WB Confirming Project of Accounting in Corporative and State Sector of Azerbaijan

Business Materials 7 December 2006 13:00 (UTC +04:00)

The World Bank (WB) and Finance Ministry of Azerbaijan have defined the components of the project of accounting in the corporative and state sector (CAPSAP). The project is expected to be confirmed in the first half year of 2007, Trend reports with reference to the Cabinet of Ministers of Azerbaijan.

The WB plans to allocate nearly $15-20 mln in line with the International Development Association. The concluding assessment of the project has not been held as yet. The project is divided in three components. There are plans, within the first segment, to reform the accounting in the corporative sector, including the application of the International Accounting Standards in the organizations of public importance, assistance in the development and adoption of the new law On audit and the development and reformation of the Auditor Chamber.

The second component entails restructuring the accounting system in the state sector. The third segment is to create a Center of Research, Education and Professional Accounting Training in Azerbaijan, translating International Accounting Standards, devising national accounting standards and auditors and supporting special programs for conducting training.