Azernews.Az

US Agency for International Development (USAID) conducted a conference last week to promote the Certified International Professional Accountant (CIPA) Program in Azerbaijan. The event took place as part of USAID's Small and Medium Enterprises (SME) Support through Financial Sector Development Project.
CIPA will enable more accountants to become certified according to International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). The project delivered the initial three courses to over 50 senior accountants from the financial sector, six of whom successfully passed all examinations to become the first Certified Accounting Practitioners in Azerbaijan. CAP is the first step to the more comprehensive CIPA certification level.
CIPA is the only Russian language training, examination and certification program for professional accountants, financial managers and auditors. The program is based on IAS/IFRS and is well recognized in many CIS countries.
The CIPA and CAP certificates are recognized by such influential organizations as the United Nations Conference on Trade and Development (UNCTAD), the International Finance Corporation and the International Council of Auditors. Those seeking such certificates are required to take tests on financial and managerial accounting, taxation and law.
USAID representative Farid Bakhshiyev said CIPA is being applied in Azerbaijan late due to the delays in the accounting system reform compared to other CIS states. He said in an exclusive interview with AzerNEWS that although the Law on Accounting was passed in 2004, respective agencies have been reluctant to implement the program.
"But first and foremost, businesses themselves have not been active enough. Certainly, the human factor is behind everything. The lack of the certified accounting system was complicating the application of international standards at local enterprises."
USAID representative noted, however, that all commercial banks in Azerbaijan have already made a transition to international accounting standards and started to enforce CIPA.