Press release

EY Azerbaijan held a training session for the Ministry of Taxes of the Azerbaijan Republic entitled International Financial Reporting Fundamentals

Baku, 13 November 2017

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EY Azerbaijan held a training session for the Ministry of Taxes of the Azerbaijan Republic entitled International Financial Reporting Fundamentals: Recognition of Revenue and Fixed Assets at the Education Center of the Ministry of Taxes in Shamakhy on 13 November 2017.

The training was led by EY Assurance Manager Kamran Safaraliyev and EY Assurance Senior Emil Mahmudzade.

The presentations and discussions covered IFRS aspects such as revenue recognition, recognition of fixed assets, as well as differences between IFRS and local tax legislation. Specific attention was paid to the application of a new revenue standard (IFRS 15) and possible tax implications. Further, training participants discussed key issues arising during financial and tax audits, as well as possible solutions to these problems.

Kamran shared: “The participants were extremely interested in new IFRS provisions, and their tax implications in particular, and proactively participated in discussions. I am very happy with the training, and I hope that this cooperation between EY Azerbaijan and the Ministry will be long-lasting and productive. As a company, we highly value this cooperation.”

EY was delighted to see all the participants at the session and thanks each of them for their enthusiastic participation!

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and economies around the world. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In doing so, we play a critical role in building a better working world for our people, for our clients and for our communities.

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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 23 years ago. Today, in addition to being the leading audit and consulting firm in Azerbaijan, we are the leading professional services 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 more than 200 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.