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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