The works on adoption of preparation of financial statements to international standards are being continued.

    “Azersu” OJSC continues works on adoption of preparation of financial reports to international standards and with the transition to international standards accelerated reevaluation of the material and non-material assets, implementation of application of information technologies system works.

   For implementation of above-mentioned works an agreement was signed with influential auditor Company “Ernst &Young” on advisory services and the Company prepared the Transition Plan of FRIS and submitted to Stock Company early in this year. In accordance with the Transition Plan certain works have done in “Azersu” OJSC and a Commission exercising role of supervisory authority was established in order recommendation on issues arising and carrying out orientation of works that will be done.

   In accordance with the proposals of “Ernst &Young” Company changes in financial structure of the Stock Company were carried out and Accounting and |Finance department consisting of 5 divisions (Accounting and reporting division, Consolidation of financial statements division, Financial and Tax division, Key asset management division) was established. Application of 1C program was decided for automating of accounting, human resources and consolidation systems, and for this purpose the members of the Commission were sent on an official journey to Moscow for practical training. With the connection of transition to FRIS   training courses are organized for employees of “Azersu” OJSC by specialists and these tranings are planned to be carried out continuously in the future.