Document from CIS Legislation database © 2003-2024 SojuzPravoInform LLC


On June 29, 2004 No. 716-IIG

About financial accounting

(as amended on 22-12-2023)

Chapter I. General provisions

Article 1. Purpose of the Law

1.1. This Law regulates rules of the organization and financial accounting, including creation and submission of financial statements by the legal entities acting in the territory of the Azerbaijan Republic, irrespective of pattern of ownership and legal form, and also the physical persons who are engaged in business activity without formation of legal entity (further - subjects of financial accounting).

1.2. In the territory of the Azerbaijan Republic all regulatory legal acts developed by executive bodies within their powers connected with financial accounting can be applied after coordination and the approval of the executive authority by relevant organ, except as specified, provided by the law.

1.3. This Law does not extend to the Alyatsky free economic zone. The organization and financial accounting, including preparation and submission of financial statements in the Alyatsky free economic zone are regulated according to requirements of the Law of the Azerbaijan Republic "About the Alyatsky free economic zone".

Article 2. Basic concepts

2.1. The concepts used in this Law express the following values:

2.1.1. Rules of accounting - legal acts on financial accounting in subjects of financial accounting, to creation of documents of financial accounting, and also on reflection in financial accounting of separate financial and economic activities.

2.1.2. Group - the main managing society (partnership) and all its subsidiaries.

2.1.3. International accounting standards - The international accounting standards, International accounting standards accepted by the international organization specializing in this area, and the comment of this international organization for these standards.

2.1.4. International accounting standards for the public sector - the international standards accepted by the international organization specializing in this area and provided for the public sector.

2.1.5. International accounting standards for subjects of small and medium business - the international standards accepted by the international organization specializing in this area and provided for subjects of small and medium business.

2.1.6. Financial accounting - conducting analytical and synthetic accounting of data on the basis of source accounting documents on committed financial and economic activities for the purpose of accumulating, registration and generalization of data on assets, obligations, the capitals, the income and expenses of subjects of financial accounting, and also for the purpose of creation of financial, tax and other statements.

2.1.7. Financial statements - the reports reflecting the systematized data on financial and economic activities, and also on financial condition of the subject of financial accounting.

2.1.8. The summary (consolidated) financial statements - the financial statements submitted by the main society (partnership) and its subsidiaries as the single subject of financial accounting.

2.1.9. Socially significant structures - credit institutions, insurers, overcautious persons, investment funds and managing directors of these funds, non-state (private) social funds, the licensed persons in the security market, legal entities whose securities are in circulation on the stock exchange, and the commercial organizations having more than two of the criterion indicators (annual earnings, average number of workers for accounting year and total sum of balance) established by relevant organ of the executive authority for date of financial reporting preparation.

2.1.10. The document of financial accounting - source accounting documents, bookkeeping registers, financial statements, and also the documents constituted for accounting forming.

2.1.11. Source accounting documents - the supporting documents on written or electronic carriers confirming specifying of the head of the subject of financial accounting on carrying out financial and economic activities or granting the right to fulfillment of such transactions, and also forming the basis for financial accounting.


This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SoyuzPravoInform LLC.