Azerbaijan and WB to Sign Agreement on CAP/SAP
Azerbaijan, Baku, 26 July / Trend corr. U.Ismayilova / The project to introduce IFRS-accounting in corporative and state sectors (CAP/SAP) will be signed between Azerbaijan and the World Bank, WB Baku representative reported.
Azerbaijani Finance Ministry was commissioned to sign credit agreement on the project.
Project was approved by the WB Executive Council on 27 March. The amount of the credit totaled $11mln on IDA standards. Project's budget made up $24-25mln. Initially, some $6mln was considered to spend to introduce IFRS into the commercial sector. More $10mln was expected to introduce IPSAS (International Public Sector Accounting Standards), and internal financial control (Public Internal Finance Control) to upgrade external audit in the state sector, as well as $9mln to improve accounting and audit managing systems.
Azerbaijan has already developed 28 national standards for commercial sector. Totally there are 35 standards of financial accounting and audit. Azerbaijan switched to IFRS from 1 January in the state sector.
The correspondent can be contacted at: [email protected]