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RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of August 2, 1996 No. 99

About revaluation of the fixed asset cost (funds) in the Azerbaijan Republic

For the purpose of ensuring compliance of book value of property, plant and equipment (funds) to the existing market prices and the correct cost determination of state-owned property in the course of privatization the Cabinet of Ministers of the Azerbaijan Republic decides:

1. Charge to all organizations which are available in the Azerbaijan Republic, the companies and the organizations (further - "all companies") irrespective of patterns of ownership and type of activity to perform revaluation of cost of the property, plant and equipment (funds) which is registered as of July 1, 1996 by indexation based on approved by this resolution "Provisions" and to provide results of revaluation till September 10, 1996 to bodies of the State statistics.

2. Approve attached to the resolution "Provision" on procedure for revaluation of the fixed asset cost (funds).

3. Charge to the State committee according to the statistics of the Azerbaijan Republic no later than November 10, 1996 to provide the generalized results of reporting these organizations, companies and organizations about revaluation of the fixed asset cost (funds) to the Ministry of Economics and the Ministry of Finance of the Azerbaijan Republic.

Charge to the Ministry of Economics, to the Ministry of Finance, the State committee according to the statistics and to the State committee on property of the Azerbaijan Republic to analyse results of revaluation for the purpose of establishment of the correct cost of state-owned property in the course of privatization and to provide to the Cabinet of Ministers of the offer on methods of determination of annual replacement cost of property, plant and equipment (funds).

4. Determine that the cost difference received as a result of revaluation of the fixed asset cost (funds) at all companies remains at their order.

5. Limit the minimum size of cost of unit and set of property, plant and equipment (funds) of 500 thousand manats.

6. Charge control of execution of this resolution to department of the corresponding industry of Administration of the Cabinet of Ministers.

 

First Deputy Prime Minister A. RASI-ZADE

Approved by the resolution of the Office of Ministers of the Azerbaijan Republic of August 2, 1996 No. 99

Regulations on procedure for revaluation of the fixed asset cost (funds) in the Azerbaijan Republic

1. This provision establishes procedure for revaluation of the fixed asset cost (funds) for all companies for the purpose of determination of replacement cost of property, plant and equipment (funds).

2. Revaluation of the fixed asset cost (funds) is made by all companies located in the territory of the Azerbaijan Republic irrespective of patterns of ownership and type of activity.

3. Buildings (except residential buildings), irrespective of technical condition (depreciation degree) which are in operation, or in reserve, objects and constructions complete and construction in progress, the transmission gears, machines, the equipment, vehicles and other types of fixed assets and also leased or in temporary use or the pledged objects are revaluated by the companies on which balance consist.

The property, plant and equipment (funds) prepared for write-off because of physical or technical obsolenscence, but which is not drawn up officially in accordance with the established procedure by the act of write-off is also revaluated.

4. In case of each change depending on inflation rates of limit of the minimum size of fixed asset cost, and also lack of the established minimum amount of cost of unit and set of fixed assets they from structure of fixed assets are not withdrawn.

5. All companies determine revaluation of the fixed asset cost (funds) by multiplication of amendments of all-in book value and the amount of depreciation by results of carrying out inventory count as of July 1, 1996 on the coefficients specified in Item 6 of this provision.

6. Coefficients of revaluation of book value for establishment of replacement cost of property, plant and equipment (funds):

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