Amendments to the statutes of the state monopoly on their financial statements

The Cabinet amended the bylaws on state monopoly entities. The amendments relate to publishing their financial statements.

Amendments were made to the statutes of CJSC Azerbaijan Airlines and Azerbaijani Broadcasting, JSC Azeryolservis, Azersu, Azeristiliktechizat, and the Irrigation and Water Management of Azerbaijan, as well as the Office of the Baku Metro. Earlier the charters of these structures clearly stated commitment on the publication in the press of the annual consolidated financial statements together with the auditor, the new version of the rule is defined for the publication of these reports, "in the cases prescribed by law and regulations."

According to the law of Azerbaijan Republic on Accounting, natural monopoly entities should publish in print their annual financial statements, place them on the corporate website and provide to the Ministry of Finance. Of these state structures more or less law-abiding in terms of the transparency of financial reporting is Azeristiliktechizat, the monopoly of heat supply in the country. It published in the media the financial report for 2011, which is placed on the company's website. On the website of Azersu they last placed the financial report for 2010. The other state agencies are not transparent. - 08D-