EY Azerbaijan updates clients in Baku on IFRS changes (PHOTO)

Finance Materials 7 November 2018 10:17 (UTC +04:00)
EY Azerbaijan held its annual seminar for clients on the latest updates to International Financial Reporting Standards (IFRS)
EY Azerbaijan updates clients in Baku on IFRS changes (PHOTO)

Baku, Azerbaijan, Nov. 7


EY Azerbaijan held its annual seminar for clients on the latest updates to International Financial Reporting Standards (IFRS) at the JW Marriott Absheron Hotel Baku on 2 November 2018.

The seminar was delivered by qualified IFRS specialists, Vadim Shelaginov, EY Moscow Assurance Senior Manager and Yokub Sharafitdinov, EY Baku Assurance Senior Manager for participants from major international and local companies operating in Azerbaijan. Ekaterina Rodina, EY Moscow Financial Advisory Senior Manager and Zaur Jafarov, EY Baku Advisory specialist made presentations about FAAS services in Azerbaijan.

The materials focused on recent IFRS updates and their practical implementation. The participants discussed how to resolve practical issues during the session.

Vadim Shelaginov said: “I was pleased to share our experience in applying the new revenue standard with our colleagues, as well as our analysis of the new lease accounting standard. I believe we held productive discussions and it was also interesting to learn how Azerbaijan companies are applying the new standards. Good luck to all colleagues who are preparing 2018 reports and applying these new standards.’’

Yokub Sharafitdinov shared his thoughts: “I hope this event was important for participants considering adopting new IFRS standards, such as IFRS 9, IFRS 15, and IFRS 16. We tried to address key practical matters and to address participants’ questions. I believe the topics covered during the event were valuable.”

One participant, Emil Yusifov, Project Accountant at Wood Group also commented on the event: “Thank you very much for inviting us to the IFRS updates training delivered by your colleagues. It was really informative. The presenters covered practically useful points and controversial aspects of the new updates, which I think met the expectations of most guests. I would appreciate having the chance to attend such meetings in future as well and I would ask the lecturers to add some practical examples in their speeches.’’

On behalf of EY Azerbaijan, we thank all the participants and speakers for their participation!

About EY

EY is a global leader in assurance, tax, transaction, and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY works together with companies across the CIS and assists them in realizing their business goals. 4,500 professionals work at 19 CIS offices (in Moscow, St. Petersburg, Novosibirsk, Ekaterinburg, Kazan, Rostov-on-Don, Togliatti, Vladivostok, Almaty, Astana, Bishkek, Baku, Kyiv, Tashkent, Tbilisi, Minsk and other locations).

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

EY in Azerbaijan

EY made a major commitment to the development of Azerbaijan and the region by opening the office in Baku 24 years ago. Today, in addition to being the leading audit and consulting firm in Azerbaijan, we are the leading professional services firm in the region. As a result of our experience and competence, we have been able to assist both domestic and international companies as well as state-owned entities to develop and manage the challenges of the international economy.

There are currently more than 200 people working in our Baku office that serve our clients in Azerbaijan. EY’s strength in the Caspian Region and the firm’s commitment of resources are important to the entities operating in the region. It means that as we grow, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.