SOCAR READY TO SWITCH TO INTERNATIONAL ACCOUNTING STANDARDS
According to him, the study of the state oil company's organizational structure, in which Ernst & Young is also involved, is not a matter of one year. And the main thing here is that some company should spearhead SOCAR's transition to international accounting standards.
Mr Aliyev said that it was possible to prepare a programme and hire a company to implement certain stages of it, but this may not comply with the IMF or World Bank requirements, therefore, these institutions have been granted the opportunity to manage the whole process. They want SOCAR to be a modern company with proper attributes, therefore, they are to ensure both the transition to international accounting standards proper and control over it. The programme requires a lot of work and the state oil company needs the assistance of a qualified company, Aliyev added.
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