Accountancy Chamber of Azerbaijan to turn to ISA in 2006

Business Materials 14 December 2005 13:40 (UTC +04:00)

The chairman of the Azerbaijan’s Accountancy Chamber Namik Nasrullayev discussed the issue of turning of the country’s state highest audit body to ISA international audit standards with the deputy director of the International Monetary Fund (IMF) department for Middle East and Central Asia Vitaly Kramarenko.

As Nasrullayev told Trend, absolute consensus has been found at the meeting. IMF supported Chamber’s approaches to passing on international standards. "In particular, IMF acknowledged that phased and thorough transition to international standards of the financial accounting/audit (IFRS/IAS/ISA) contains a strong anti-corruption component. The Accountancy Chamber plans to pass on IAS in 2006. Partially new national standards, meeting the international norms have been developed. In regard to transition to IAS we plan to conduct trainings for the staff”, Nasrullayev said.

Transition of all organizations to international standards is performed due to adoption of the new law “On business accounting” and is planned practically till 2012. In the framework of the new country assistance strategy (CAS) for 2006/2008 fiscal years the World Bank, in particular, is ready to allocate $10 million of loans to the country for these goals. The Scottish Prestley University is currently rendering technical assistance to the country on the banks’ grant of $340,000.