On March 14, the presentation on “Explanation of amendments to the law of Azerbaijan Republic on accounting” was held for teacher and student staff of Economics and management faculty of Sumgayit State University.

Dean of Economics and management faculty docent Aynura Yahyayeva hailed the guests and expressed her satisfaction on seeing them at the University. She notified: “Some works determined and executed on improvement of human capital and reflected in several recently implemented state programs and conceptions. Development of human capital, as well as advancement based on knowledge and innovations are among priorities in “Azerbaijan 2020: view to future” development conception and “State Strategy on education development in Azerbaijan Republic”. Improving quality of human capital and effective usage of it has a serious impact on improvement of science and production spheres and competitiveness. At present the reforms are carried out in Azerbaijan for developing human capital, non-oil sector, improving business environment and diversifying the economy. The presentation, which is held for informing the lecturers and students of Economics and management faculty of SSU about new amendments made to the law on accounting by the members of organizing committee of National Accountants Forum, will serve more effective organization of teaching process in the future”. Emphasizing regular meetings held in this direction, the dean expressed her gratitude to University administration and the members of organizing committee of National Accountants Forum for their support.

Head of the Department of Finance and accounting docent Loghman Abdullayev noted that the main object of this presentation is to inform the attendees about novelty in accounting, tax legislation and their essence, to exchange views in this sphere.

Chairman of National Accountants Forum Ruslan Atakishiyev, deputy chairman of Forum, director of Baku Report Center, specialist on audit Mehdi Babayev, head of Department of Accounting and audit of Baku Engineering University docent Firudin Sultanov, vice-president of Center for Economic Researches and Teaching Radil Fatullayev delivered speech in the event and noted that Law of Azerbaijan Republic on “amendments to the Law of Azerbaijan Republic on accounting” was signed by President Ilham Aliyev on May 4, 2018. It covers 3 directions and 24 subjects. In first direction all entities subject to accounting rules are obliged to carry out their bookkeeping and to prepare their financial reports in accordance with the International Standards. The second direction is to confirm the activity of professional accountants in law. To obtain a certified accountant certificate, accountants should pass the state exam on accounting arranged by the State Examination Centre. In the third direction entities are divided into micro, small, medium-sized and large enterprises. According to the amendments to the Law, accounting may be carried out by the entrepreneurs of small entities.

At the end of presentation, the questions of attendees were responded by specialists.