OREANDA-NEWS. January 21, 2007. Integration of economy of Azerbaijan into the world economy is one of priorities in the state economic policy. Transition of subjects of Azerbaijan’s economy into the international accounting system is the important phase of this policy.

To carry out reforms in field of accounting Law ‘On accounting’ was adopted and the President of the Republic of Azerbaijan signed on February 9, 2005 Decree ‘On application of the Law of the Republic of Azerbaijan ‘On accounting’.

To assure fulfillment of Decree ‘On application of the Law of the Republic of Azerbaijan ‘On accounting’ for assurance of execution of legislative acts given the Cabinet of the Republic of Azerbaijan adopted on July 18, 2005 Decision 139 to approve ‘Programme for Application of National Accounting Standards in 2005-2008’.

In connection with implementation of actions envisaged in section ‘National Accounting Standards for Commercial Organizations’ the Ministry of Finance developed 28 National Accounting Standards that are available on the Ministry’s website.

Taking into consideration the necessity for translation of International Standards of Financial Reports, which will be used by bodies of public importance according to legislation, into Azeri the Ministry of Finance and International Accounting Standards Committee Foundation signed a contract. According to the contract, translation of International Standards of Financial Reports into Azeri has been assured and to confirm authenticity they have been posted on the Ministry’s website after being submitted to International Accounting Standards Committee Foundation for opinion.

Corresponding trainings are underway to lift qualification of specialists, who make financial reports in accordance with International Standards of Financial Reports, on these standards.