The Milli Majlis has approved the creation of the “e-accounting” information system in its final reading.
The draft amendment to the “Accounting Law” was reviewed during the plenary session of parliament in its third
reading.
According to the proposed law, the relevant executive authority, as designated by the government, will ensure the
following through the “e-accounting” system:
- The electronic submission of financial statements by accounting entities to the designated authority, in
compliance with the requirements of the law, will be carried out electronically in accordance with the
“Electronic Signature and Electronic Document Law.”
- The publication of official texts of international accounting standards, legal acts regulating accounting, and
the provision of links to these electronic texts in the State Register of Legal Acts of the Ministry of Justice
in Azerbaijani, along with the availability of software and educational materials related to accounting.
Following the discussions, the draft law was put to a vote and adopted in its third reading.
The adoption of the “e-accounting” system streamlines the submission of financial statements for accounting entities,
ensuring compliance with the law while making the process more efficient and transparent. By integrating the
Electronic Signature and Electronic Document Law, it enhances security and ensures the legitimacy of the financial
data submitted.
The publication of international accounting standards and related legal acts in electronic form on the State Register
of Legal Acts makes these resources more accessible to the public and businesses. This transparency benefits
businesses and accountants by providing access to official texts, ensuring they are operating with the most
up-to-date and accurate information.
The implementation of e-accounting fosters digital transformation in Azerbaijan’s accounting practices, reducing the
reliance on paper-based processes, and increasing overall efficiency in financial management.
The availability of educational materials and software related to accounting supports continuous learning and
professional development for businesses and accounting professionals, improving overall knowledge and compliance in
the sector.
By ensuring electronic compliance and providing easy access to accounting resources, the government can more
effectively monitor and regulate the financial activities of businesses, which leads to improved accountability and
reduced errors.
As part of a broader effort to enhance competition rules, the integration of electronic accounting allows for clearer
market data that can help businesses and regulators better understand the market environment, which is crucial for
making informed decisions on pricing, mergers, or market entry.
In essence, it will promote more efficient, transparent, and accessible accounting practices while contributing to
the overall competitiveness and regulatory framework in Azerbaijan.
