Azerbaijan, Baku, 17 January / Trend corr U. Ismayilova / Rovnag Abdullayev, the President of the State Oil Company of Azerbaijan Republic (SOCAR), signed a decree on making the fiscal accounting of SOCAR on the basis of new regulations corresponding with the International Fiscal Accounting System (IFAS), the company reported on 16 January.
The decree approved of 'The Policy of SOCAR's Accounting in Accordance with IFAS', 'The Accounting Policy and Fiscal Computation in Accordance with IFAS', 'Regulation of Business Doing' which were developed by the PriceWaterHouseCoopers.
In July 2004, the Law on Book-Keeping was passed in Azerbaijan, in accordance with which all socially important organizations shall turn to IFAS from 1 January 2008.