SOCAR Completes Introduction of Standards in Sale and Accounting of Material Values

Business Materials 26 September 2008 14:58 (UTC +04:00)

Azerbaijan, Baku, 26 September/ Trend , corr U. Ismayilova/ SOCAR (State Oil Company of Azerbaijan) continues introduction of new accounting policy and international financial reporting standards (IFRS) within accountability in cooperative and state sector (CAP/SAP), Suleyman Gasimov, SOCAR vice president for economic affairs said in the second Eurasian Forum of Accountants and Auditors in Baku.

"Since the beginning of the year, SOCAR has been carrying out accounting policy within IFRS. SAP HR standards (human resources) have already been introduced and SAP standard in the sphere of sale, supply and accounting of material values will be introduced by 2009," Gasimov said.

A unified date base and internal independent system of internal audit have been created in SOCAR, he said.

"In 2008, internal audit department of SOCAR has also worked out its action plan on the management and localization of risks," he said.

According to the Law on Accounting, introduction of national accounting standards adopted on the base of international ones was to be completed by the end of 2007. The State Program on Introduction of National Accounting Standards indicates the further introduction of standards in 2005 to 2008. Small and medium businesses are expected to introduce these standards till 1 January 2006, budget non-governmental organizations till 2008, municipalities, budget organizations and state funds - by 1 January 2009.

Azercell, SOCAR, Azerenerji and Azerigaz have achieved the best results among organizations introducing IFRS.

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