Press release

EY Azerbaijan updates clients on IFRS changes in Baku

Baku, 19 October 2017

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EY Azerbaijan held its annual seminar for clients on the latest updates to International Financial Reporting Standards (IFRS) at the JW Marriott Absheron Hotel Baku on 19 October 2017.

The seminar was led by IFRS professionals Valentina Khromova, EY Moscow Assurance Senior Manager, and Dmytro Iurgelevych, EY Tbilisi Assurance Senior Manager. More than 100 officials from major international and local companies participated in the seminar, including banks operating in Azerbaijan.

The presentations and discussions provided insights into recent changes in IFRS and their practical implementation, focusing on an overview of IFRS 15 and its application in different situations, an overview of IFRS 9 Financial Instruments, and IASB/IFRIC updates. The participants discussed how to resolve practical issues during the session.

“As usual, I was delighted to see keen interest in the upcoming IFRS from our banking clients. With agenda heavily focused on IFRS 9 Financial Instruments, which becomes effective on 1 January 2018, I was pleasantly surprised to see evidence of management’s involvement and deep understanding of the underlying implementation issues. We tried to focus our IFRS update content more on practice rather than theory this year, and we received a number of very specific questions from the audience that demonstrated good progress in the implementation process at their financial institutions. Clearly, our clients are ready to embrace change!” said Dmytro as he shared his thoughts on the event.

Valentina said: “We would like to thank all participants for such an exciting, highly interactive and mutually interesting discussion! It is always a pleasure to present in front of such a professional and knowledgeable audience!”

Luba Hibbert, financial controller at Socar Cape, commented: “It was a very useful and detailed training session on the changes in IFRS that businesses will have to apply in the near future. The scope and structure of the presentation were of a very high quality and covered all the major areas. Thanks to EY for investing in training events and maintaining high standards.”

Parviz Babazade, deputy head of the finance and reporting department at Caspian Shipping Company, said: “I would like to express my gratitude to EY for inviting me to their latest professionally organized course. Each year, we gain the chance to get to know all the significant updates in IFRS and obtain insights on their practical application. This event is a unique opportunity to be trained by the primary experts, as well as to network with leading specialists in the Azerbaijani finance and accounting sphere.”

Eltaj Bayramli, CFO at AvroMed Company CJSC, added: “My sincere gratitude to EY for conducting such a thorough and timely training session on updates to International Financial Reporting Standards. This session impressively addressed crucial aspects within the challenging and continuously changing environment of financial reporting.”

Nargiz Hasanova, finance manager at Rapid Solutions, commented: “I would like to express my appreciation to EY for the efforts you make for your clients to be updated in a timely manner on all IFRS changes. Further, I wish to extend my special thanks to the EY team for great organization and, in particular, to Valentina Khromova for her energy, enthusiasm, and enjoyable speaking style. Additionally, these events provide great alumni networking opportunities.”

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

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 190 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.