Azerbaijan, Baku / corr Trend A.Badalova / The transition of the book-keeping of the State Oil Company of Azerbaijan (SOCAR) to international standards from 1 January 2008 will enable the holding of international audits and receive international rating, Rovnag Abdullayev, the President of SOCAR, said in a meeting with Prof. Arnold Harberger, senior economic adviser of the US Agency for Development.
SOCAR is currently implementing a project to transfer to international financial accountancy standards (IFAS) with the consulting company PricewaterhouseCoopers. They concluded a bilateral contract, which envisages the development of the required methodology, conduct of courses for employees, as well as development of financial accountancy on business processes and IFAS for 2007.