Azerbaijan attends REPARIS Ministerial Conference in Austria
Baku, June 6 (AZERTAC). The Azerbaijani delegation led by First Deputy Finance Minister Ilgar Fatizade participated in the Road to Europe: Program of Accounting Reform and Institutional Strengthening (REPARIS) Ministerial Conference 2012 in Vienna, Austria.
Azerbaijan`s achievements and development in the sphere of accounting were appreciated highly in the conference.
The REPARIS Ministerial Conference 2012 brought together Ministers of Finance and Senior Officials responsible for corporate financial reporting policy from the countries participating in the REPARIS program.
Financial reporting frameworks based on the solid foundations provided by the EU acquis and International Financial Reporting Standards (IFRS) play an important role in fostering economic growth and job creation by improving access to credit and helping to attract foreign investment. In addition, although reforms to financial reporting require political commitment and agreement among key stakeholders for their effective implementation, they do not demand extensive public resources. Reforms to improve corporate financial reporting are therefore a particularly cost-effective way of improving the business environment when budget resources are scarce.
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