In October 2015, “Research and Production Company Ecopharm”, Ltd. launched a project to introduce International Financial Reporting Standards (IFRS) as part of the consulting project of the European Bank for Reconstruction and Development (EBRD) “Advice for small business”. Since then, the company has been reporting in accordance with IFRS and has been audited annually by the international auditing company Kreston GCG.
Among other factors, the introduction of this practice allowed “Research and Production Company Ecopharm”, Ltd. to sign a loan agreement with the EBRD in December 2016 and successfully receive the necessary funding.
Thanks to the support of the EBRD and contributors from the United States, as well as Kreston GCG, Ecopharm is now able to confirm the results of its activities at the IFRS level, which makes it more understandable and attractive for capital providers (lenders and investors). On August 17, 2017, Ecopharm received “Certificate of Successful Project Completion” from representatives of the EBRD Olga Ivanchenko (Analyst of the EBRD Small Business Development Group), Armen Asatryan (Chief Manager of the EBRD Small Business Development Group) and Lyudmila Voynalovich (Analyst of the Small Business Development Group EBRD) as a mark of the successful project implementation.
Elena Grechaninova (Chief Financial Officer of Ecopharm), Alexander Grinevich (Deputy Chief Officer of Ecopharm), Olga Ivanchenko (Analyst of the EBRD Small Business Development Group), Armen Asatryan (Chief Manager of the EBRD Small Business Development Group) and Lyudmila Voynalovich (Analyst of the Small Business Development Group EBRD) are on the photo.