The Cabinet of Ministers approved a new list of public interest entities, which must maintain accounting records in compliance with International Financial Reporting Standards (IFRS) and provide due process of law.
According to the October 1 order of the government, to public interest entities referred 27 commercial organizations. Among them, there are 7 structures of SOCAR, as well as two of his participation (AzFen and Caspian Driling Company). In addition the list includes 8 state-owned enterprises - a monopoly on transport services, electricity and water supply, etc. Two mobile operators Azercell and Bakcell will also be accountable to the public in accordance with IFRS.
Public interest entities include such major industrial and construction groups as Azenco, Evrascon, Accord, Azvirt and Azerinsaatservis. The holding group Silk Way Airlines, Holcim Azerbaijan and Baku Steel Company are also in this community.
It is noteworthy that in the list of public interest entities there are not such large holdings as Gilan, Garant, et al.
According to the decision by the Government from 2010 public interest entities are companies that have an annual income of 120 million manat and a staff of at least 1,500 people and the total balance in the amount of 300 million manat. --08D--
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