The Cabinet of Ministers introduced on 21 October next change in the decision of 27 May 2010 for №97 «On the provision and publication of the annual financial statements and combined (consolidated) financial statements of commercial enterprises." It is about annual financial reports of companies.
Annual financial statements of commercial organizations are made up of five parts. Three of them have changed.
The report "Balance" is changed to the statement of financial position. The "profit and loss" will be recorded as data on other comprehensive income. And the "Report of the accounting policies and explanatory notes" will reflect the significant accounting policies.
It should be emphasized that not all companies in Azerbaijan meet the requirements of this decision of the Cabinet of Ministers. According to this document, the company must submit financial reports to the founders not later than April 30, and the consolidated statements – June 30. Later, these reports shall be published in the press and the corporate websites of these companies. ----08D
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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