World Bank visited Azerbaijan for preparation of project of reformation of accounting system

Business Materials 10 June 2006 15:08 (UTC +04:00)

The mission of the World Bank (WB) headed by the head of the project Ranjan Ganguli is on the visit in Baku for the preparation of the project of reformation of the accounting and audit system in Azerbaijan, Trend reports quoting the WB Baku office. The confirmation of the bank credit for the upgrade of the national accounting standards in state and corporative sector is expected to be realized in 2007 fiscal year of the bank.

The International Bank for Reconstruction and Development (IBRD) has disbursed some $340 thousand grand for the preparation of the project. Within the project, it is intended to create institutional potential for the realization of reforms within the new law On accounting. It is intended to hold trainings and practical lessons, create strategy and plan of improving the base of the present frameworks on accounting and audit, as well as working up of standards.

Preliminary amount of credit WB is issuing is $10 to 15mln, which covers the banks new strategy for partnership with Azerbaijan.

In accordance with the new Law В"AccountingВ", national accounting standards will be implemented in commercial organizations by the end of 2007. Budgetary and non-governmental organizations will finish the process by the end of 2008.

The credit beneficiary is the Finance Ministry as its task, apart from standards, includes development of software for accounting digitalization based on new standards.