IFRS Transition

Our experience

Specific and profound understanding of the present Azerbaijani accounting, legal and institutional environment, as well as unrivalled practical local IFRS transition experience

We are the market leaders in advising our clients with large-scale accounting standard conversion and IFRS transformational projects. While every conversion project is unique, many of the issues that arise have been encountered elsewhere. We have recently been assisting the State Oil Company of the Azerbaijan Republic (SOCAR) with a large-scale IFRS transition project, bringing unique first-hand local practical experience.

Successful cooperation with the Azerbaijan Ministry of Finance and Ministry of Education

We have worked closely with the ministries to provide accounting training, including IFRS training and education for accountancy teachers, masters and bachelors

Effective professional training and certification solutions and recognition by reputable professional accountancy bodies

Using our long-term experience on the local market we have developed efficient IFRS training and certification solutions and tools for accountants, students and teachers that are essential for a successful project. These solutions are tailored to the local needs and are available in Azerbaijani. Our firm also has a regional network of Client Training Academies based in Moscow whose training professionals will be dedicated to the proposed project.

If this is your situation

  • You want to know the impact of IFRS transition on reported performance measures and whether your profit is likely to be more volatile
  • You need to ensure you have enough people with the right skills to complete the transition to IFRS and embed the necessary changes within the company
  • You are unsure of the additional data you are required to collect, whether your systems are able to capture that data, or if your controls are adequate
  • You need to understand the changes affecting financial hedging and instruments, pensions, and tax as well as how the standards are likely to impact your industry
  • You want to assess the tax implications of moving to IFRS
  • You want to optimise all decisions related to IFRS conversion and ensure that any wider business opportunities are considered.

How PwC can help you

PwC has a proven track record in helping companies successfully complete the transition to new accounting standards. Reflecting the complexity of the task at hand, we have a range of specialists to assist your company's conversion to IFRS, including: technical accounting, treasury, tax, human resource, M&A valuations and project management specialists.

  • Objective evaluation of project processes, controls, and deliverables
  • Transition IFRS project management tool
  • Training and coaching support
  • Advice on adapting processes, data, and systems for IFRS
  • Technical accounting advice and support tools
  • IAS 39 and financial instruments
  • Employee benefits and share compensation programs
  • Purchase price allocation related to business combinations
  • Valuation and impairment testing
  • Tax

Contact us

Fahri Mustafayev

Assurance Partner, PwC Azerbaijan

Tel: +994 (12) 497 2515

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