Press release

EY held IFRS Update Seminar in Baku, Azerbaijan

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BAKU, January 17/18, 2012 ― EY Holdings (CIS) B.V. organized a training session on International Financial Reporting Standards (IFRS) for the clients and potential clients at Hilton Baku hotel on 17/18 January, 2012. This training was delivered by EY IFRS specialists from Moscow office. The presentation was focused on updates to IFRS issued recently that are effective for 2011, and provided guidance on their implementation. In addition the training covered hot topics related to IFRS.

The event hosted participants from major multinational and local companies operating in Azerbaijan.

The participants were interested in a number of topics such as financial instruments, business combinations, etc. The audience was grateful for the presentations, training materials and appreciated company’s contribution in holding such a useful event.

Mikhail Gomelko, Head of the accounting department of Azerbaijan Investment Company said: “I found the training very informative and interesting, as the most difficult issues of IFRS implementation were covered there”.

Eyvaz Eyvazov, Head of financial reporting consolidation department of State Oil Company of the Azerbaijan Republic added: “The information obtained at the Seminar was very actual for today, when the most companies in Azerbaijan close the fiscal year and prepare their financial reports. Maria and Svetlana did an excellent job and told not only about changes, but were also able to show practical examples of how these changes will affect our reporting in current and following years. I would like to thank EY for the opportunity to get acquainted with innovations in such a complex area as IFRS”.

Ilgar Veliyev, EY Managing Partner in Azerbaijan shared the experience: "It was good to get together with the senior representatives of leading companies operating in Azerbaijan and discuss various important IFRS topics. We have received very positive feedback from the participants of this seminar, and I believe that we should turn this initiative into a good tradition going forward".

About EY
EY is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

EY expands its services and resources in accordance with clients’ needs throughout the CIS. 4,000 professionals work at 18 offices including Moscow, St. Petersburg, Baku, Almaty, Astana, Kyiv, Tbilisi and other locations.

For more information about our organization, please visit www.ey.com

EY in Azerbaijan
EY has made a major commitment to Azerbaijan and the region with the opening of our office in Baku 17 years ago and the growth of our local financial service industry group. Today, in addition to being a leading audit firm in Azerbaijan, we are the leading firm in the region. Because of our experience and depth of knowledge, we have been able to assist both domestic and international companies as well as state-owned entities in developing them to face the challenges of the international economy.

We currently have more than 120 staff in our Baku practice, which served our clients, including banks and other financial institutions, in Azerbaijan. The strength of EY in the Caspian Region and the firm's commitment of resources are important to the entities operating in the region. It means that as we grow, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.

For more information, please refer to www.ey.com/Azerbaijan.