Development of International Financial Reporting Standards (IFRS)
(EC,TACIS: Azerbaijan, 2006–2008)

The project is second stage of Implementation of IFRS in Azerbaijan. The first stage achieved the following: Improvement in the institutional capacity of the MOF to reform Azerbaijan's accounting system; Assistance in drafting the new accounting law and the subsequent national accounting standards; and Development of a strategy for the mass dissemination of the new standards. The project will address the following areas: Develop and implement NASCO (National Accounting Standards for Commercial Organizations) for mid-tier companies (per Article 10 of the Accounting Law); Develop and implement tax reconciliations for IFRS and NASCO based financial reporting; and Develop the institutional capacity within accounting standard setters to ensure a sustainable accounting standard setting process.