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On December 4, 2019 the parliament passed the law on Amending the law on Joint Stock Companies, according to which, from January 1, 2020 the reports of the financial reports of the Open Joint Stock Companies (OJSC) are not subject to publication, except the companies which pursuant to the law on Accounting passed on December 4, 2019 are considered organizations of public interest. The aim of the adoption of the law is that the companies not being of public interest, small, often not functioning companies will not present those reports. “We shall continuously mitigate the legislation from barriers or hidden mines: this is one of the tools of implementing the Government’s adopted policy,” the author Gevorg Papoyan said at May 3 NA sitting, presenting the draft law on Amending the RA Civil Code.
A need of such amendment also emerged in Article 197 of the Civil Code, according to which, the organizations of public interest will submit a report. The Government and the NA Head Committee endorsed the draft.
As the deputy Gurgen Arsenyan has observed, prevention of the aspiration of wide spread control is appropriate, because one of the important goals of 2018 revolution, the return of the freedom, rights from the society, including from the entities.
The key rapporteur, the member of the Standing Committee on Economic Affairs Tsovinar Vardanyan noted that the scope of the CJSC-s publishing financial reports would correspond to the requirements established by the RA law on Accounting by the adoption of the draft.
The Deputy Finance Minister Arman Poghosyan has presented the proposing amendments are aimed at specifying and bringing together of the regulations existing in different laws regulating the same relations.
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