Changes to Composition of Annual Financial Reports of Companies
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
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- Economics
- 24 October 2016 20:14
Economics
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