As financial markets become more integrated and investors look for more consistency in the financial reporting of multinational corporations, the International Financial Reporting Standards (IFRS) will play an increasing important role in doing business globally and locally within Azerbaijan. For instance, the Ministry of Finance in Azerbaijan requires that all public interest companies in the country must use IFRS for their financial reporting by January 1, 2008. This will affect a large number of Azeri companies, including multinationals with reporting requirements overseas.
This is an increasing trend in CIS countries, and has already been implemented in Europe and many other countries. In addition the SEC is currently considering eliminating the requirement of reconciling to U.S. GAAP for companies following IFRS.
The International Financial Reporting Conversion Services are available at Deloitte today to assist you in all aspects of the conversion to IFRS. We have dedicated experts located throughout the world who work closely with the new International Accounting Standards Board, the International Financial Reporting Interpretations Committee and the world's regulators.