EY holds IFRS Update Seminar in Baku

Business Materials 11 December 2013 17:06 (UTC +04:00)
EY organized a seminar related to the latest changes in International Financial Reporting Standards (IFRS) for clients at the Hyatt Regency hotel on 10 December 2013
EY holds IFRS Update Seminar in Baku

Baku, Azerbaijan, Dec. 11

Trend: EY organized a seminar related to the latest changes in International Financial Reporting Standards (IFRS) for clients at the Hyatt Regency hotel on 10 December 2013. The seminar was delivered by EY's qualified IFRS specialists, Nargiz Karimova, EY Baku Assurance Director, and Vadim Shelaginov, EY Moscow Assurance Manager, for participants from major multinational and local companies operating in Azerbaijan. The presentations were focused on updates to IFRS thatwere issued recently and are in effect from 1 January 2013. Theyalso provided guidance on their implementation. In addition, the training covered hot topics related to IFRS.

AzerBabayev, EY Assurance Partner,delivered a welcome speech and noted that this seminar is organizedon an annual basis. The participants were interested in a number of topics, such as IFRS 10 "Consolidated Financial Statements", IFRS 11 "Joint Arrangements", IAS 36 "Impairment of Assets".

"In 2013 new standards on consolidation and fair value measurement came into force. Their first time application may entail some difficulties. Hopefully, the participants succeeded in getting information on new standards thatwill enable them to effectively apply these standards in practice,"said VadimShelaginov.

"Today's event is very important for companies in light of essential changes in IFRS effective from 1 January 2013. We have received very positive feedback from the participants of this seminar, and I believe that we should turn this initiative into a tradition going forward," added NargizKarimova.

DilaraAsadova, Actuary of Pasha Life Insurance, shared her thoughts: "The economy of Azerbaijan changes much faster than whatused to happen in developed countries. Achievements, for which decades were needed there, are attained here in a few years or even months. At the same time, despite the fast pace, it is important not to lose the quality of results. Significant support on this is provided by foreign companies operating in the country.In the meantime, IFRS is one of the most topical economic problems in the world today. In order to meet global standards Azerbaijani companies have to work within the framework of IFRS as well. I would like to thank EY for its proactive participation in developing its partners and, in particular, for the 'IFRS Technical Update 2013' training held on 10 December 2013. Within a short period of time the training covered all actual IFRS issues. I think that such meetings of experts from different fields onthe development of international standards in Azerbaijan areof great importance."

Kamala Baghirova, Head of the Financial and Budgeting Department of Bakcell Ltd., added: "I find IFRS update training very useful for finance managers and specialists dealing with reporting under IFRS. Usually, the largevolume of operations and the daily business routine do not leave enough time to analyze the updates in the standards and access their potential impact on financial statements. The IFRS update training is a good summary of all updates which gives us a structured view on current changes in IFRS and helps us to further analyze their impact to financial reporting."

EY was happy to see all the participants at the seminar and thanks everyone for their time and consideration!

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EY in Azerbaijan

EY has made a major commitment to Azerbaijan and the region with the opening of our office in Baku 19 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 145 staff in our Baku practice, which serves our clients in Azerbaijan. The strength of EY 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, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.

For more information, please refer to http: //www.ey.com/Azerbaijan.