Accounting and Reporting in the Public Sector Ministry of Finance of the Republic of Azerbaijan State Treasury Agency Accounting and Reporting in the Public Sector October 2016 Minsk

Stages of accounting reforms in the Republic of Azerbaijan Completed Legislative acts Designing and carrying out a set of activities envisaged by legal legislative acts Carrying out the training process In progress Improving the legislative framework and strengthening institutional bases for accounting Stage 1 Stage 2 Stage 3 Stage 4

Components of accounting reforms Strengthening the educational component of reforms Improving the legislative framework in the following areas: Accounting and audit standards and requirements Licensing Professional training Corporate governance Quality assurance arrangements Organizing trainings for accountants Retraining of teachers Conducting trainings and setting up a certification center Submission of annual reports in accordance with the Accounting Law Development of software for maintaining accounting Technical assistance from international institutions Republic of Azerbaijan Law On Accounting (September 2004). Decree of the President of the Republic of Azerbaijan on application of the Accounting Law (February 2005). Translation into Azerbaijani of International Public Sector Accounting Standards (IPSAS), IFRS, IFRS for SMEs, and international standards for education and quality management. Development and approval of national accounting standards. Development and approval of a program on transition to IFRS. Development and approval of regulations on financial reporting. Legislative acts Developing and carrying out a set of activities envisaged by legal legislative acts Improving the legislative framework and strengthening institutional bases for accounting Carrying out the training process

Key principles of designing and implementing the educational process Basic level Level of university graduates with a degree in accounting, finances or audit; accounting practitioners; and persons who graduated from universities with degrees in other areas but wish to change their professions Advanced level Can work as chief accountants Professional level Fundamental, expanded and professional level for professional accountants, auditors, and consultants

Key principles of designing and implementing the educational process Certification of accounting and auditing specialists Coverage of target groups Single certification center Recognition by international certification centers Automation of training, testing, and examination processes Methodological support for training Professional career support Links with higher education institutions 2012 2013 2014 2015 Total Number of specialists who completed training 336 1438 2652 540 4966 Number of specialists who successfully passed the exam 216 652 1538 325 2731