Government of Azerbaijan Devises Additional National Standards of Financial Accountability
Azerbaijan, Baku, 30 January /corr. Trend U.Ismaylova / The Government of Azerbaijan devised 10 additional national standards of financial accountability although currently not all enterprises transferred or are prepared to transfer to the system of international financial accountability standards, said the Head of Azerbaijan Finance Ministry's Department of Accounting Policy, Elkhan Jafarov.
According to Jafarov, generally 27 national standards have been devised on the base of 38 international financial accountability standards.
According to the list approved by the Cabinet of Ministers, the SOCAR, Azerenergy, Baku Electricity Network, Azercell, State Railway Department of Azerbaijan, Baku Metro, AZAL State Concern, Azerbaijan State Caspian Shipping Company, Azerigaz, Azersu, Aztelekom, Azerkimiya should submit financial accounts according to international standards.
According to Jafarov, amongst 20 public organizations, only Azercell JV has already passed to international financial accountability standards, and SOCAR, Azerenergy, State Railway Department of Azerbaijan are prepared to submit 2007 annual report in accordance with international standards.
Jafarov said that several organizations, including Azerbaijan State Caspian Shipping Company, Aztelekom, Baku Metro, are passive in transferring international financial accountability standards.