Azerbaijan, Baku, 16 July / corr. Trend , U.Ismayilova / The Azerbaijan's shifting to the International Financial Accountability Standards (IFAS) is being realized with difficulty, Najaf Talibov, adviser to the head of Audit Chamber on scientific issues, said on 15 July.
"This is a long and difficult process, which will take much time to complete," Talibov said.
According to the list adopted by the Cabinet of Ministers several years ago, a total of 20 social organizations should begin to conduct accounting and submit financial accountability on the base of the IFAS until 1 January 2008. However, only banking organizations have fully shifted to a new account plan so far, although by 2004 they submitted accountability on two standards, including international and local, to the National Bank of Azerbaijan.
According to Talibov, it is impossible to make thousands of people, who carried out financial accountability inline with rules specified during the Soviet times, shift quickly to other financial accountability systems.
"Introduction of computerized systems in all public and non-governmental organizations also seemed unreal several years ago. After a while, people will get accustomed to the IFAS, which is a standard language of the world financial accountability," Talibov said.
Investment climate will be improved and investors will conduct financial accountability easily on unified rules after introduction of the IFAS in the country.
According to the adviser, the IFAS can eliminate corruption and use full transparence in the accountability system of the country.
"The introduction of international standards in Azerbaijan will be the next and important step in the direction of integration to the world economy," Talibov said.
In accordance with the Azerbaijani Law on Accountancy, commercial organizations are eligible to complete introducing national accounting standards by the end of 2007, while budgetary and non-government organizations were to complete this process by the end of 2008 and small and medium enterprises by 1 January 2006. Deadline for municipalities, budgetary organizations and state funds was 1 January 2009 for.
The correspondent can be contacted at: [email protected]