Azerbaijani government signs two agreements on "Accounting in budget and corporate sphere"

Day.Az reports with reference to the Finance Ministry that the sides also signed an agreement on Japanese grant for the joint financing of the said project. Both documents envision continuation of reforms in the sphere of accounting.

The agreements were signed by finance Minister of Azerbaijan Samir Sharifov and representative of the WB group in the country Gregori Egeichak.

The project aims at assisting to the transfer to international accounting standards by the socially important structures of Azerbaijan and to national accounting standards by the remaining organizations and establishments.

The project combines three components: conduction of financial reporting in the corporate sector, budget sector, as well as the strengthening of the potential of regulation of accounting, audit and financial administration.

The project is estimated at $24 mln with $8 mln provided by the Azerbaijani government, $11 mln allocated by IBRD by provisions of the International Development Association (for 26 years under 10 years of a privilage period by the annual rate of 0.75%), $3 mln of the grant of the Japanese government and $2 mln of the grant of the State Secretariat of Switzerland on economic ties.

/Day.Az/