Azerbaijan, Baku, Nov. 23 / Trend /
Ernst & Young Holdings (CIS) B.V. organized one-week training session on Application of the Chart of Accounts for the banking sector of Azerbaijan. The seminar was delivered by IFRS experts of Ernst & Young from Moscow and Baku offices and was attended by representatives of commercial banks of Azerbaijan and divisions of the Central Bank of the Azerbaijan Republic.
The Chart of Accounts (CoA) has been updated to maintain its relevance, to align with the International Financial Reporting Standards (IFRS) and amendments thereto, to take into account recent developments and changes in effective local regulations and legislation relating to banks and the banking sector, as well as to consider recent changes in banking services, products, transactions and operations.
The aim of the training was to provide guidance on use and consistent application of CoA in accounting and recording of transactions in the Azerbaijan banking system. The training provided a detailed discussion of new accounts, their reference to IFRS and the analysis of practical cases.
The audience was grateful for the presentations, training materials and appreciated the contribution of Ernst & Young in holding such a valuable event.
Fikret F. Bakhishov, Chairman of Audit Committee of OJSC "Azerigazbank" shared his experience: "I wish to express my gratitude to Ernst & Young for organization and holding of the training on "Application of the Chart of Accounts". I believe that many representatives of commercial banks with whom I communicated during the workshop will share the view that the training was very efficient. I think that this training was critical and well-timed, given that currently all the banks at their own level deal with application of the new Chart of Accounts developed by the Central Bank of Azerbaijan in collaboration with Ernst & Young and the fact that the structure of the presented accounts and approach to financial reporting have considerably changed compared to the old Chart of Accounts. The training was conducted in the form of discussions and interactive communication. Especially, I would like to emphasize the competence of trainers and thank them for the training, professional answers to all the questions and practical clarification of sometimes complicated points of International Financial Reporting Standards as reflected in the new Chart of Accounts."
Khalida Hasanova, Member of the Board of Directors, Head of Financial Control Department of CJSC "Yapı Kredi Bank Azerbaijan" added: "Organization of this training by Ernst & Young Baku office is of great importance for local banks. Methodical and practical recommendations related to the application of both the new Chart of Accounts and the International Financial Reporting Standards were presented to training participants in details and clear answers to all the questions raised during the discussions were received.
We believe that regular trainings carried out by Ernst & Young Baku office will have a positive impact on rapid development of the banking sector in Azerbaijan and further strengthen cooperation with the banks. The innovations introduced by the new Chart of Accounts will create favourable conditions for commercial banks operating in Azerbaijan for a thorough reflection of their activity in the financial statements that are prepared and presented by them."
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Ernst & Young in Azerbaijan
Ernst & Young has made a major commitment to Azerbaijan and the region with the opening of our office in Baku 18 years ago and the growth of our local financial service industry group. Today, in addition to being a leading audit firm in Azerbaijan, we are the leading firm in the region. Because of our experience and depth of knowledge, we have been able to assist both domestic and international companies as well as state-owned entities in developing them to face the challenges of the international economy.
We currently have more than 140 staff in our Baku practice, which served our clients, including banks and other financial institutions, in Azerbaijan. The strength of Ernst & Young in the Caspian Region and the firm's commitment of resources are important to the entities operating in the region. It means that as we grow, Ernst & Young will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.
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