Azerbaijan to switch to new int’l financial reporting standards in 2018
Baku, Azerbaijan, Nov. 23
By Azad Hasanli – Trend:
The Azerbaijani banks will switch to the new international financial reporting standards – IFRS-9 starting from 2018, Ibrahim Alishov, executive director of the Financial Market Supervisory Authority (FIMSA) said at the second Banking Forum in Baku on Nov. 23.
Alishov noted that FIMSA is actively cooperating with banks in this direction.
The International Financial Reporting Standards, usually called the IFRS Standards, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards.