IFRS ADOPTION AND ITS IMPLEMENTATIONS IN AZERBAIJAN

  • Etibar Hüseynli Qafqaz University
  • Nərmin Balayeva Qafqaz University
  • Aygün Əsgərova Qafqaz University
  • Rübabə Şirinova Qafqaz University
Keywords: Accounting, Financial statements, International Financial Reporting Standard, National standardization of accounting

Abstract

The purpose of the study is to illustrate the application of International Financial Reporting Standards in Azerbaijan and why it is essential to adopt IFRS. All companies in the European Union countries and other ones, as well as Azerbaijan, since January 2008 are required to prepare financial statements in compliance with IFRS. We also find that the transition to IFRS had a significant effect on increasing transparency and effectiveness on reporting the financial statements. Our research seeks to examine how the transition to IFRS will happen or do the firms and banks in Azerbaijan have the incentives to apply IFRS. Our analysis support that the adoption of IFRS in Azerbaijan is helpful to economic development and financial system stability with positive economic effects.

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Published
2015-12-30
How to Cite
Hüseynli, E., Balayeva, N., Əsgərova, A., & Şirinova, R. (2015). IFRS ADOPTION AND ITS IMPLEMENTATIONS IN AZERBAIJAN. Acta Scientiarum Polonorum. Oeconomia, 14(4), 13-23. Retrieved from https://aspe.sggw.pl//article/view/4194