Azerbaijan eyes new financial reporting standards

Azerbaijan discusses issues related to the replacement from 2015 of IFRS 39 standard "Financial Instruments: Recognition and Measurement" on IFRS 9 "Financial Instruments", the Central Bank of Azerbaijan said on Thursday.

Workshop on "Basic Principles of IFRS 9 standard "Financial Instruments" has been organized by the CBA and the audit company "Ernst & Young". Two-day training sessions are conducted by specialists of Moscow and Paris offices.

The workshop will focus on accounting and reporting of financial assets when applying the new standard. It will also discuss issues relating to the classification of assets, methodology of assessment, requirements for disclosure of information o risks and so on," the statement said.

Representatives of commercial banks, the CBA, the State Oil Fund and the Caspian International Investment Company are attending the workshop.

/Trend/