Azerbaijan Government Sets ups Application of International System of Financial Accountability
Azerbaijan, Baku, 10 January / corr Trend U.Ismayilova / The Azerbaijani Finance Ministry submitted its response to the Fund of Standards of International Accounting to approve the reliability of translation of the International Financial Accountability Standards (IFAS) into the Azerbaijani language, the Azerbaijani Finance Ministry reports on 10 January.
The introduction of IFAS in Azerbaijan began after the bill was passed on Accounting in February 2005, as well as through the decision of the Cabinet of Ministers to approve the state program to introduce national accounting standards in July 2005. Under the program, 28 national financial accounting standards were developed.
The implementation of the program was launched after the agreement was signed on cooperation between the Azerbaijani Cabinet and IFAS. Under the agreement, all necessary measures to introduce the system were translated into the Azerbaijani language, and the specialists involved in the introduction of the system were trained in order to study the standards.