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RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of January 25, 2010 No. 16

About approval of "Procedure for creation and form of balance of activities of the residents who are engaged in economic activity by means of branches, representations without creation of the separate legal entity in the territory of the special economic zone"

For the purpose of ensuring execution of Item 1.6 of the Presidential decree of the Azerbaijan Republic of June 3, 2009 "About application of the Law of the Azerbaijan Republic "About special economic zones" the Cabinet of Ministers of the Azerbaijan Republic decides No. 101:

1. Approve "Procedure for creation and form of balance of activities of the residents who are engaged in economic activity by means of branches, representations without creation of the separate legal entity in the territory of the special economic zone" it (is applied).

2. This resolution becomes effective from the date of signing.

 

Prime Minister

Azerbaijan Republic A.РАСИ-ЗАДЕ

Approved by the resolution of the Cabinet of Ministers of the Azerbaijan Republic of January 25, 2010, No. 16

Procedure for creation and form of balance of activities of the residents who are engaged in economic activity by means of branches, representations without creation of the separate legal entity in the territory of the special economic zone

1. General provisions

This Procedure is prepared based on Item 1.6 of the Presidential decree of the Azerbaijan Republic of June 3, 2009 No. 101 "About application of the Law of the Azerbaijan Republic "About special economic zones" and establishes procedure for creation and form of balance of activities of the residents who are engaged in economic activity by means of branches, representations without creation of the separate legal entity in the territory of the special economic zone (the daleebalansovy report).

2. Concepts

The concepts used in this Procedure have the following values:

* the balance statement - the form of the financial statement reflecting financial condition of resident the last day of the accounting period;

* the synthetic account - grouping based on the established signs of the generalized data on certain types of property, the capital, financial results, etc.;

* the analytical account - the account in more detail grouping data on personal, material and other accounts within the synthetic account;

* the accounting register - continuous, chronological, system registration in the books (magazines), single sheets, cards divided into special columns, when using computing tekhnikina disks, cards of electronic memory and other data carriers.

3. Form of the balance statement

3.1. The form of the balance statement on financial and economic activities of the residents who are engaged in economic activity by means of branches, representations without creation of the separate legal entity in the territory of the special economic zone is established according to Appendix to this Procedure;

3.2. The balance statement does not replace the relevant financial statement constituted by residents according to requirements of the legislation and serves as its amendment.

4. Contents of the balance statement

The balance statement constituted by residents of the special economic zone joins the following Articles:

* earth, structures and equipment;

* intangible assets;

* biological assets;

* financial assets (except for the assets specified in Items of reserves, receivables and money and other their equivalents);

* reserves;

* receivables;

* money and their equivalents;

* accounts payable;

* tax liabilities and assets;

* the estimated obligations;

* obligations with interest expenses;

* capital and equity reserves.

5. Creation of the balance statement

5.1. Residents according to requirements of the legislation prepare and approve accounting policy on conducting financial accounting.

5.2. In the approved accounting policy the following is reflected:

5.2.1. chart of accounts of financial accounting;

5.2.2. reflection of the economic activities performed based on primary accounting documentation on synthetic and analytical accounts;

5.2.3. the accounting registers recognized necessary for maintaining synthetic and analytics;

5.2.4. form of the accounting registers which are subject to use for the purpose of reflection in the balance statement of information accepted in primary accounting documentation.

5.3. Residents group and generalize the data on property, obligations, the capital, settlings with creditors and debtors containing in their accounting registers and constitute the balance statement.

5.4. The balance statement is constituted by the chief accountant of resident or other designated authorized person (contractor).

6. The accounting period for the balance statement of residents of the special economic zone

For the annual balance statement the next accounting periods are established:

* for residents of the special economic zone - the accounting period from January 1st to December 31st inclusive;

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