The accounting standards currently being developed by this project funded by the European Union are called National Accounting Standards for Commercial Organisations (NASCOs) and are based on IFRS. The banking sector in Azerbaijan and large, strategically important corporations are required by the Law on Accounting to apply IFRS in the preparation of their financial statements. Companies that are neither public interest entities nor SMEs, in other words the majority of corporate entities registered in the country, are obliged by the same law (articles 10 and 17) to submit financial statements based on NASCOs for all accounting periods commencing after 1st January 2008.

This site is designed to assist those who are interested in finding out how to apply accounting standards based on IFRS to the financial statements of their own enterprise. As the standards and their application guidance materials are developed they will be added to this site and will be available for downloading free of charge.

Those responsible for preparing financial statements for their companies are recommended to refer to this site frequently in case valuable new information is available. News about training events will be posted on this site from time to time and visitors will have the opportunity to register online for attendance at the various NASCO/IFRS seminars planned in Baku and the regions during 2007 and the first half of 2008.