Accounting Forum held in Baku organized by the Accountants and Risk Professional Association of Azerbaijan and The World Bank

16:40 - 8.10.2018

Applying New Standards on Accounting in Azerbaijan: Problems and Perspectives Forum was held on October 2, 2018 at the Hyatt Regency Hotel in Baku, Azerbaijan. The Forum was jointly organized by the Azerbaijan Accountants and Risk Professionals Association (ARPA) and the Vienna based Center for Financial Reporting Reform of the World Bank. The Forum examined the “The Law of the Republic of Azerbaijan On Accounting” and its recent amendments in relation to the impacts on Azerbaijani businesses and supervision and enforcement functions. The Forum examined also the role of higher education institutions in preparing Professional Accountants in compliance to the law and its amendments. Key issues included the implementation of the professional accountants certification process and the role of professional associations in shaping Professional Accountants. A panel of international guests presented the Forum participants with international best practices that could beapplied in Azerbaijan.

More than 250 participants attended the Forum coming from, the Ministry of Taxes, the Ministry of Finance, the Ministry of Education, the State Oil Company of Azerbaijan Republic, the Azerbaijan State Economic University, the Baku Engineering University, and other government and private organizations. These agencies and entities contributed speakers and panels to the lively and enriching discussions. International speakers and panels at the Forum included officials of the World Bank, and representatives of professional accounting organizations and higher education institutions such as Bosnia and Herzegovina, Poland, Georgia and Kyrgyzstan.

Khagani Abdullayev, Advisor to the Minister of Taxes on Macroeconomic and Economic Analysis Issues; Firuza Abdullayeva, Head of the Department of Accounting Policy of the Ministryof Finance; Naveed Hassan Naqvi, the World Bank Country Representative and Rufat Mahmud, the Chairman of ARPA, welcomed the participants, announced the opening of the Forum and noted the significance of the recent changes in the law. The opening session was followed by Suleyman Gasimov, Vice President on Economic İssues of the State Oil Company of the Azerbaijan Republic. Mr. Gasimov presented a paper titled "Impacts of new changes on different business aspects". Mr. Gasimov outlined the importance of accounting policy coordination between the Ministry of Finance and the Ministry of Taxes.

Vusala Gurbanova, the representative of the Ministry of Education noted that any proposals related to the accounting curriculum proposed by the higher education institutions are encouraged by the officials of the Ministry of Education.

In relation to international best practices in organizing the accounting profession, Elena Misita,  the representative of the Union of Accountants, Auditors and Financial Workers of the Federation of Bosnia and Herzegovina, spoke about the difficulties that were faced by them in Bosnia and Herzegovina. She emphasized the role of the accounting associations in facilitating the transition to new changes. Ms. Misita emphasized the role of ARPA as a catalyst to supporting the execution of the effective professionalization of the accounting industry. In his closing remarks, Alfred Borgonovo, the representative of the World Bank Center for Financial Reporting Reform provided highlights of this event, which represent a common platform from which to achieve an effective professionalized network of accountants in