OREANDA-NEWS. May 28, 2013. As known, a New Charter of Accounts (COA) for the Azerbaijani banking system took effect in January, 2013. A 4 digit COA has been converted to a 5 digit format.

The New COA both improved the accounting system and provided new opportunities for extension of the analytical base of financial-statistical indicators, which, in its turn, necessitated redesigning of monetary and financial statistics, developed and disseminated by the CBA.

Thus, newly designed balance sheets allow for reclassification of balance accounts, schemes of transition from former accounts to new ones, and re-tailoring of entire statistics to the IMF’s Monetary and Financial Statistics Compilation Guide.

Due to the above, the CBA’s Statistic Bulletin for January – March is based upon the new COA. Thus, the Statistic Bulletin will be disseminated under the new chart.

In total, the measures taken serve for adjustment of reporting in the banking system to international standards, and further depth, coverage and transparency of the statistics.