Registry of accountants may be created in Azerbaijan
Trend:
It is planned to create a registry of professional accountants in Azerbaijan, as stipulated by the amendments to the law "About accounting" recommended for discussion at the plenary session of the Milli Majlis (Parliament) of Azerbaijan.
The amendment to the law provides for the mandatory presence of professional chief accountants in enterprises where the controlling stake belongs to the state, except for those enterprises whose securities are traded on the exchange, as well as in other socially significant structures, large business entities, budget organizations and public legal entities that publish annual financial or consolidated reports.
The bill also provides for the elimination of the rules of simplified accounting in small and medium-sized businesses, the elimination of articles on the establishment of the Advisory Board on accounting and regulation of its activities, in connection with the rejection of the provisions on the application of national accounting standards.
The project also implies the transition of accounting entities operating in the country to international accounting standards.
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