Press release

EY in conjunction with the Central Bank of Azerbaijan Republic held specialized seminar on Application on the Charts of Accounts for the banking sector of Azerbaijan

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Baku, 12-16 November 2012 ― EY Holdings (CIS) B.V. organized one-week training session on Application on the Charts of Accounts for the banking sector of Azerbaijan. The seminar was attended by representatives of commercial banks and the Central Bank divisions and was delivered by EY IFRS experts from Moscow and Baku offices.

Chart of accounts (COA) were updated to keep it current as it was last issued and approved on 9 July 2001; to align the COA with the International Financial Reporting Standards (IFRS) and its developments; to consider developments and recent changes in relevant local regulations and legislations affecting banks and the banking sector and to consider developments in the banking services, products, transactions and operations.

The training aimed to provide guidance and consistency of the use of accounts in accounting and recording of transactions in the Azerbaijan banking system. The training covered in detailed new accounts created and their IFRS reference with practical cases.

The audience was grateful for the presentations, training materials and appreciated company’s contribution in holding such a useful event.

Quotes from participants:
“I wish to express my gratitude to EY for organization and holding of the training on "Implementation of the Chart of Accounts." I believe that many representatives of commercial banks with whom I dialogued during the workshop will share the view that the training was very efficient. I think that this training was critical and well-timed, given that currently all the banks at their own level deal with implementation of the new chart of accounts developed by EY in collaboration with the Central Bank of Azerbaijan and the fact that the structure of the presented accounts and approach to financial reporting have considerably changed compared to the old chart of accounts. The training was conducted in the form of discussions and interactive communication. Especially, I would like to emphasize the competence of trainers and thank them for the training, professional answers to all the questions and practical lightening of sometimes complicated points of international accounting standards as reflected in the new chart of accounts.” Fikret F. Bakhishov, Chairman of Audit Committee, OJSC “Azerigazbank”.

”Organization of this training by EY Baku office is of great importance for local banks. Methodical and practical recommendations related to the application of both the new Chart of Accounts and the international accounting standards were presented to training participants in details and clear answers to all the questions raised during the discussions were received.

We believe that regular trainings carried out by EY Baku office will have a positive impact on the rapid development of the banking sector in Azerbaijan and further strengthen cooperation with the banks. The innovations introduced by the new Chart of Accounts will create favourable conditions for commercial banks operating in Azerbaijan for a thorough reflection of their sphere of activity in the financial statements that are prepared and presented by them.” Hasanova Khalida, Member of the Board of Directors, Head of Financial control department, CJSC “Yapı Kredi Bank Azərbaycan”.

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EY in Azerbaijan
EY has made a major commitment to Azerbaijan and the region with the opening of our office in Baku 18 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 140 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.

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