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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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