Amendments to the Law on Accounting
Several significant amendments and additions have been made to the Law of the Republic of Azerbaijan on Accounting, which came into force on June 3, 2018. Below is a brief summary of some of the changes.
If a business entity is not a micro and small entity, then the head of that business entity must create an appropriate structural subdivision for accounting, or involve external accounting services in order to maintain accounting. Heads of micro and small business entities and individual entrepreneurs can personally conduct their accounting.
Additionally a number of business entities (including large business entities) are obliged to involve certified accountants for accounting purposes.
At the same time, the new edition of the Law imposes accreditation and other requirements for professional accountants and accounting firms.