Azerbaijan, Baku, August 28 / Trend , G.Veliyev /
Link&A Company has started introducing an accounting system "Gunes Sistemi" at the Ministry of Finance of Azerbaijan, Director of Link&A, Anvar Hamidov, told Trend .
According to Hamidov, the software for the automation of accounting has been developed at the request of the Ministry, on the basis of national accounting standards. The accounting system covers all spheres of accounting process and allows making accounting in enterprises and organizations of any kind. The software covers all types of accounting (general accounting, storage accounting, production accounting, payment, asset accounting and amortization, budgeting (planning) of revenues and expenditures and their implementation, primary documents, etc.).
Today, the system operates successfully in more than 1,500 companies and enterprises of the Republic. There are plans to introduce the system in other budgetary organizations of the country in the future. For budgetary organizations the software is provided free of charge.
Azerbaijan has already prepared 28 national standards for the commercial sector. In the world there are 35 standards of financial accounting and auditing. Transition to International Financial Reporting Standards (IFRS) in the country launched on January 1, 2008 for the public sector.
According to the list approved by the Cabinet of Ministers, by January 1, 2008, 20 socially important organizations were to start accounting and submit financial statements based on International Financial Reporting Standards.
The criteria for selection of such organizations are assets that should exceed 100 million manat, their annual income - five million manat, while the number of employees must comprise more than 1,000 people.
Such criteria includes SOCAR, Azerenergy, Bakyelektrikshebeke, Azercell JV, SOCAR units on pipelines and marketing and economic operations, Azneft Production Unit, refineries named after Heydar Aliyev and Azneftyag, Azerbaijan State Railways, Baku Metro, AZAL JSC and its national aviation company, Caspian State Shipment Company, Azerigas, Azerigaznagl, Azersu, Aztelecom PU, Azerhimiya State Company and its ethylene-polyethylene plant.
Besides state enterprises, still many private enterprises of the country implement Soviet accounting standards. Today only the banking organizations have fully transited to the new accounting system.
Accordance to the Law on Accounting, by the end of 2007 the introduction of national accounting standards adopted based on international standards had to be completed in commercial organizations. In this regard, the state program on implementation of national accounting standards indicated the order of application of the standards during the 2005-2008. Budgetary and non-governmental organizations had to complete this process by the end of 2008. In practice, this process delays.