Press release

EY Azerbaijan updates clients on IFRS changes in Baku

Baku, 25 November 2016

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EY Azerbaijan held its annual seminar for clients on the latest updates to International Financial Reporting Standards (IFRS) at the Four Seasons Hotel Baku on 24-25 November 2016.

The seminar was led by EY IFRS specialists led by Valentina Khromova, EY Moscow Assurance Senior Manager, and Dmytro Iurgelevych, EY Tbilisi Assurance Manager. Major international and local companies participated in the seminar, including banks operating in Azerbaijan.

The presentations focused on recent IFRS updates and their practical implementation. The participants discussed how to resolve practical issues during the session.

Valentina said: “On my part I can say that it is always extremely useful both for our clients and us as their auditors to stay in touch and be on the same page by updating our knowledge. This year it was an especially useful event in view of the dramatic changes that are to happen in accounting in the upcoming years and, hopefully, it was helpful for our clients to get prepared. The organization and spirit of the event were absolutely amazing.”

“It was a pleasure to deliver an annual IFRS update to our banking clients. The agenda was driven by clients' requests and was focused mostly on the standards that will become effective in the future, like IFRS 9 Financial Instruments. I was pleased to see that the management of our clients pay a great deal of attention to the upcoming standards in order to proactively assess and manage their effect on the financial statements,” said Dmytro as he shared his thoughts on the event.

Nigar Aliyeva, Head of Internal Audit and Compliance Director at Pasha Construction, added: “It was a very useful, detailed and at the same time concise presentation of key changes in IFRS that businesses will have to apply in the near future. The practice materials were very helpful in understanding the changes discussed. The most interesting aspect for me comprised the changes in accounting for leases, which is a significant change and, as such, the transition should be planned well ahead. And off course it was a very pleasant and friendly atmosphere. Thank you!”

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EY in Azerbaijan
EY made a major commitment to the development of Azerbaijan and the region by opening the office in Baku 22 years ago. Today, in addition to being the leading audit and consulting firm in Azerbaijan, we are the leading firm in the region. As a result of our experience and competence, we have been able to assist both domestic and international companies as well as state-owned entities to develop and manage the challenges of the international economy.

There are currently 170 people working in our Baku office that serve our clients in Azerbaijan. EY's strength 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.