OSCE Office promotes new accountancy standards for Azerbaijani entrepreneurs

GUBA, Azerbaijan, 24 December 2010 - A training course on new accountancy standards for small and medium-sized enterprises (SME), organized by the OSCE Office in Baku started today in the city of Guba, northern Azerbaijan. 

The training course, part of a series of similar courses, will help the enterprises use the International Financial Reporting Standards (IFRS) to comply with international accountancy standards. The standards enable entrepreneurs to prepare transparent and meaningful financial reports.

"Good corporate governance, as well as proper auditing and accountability is essential for the functioning of healthy economy," said Jan Olsson, the Head of Economic and Environmental Unit at the OSCE Office in Baku.

"The introduction of the internationally recognized accountancy standards is an important step for establishment of more favourable business environment in Azerbaijan, which would make it more attractive to investors."

The OSCE Office in Baku and its implementing partner the Association of Certified Accountants of Azerbaijan (ACAA) will train 30 entrepreneurs from the Guba district during the six-day training course.

About 300 entrepreneurs have taken part in similar courses organized by the OSCE Office and ACAA in other regions of Azerbaijan.

Azerbaijan is conducting an accountancy reform in order to adopt new practices for accounting in line with IRFS.