Inventory of assets and liabilities will be carried out under new rules

Azerbaijan adopts new rules inventory of assets and liabilities that are in compliance with accounting standards. The old rules worked from July 2000.

The Ministry of Finance approved on July 16 of this year, "Rules of the inventory of assets and liabilities." The document included a few days in the state register of legal acts of the Ministry of Justice and entered into force on the 24th of July.

New rules will be followed by all business entities regardless of ownership.

Inventory of assets and liabilities is required in case of sale, purchase, lease and transfer to the use of property in case of liquidation of the subject of accounting change materially responsible person or leaving it on holiday with other important cases of emergency. Inventory is also made in the case of change of the legal form, as well as the land owner of the company.

Inventory is needed in the case of revaluation of assets and liabilities. In case of creation of the inventory commission composed of several working groups formed as supervisory groups. The inventory should include all members of the committee.

Inventory of fixed assets and intangible assets is held every two years, the library collection - every 5 years, other assets - once a year. Liabilities are inventoried at least once a year. Inventory carried out by order of the head of the organization no later than July 1. - 08D-