EY Azerbaijan organized its annual International Financial Reporting Standards (IFRS) update session for clients at the Four Seasons Hotel Baku on 8-9 December 2014.
The two-day event brought participants up-to-date on the latest IFRS developments and their impact on financial reporting.
The seminar was delivered by EY's qualified IFRS specialist Vadim Shelaginov, EY Moscow Assurance Manager, and Nazli Khankishiyeva, EY Baku Assurance Manager, for participants from major international and local companies operating in Azerbaijan. Vadim and Nazli discussed the recently issued updates to IFRS, explained them with practical examples and provided guidance on their implementation.
The objective of the seminar was to highlight key aspects of these changes and provide an overview of the upcoming changes in standards and interpretations.
"At the training we discussed new and amended IFRSs and IFRICs applicable both to the extractive industry and to the banking and other business sectors. Debates during the extractive industry section focused on implementation issues related to consolidation and joint arrangement accounting. During the banking section the favorite topics for participants were restructuring of problem debts and accounting for loans issued and provided at below-market rates. We're glad that our annual IFRS trainings give our clients and partners the opportunity to discuss with us in a friendly and professional atmosphere practical issues of IFRS implementation," said Vadim.
Narmin Isgandarova, Audit Senior Specialist at Pasha Holding, shared her thoughts: "The training session was excellent in all respects and best suited to meet the needs of audit and monitoring department professionals. The highly professional presenter was able to cover all significant changes in IFRS in a short period of time and effectively interact with the audience. Participating in the session was a pleasure and I would strongly recommend this insightful course for finance professionals."
Mikhayil Gomelko, Head of Department Accounts at Azerbaijan Investment Company, added: "First of all, I would like to express my gratitude to EY for organizing this session. IFRS isn't a rigid structure, but a dynamic system that is constantly changing to faithfully reflect the surrounding reality and changes occurring in it. That means that each company must monitor changes in IFRS to respond appropriately. I'm confident that this training from EY, the leading auditing company, helped all participants in addressing these issues."
EY was happy to see all the participants at the seminar and thanks everyone for their time and consideration!
