents to the National Assembly of the Republic of Armenia the financial statements as of and for the year ended 31 December 2007, including the balance sheet, the income statement, the cash flow statement, the statement of changes in equity and the notes to the financial statements.
The financial statements of the CBA are based on the accounting principles adopted and approved by the Board of the CBA, in compliance with International Financial Reporting Standards (IFRS). Armenian Accounting Standards are similar to IFRS in all material respects.
The Board of the CBA is responsible for the accuracy of the accounting information reflected in the financial statements. It has a general responsibility to safeguard the assets of the CBA and to prevent and detect fraud and other irregularities.