home contact The content of this publication is the sole responsibility of the University of Paisley, Corporate Solutions Consulting Ltd and Caspian Invest Ltd and can in no way be taken to reflect the views of the European Union AZƏRBAYCAN | ENGLISH

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THE PROJECT   Project Purpose The purpose of this project is to improve accounting in Azerbaijan through the development of internationally-recognised accounting standards and enhanced understanding of IFRS principles and practices within the accounting community. In conjunction with other initiatives this will contribute towards Azerbaijan's economic development and the promotion of a market economy. The impact of the project will be, in addition to developing, implementing and dissemination national accounting standards based on IFRS, to: Establish a sustainable development process for national accounting standards (NASCOs); Increase the technical capacity of the institutions that set national accounting standards (NASCOs); Establish a process for translating IFRS into the Azeri language; and Develop an Accounting Training Strategy integrated with the Country Action Plan for Accounting Reform. The anticipated outcome of the project will be to improve specific attributes of the various pillars of accounting reform from the position observed by the A&A ROSC due diligence mission carried out by the World Bank in 2005. The following figure shows the anticipated improvements (shown in yellow) on the observed position in 2005 (shown in green). Pillar Specific Attribute of Pillar Not Adequate Improving Generally Adequate Statutory Framework Accounting Law   Availability of Financial Statements       Auditing Law       Accounting Standards Compliance with IFRS in Banking Sector   Compliance with IFRS in Non-Banking Sector       Existing Accounting Requirements     Auditing Standards Compliance with ISA       Existing Auditing Requirements       Monitoring and Enforcement Mechanisms for Enforcing Accounting Standards       Mechanisms for enforcing Auditing Standards       Profession and Ethics Development of Accounting Profession       Adoption and compliance with Code of Ethics       Education and Training Continuing Professional Development       Vocational Education       Academic Education       Accounting and Auditing in Azerbaijan before and after this Project     Last updated: 26/03/2007

The content of this publication is the sole responsibility of the University of Paisley, Corporate Solutions Consulting Ltd and Caspian Invest Ltd and can in no way be taken to reflect the views of the European Union