Azernews.Az

BAKU – Grant Thornton Azerbaijan, chartered accountants and professional advisory firm, has conducted a financial reporting training for senior finance personnel from the Azerbaijani banking industry.

The three-day International Financial Reporting Standards (IFRS) course, held from June 21-23, was organized in collaboration with the Central Bank of Azerbaijan.

In attendance from the Central Bank to officially open the training course was Director of Financial Management Sevda Amirova and Deputy Director Azer Aliyev.

The training course covered specific accounting standards selected with an obvious bias towards financial institutions. These included taxation, financial instruments, and presentation of financial statements in general. Of significant interest was a brief presentation on the current proposals on financial prudence within the banking industry which are expected to be launched though Basel III, once approved.

The event was well attended and the feedback from the attendees was very positive, reflecting the overall quality of the presentations, the significance and relevance of the topics covered. Opening the event, Farouk Mohamed, Managing Partner for Grant Thornton, emphasized the importance of quality financial reporting within the banking industry.

"As members of the financial institutions, you have an important role to play in promoting the capability of financial reporting. We are providing this training as part of our corporate social responsibility program in Azerbaijan whose primary objective is to contribute towards the improvement in the capability and quality of financial reporting in the banking sector and country in general," Farouk said.

Grant Thornton recently established its presence in Azerbaijan as an assurance and advisory services provider and has already made significant strides in assisting some high profile organizations with the first time adoption of IFRS. The firm is part of Grant Thornton International, a network with over 600 offices in 120 countries and over 35,000 staff globally.