|Title:||Introduction of International Accounting Standards|
|Dates:||December, 2002 - June, 2004|
Corporate Solutions, in association with Paisley University, assisted the Ministry of Finance in Azerbaijan with the early stages of reforming the country's accounting system in line with International Accounting Standards.
The project worked closely with the National Bank of Azerbaijan to draw on the experience of introducing IAS in the Banking sector in the country.
The overall objective of the project was to facilitate inward investment by improving the transparency and reliability of the financial statements of Azeri enterprises. The project has been highly successful and the final monitoring mission awarded the project 3 As and 2 Bs for its achievements. The project was also highly praised by the World Bank for its achievements in institutional capacity building which was communicated to the EC in writing. Subsequently the WB provided $450k and the EC 200k Euros of additional technical assistance financing to allow the project to continue whilst the EC's new planned extension project of 1.5 Million Euros kicks off in the last quarter of 2005.
Both the WB and EC projects involved Corporate Solutions' and Paisley University's staff.