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Azerbaijan National Professional Accountancy Organisation Website: The Chamber of Auditors of Azerbaijan Republic World Bank ROSC Accounting and Auditing Report Update for April 2006 Financial Reporting Framework in the Azerbaijan (Update of April 2006) Adoption of IFRSs in Azerbaijan Companies listed on the Baku Stock Exchange are required to report under Azerbaijani GAAP. No IFRS reporting is allowed. All local and foreign banks operating in Azerbaijan are required to produce IFRS reports. Such reports are annually submitted to the National Bank of Azerbaijan. Effective from 2008 all major state owned enterprises (including major utilities and upstream oil and gas companies) are required to report under IFRSs. Note however, that many companies in Azerbaijan have already adopted IFRS reporting over the past few years. The major driver behind this process is the desire to borrow from European lenders, including the European Bank for Reconstruction and Development (EBRD) and KfW (the German development bank) who require audited IFRS financial statements. Click for Azerbaijan Accounting Law 2004 (PDF 64k).