Starting project of World Bank and Seco in Azerbaijan postponed to October
Azerbaijan, Baku, June 24 / Trend , N.Ismaylova /
Starting a joint project of the Government of Azerbaijan, the World Bank and the Swiss State Secretariat for Economic Affairs (Seco) to improve accounting system in corporative and state sector (CAP/SAP) totaling $24 million was postponed to October, the head of the National Program of Seco in Azerbaijan Naila Safarova said on June 24.
"Because of replacement of personnel at headquarter of State Secretariat, the beginning of the project was postponed to October," said Safarova.
The project is financed by the WB loan totaling $11 million, grant of Japanese PHRD Fund ($3 millio), Seco ($2 million) and the government of Azerbaijan ($8 million).
Project was approved by the WB Executive Council on 27 March 2008, and the loan agreement was signed in September last year. The key target of CAP/SAP is to introduce the international financial re-accounting standards (IFRS).
Some $6 million is considered to spend to introduce IFRS into the commercial sector, $10 million 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.
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