Title:Development of International Financial Reporting Standards (IFRS) Phase 2
Budget:1,500,000 EUR
Dates: July, 2006 - July, 2008
Partner: Paisley University, Capian Invest

The project was a second stage of Implementation of IFRS in Azerbaijan. In the first stage the following was achieved. Improvement in the institutional capacity of the MOF to reform Azerbaijan's accounting system. The new accounting law and the subsequent national accounting standards were prepared. Strategy for the mass dissemination of the new standards was delivered.
In 2006, we developed and implemented National Accounting Standards for Commercial Organizations (NASCO) for mid-tier companies, increase of technical capacity of the ACA and APD, the bodies responsible for setting standards, defining the tax bridge between accounting and taxable profit, testing the new standards and application guidance produced by the project at selected pilot sites.We established a process for the translation of IFRS into Azeri. Organising NASCO dissemination via seminars and workshops throughout Azerbaijan and defining the short, medium and long term strategy for accounting training in the country.