The state of accounting in Armenia: A case

Armenia is a third-world country with a marginal economy and no capital markets to speak of. The government is bureaucratic. Corruption is widespread and secrecy has long been a tradition in business. Accounting is cash-based and oriented to the stewardship needs of the government. There is no tradition of accounting for management decision making, much less accounting for external, non-government users. Education for accounting has essentially been in technical bookkeeping. Armenia has been attempting to privatize its economy but in order to do so it needs to restructure its accounting system.