Press release

EY holds IFRS Update Seminar in Baku, Azerbaijan

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Baku, 4-5 December 2012 ― EY organized a seminar related to the latest changes in International Financial Reporting Standards (IFRS) for clients at the Four Seasons hotel from 4-5 December 2012. The seminar was delivered by EY’s qualified IFRS specialists from the Financial Reporting Group of the Moscow office. The presentation was focused on updates to IFRS which were issued recently and are in effect for 2012 and 2013. It also provided guidance on their implementation. In addition, the training covered hot topics related to IFRS.

This seminar is organized on annual basis and hosts participants from major multinational and local companies operating in Azerbaijan. The participants were interested in a number of topics, such as IFRS 10 “Consolidated Financial Statements”, IFRS 11 “Joint Arrangements”, impairment tests, etc.

“I would like to thank the presenters and highlight the very professional, yet welcoming environment they created during the training session,” said Zahra Taghiyeva, SD JV Accounting Lead of BP Exploration Caspian Sea Ltd. “Most of the IFRS updates presented during the session were industry-related, and the training material was audience-oriented and supported by good examples. The training was very interactive, full of insightful discussions and case studies. The choice of the venue was outstanding, and there was great overall organization and facilitation of the event. These trainings were good practice and we are looking forward to the next event.”

“The IFRS update seminar was a very good and useful development program that exactly met my objectives,” said Afag Mustafayeva, Director of the Audit and Monitoring Department of Pasha Holding LLC. “This training highlighted the major changes in IFRS that every top finance person should know in advance. The training saved us a lot of time, which is deficit a priori because of professional ‘shortcuts’ that were provided, and they gave us an exact list of headlines and pitfalls that every top manager should know. The presenters were skilled in communicating the information. They also had a wealth of experience in International Financial Reporting Standards, and conducted the seminar in a professional manner. The wide range of practical examples was outstanding, allowing all participants to interact on the subject during the seminar. It was also very impressive that the event was held at one of the most prestigious places in Baku. I would recommend this IFRS update training to all Reporting professionals interested in, and concerned with, understanding the requirements of International Financial Reporting Standards.”

“The seminar, which was organized at a very high level, was remarkable in its importance for SOCAR employees in terms of practical application of recent updates to IFRS,” added Khuraman Mehdiyeva, Head of the Accounting Methodology Division of SOCAR. “The information presented at the seminar on the latest developments to various IFRS standards and new interpretations issued by IFRIC was very interesting for specialists of SOCAR. Such seminars are particularly relevant and well-timed for SOCAR employees.”

About EY
EY is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 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 19 offices including Moscow, St.Petersburg, Baku, Almaty, Astana, Kiev, 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 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.

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