BAKU, Azerbaijan, Nov. 22
EY Azerbaijan has organized and held its annual presentation for clients on the latest updates to the International Financial Reporting Standards (IFRS).
The seminar focused on recent updates to IFRS and their practical implementation. The elaborate presentation was delivered to the seminar’s participants by EY’s qualified IFRS specialists, such as Vadim Shelaginov, Assurance Senior Manager at EY Russia and Dmytro Iurgelevych, Assurance Senior Manager at EY Georgia.
Vadim Shelaginov: “It’s a long-running tradition for EY Azerbaijan to bring all the clients together to discuss new standards and complex IFRS implementation issues that relate to the current and coming reporting years. It’s a great privilege to be able to share our global expertize with colleagues, clients and partners in Azerbaijan”.
During the presentation, the speakers focused on IFRS 16, which is the International Financial Reporting Standard promulgated by the International Accounting Standards Board. IFRS16 provides guidance on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019.
According to Dmytro Iurgelevych, while the focus of the presentation was IFRS 16, participants still engaged in a comprehensive discussion around IFRS 15 and IFRS 9, as well as their effective implementation. Other important issues debated include the forthcoming change to the definition of a business and clarifications issued by the IASB and IFRIC on income taxes.
Dmytro Iurgelevych: “It’s always pleasing to see such keen interest shown by our clients in EY IFRS update training. I hope these seminars organized by EY provide useful insights to the implementation of the updates and changes we present and discuss”.
EY Azerbaijan continues to support its clients on all matters relevant to the preparation for the 2019 reporting cycle.
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EY made a major commitment to the development of Azerbaijan and the region by opening the office in Baku 25 years ago. Today, in addition to being the leading audit and consulting firm in Azerbaijan, we are the leading professional services firm in the region. We have been able to assist both domestic and international companies as well as state-owned entities to develop and manage the challenges of the international economy.
There are currently more than 220 people working in our Baku office and serving our clients in Azerbaijan. EY’s strength in the Caspian Region and the firm’s commitment of resources are important to the entities operating in the region. It means that as we grow, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.