Azerbaijan will discuss primary results of reforms in auditing and accounting

The Azerbaijani Finance Ministry will discuss the outcome of reforms in the field of auditing and accounting, including the Corporate and Public Sector Accountability Project (CAPSAP). The ministry will hold a conference on "Reforms in the national accounting system: initial results" on Feb. 25 to this end, the ministry reported.

The conference is expected to hold discussions on improving the accounting system, work that should be done in this area to improve the efficiency of financial statements in the corporate and public sector and work in the field of education.

The conference will bring together representatives of various state agencies, public organizations, banks, insurance companies, universities, NGOs, the World Bank and all interested parties.

The total project cost is $24 million. The loan agreement for the project was signed in September 2008. It will not be implemented until late December 2012.

Funders for the project include the WB ($11 million), the Japanese government ($3 million), the Swiss State Secretariat for Economic Affairs ($2 million), and the Azerbaijani government ($8 million).

Azerbaijan already prepared 28 national standards for the commercial sector. At present there are 35 standards of financial reporting and auditing in the world. The transitioning to the IFRS was launched in the country for the public sector from January 1, 2008.


/Trend/