Azerbaijan introduces new rule for digital submission of financial reports

BAKU, Azerbaijan, February 2. The preparation
and submission of financial reports in Azerbaijan will now be
carried out through the “Digital State Finance” information system,
Trend
reports.

The provision was included in a draft law amending the
“Accounting” Law, discussed at the Azerbaijani Parliament’s plenary
session today.

According to the draft, the term “e-accounting information
system” in the law will be replaced with “the information system of
the authority (institution) determined by the relevant executive
body,” as the “Digital State Finance” system covers accounting
activities, including the accounting of state financial and
non-financial assets.

The system designated by the executive body will enable
accounting entities to conduct electronic accounting and prepare
and submit financial reports, including consolidated financial
statements.

Under the current legislation, the “e-accounting” system
requires hosting of software that facilitates electronic
accounting. The draft law proposes removing this requirement from
legislation.

For clarification, the system referred to as “the information
system of the authority (institution) determined by the relevant
executive body” refers to the “Digital State Finance” information
system.

The draft law was approved in its first reading after
discussion.

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