Approved by Board decision of National Bank of the Azerbaijan Republic of January 31, 2001 the Protocol No. 3

Rules of accounting of the invaluable and fast-wearing-out objects in credit institutions of the Azerbaijan Republic

1. General provisions

1.1. These rules are prepared according to the laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks and banking activity in the Azerbaijan Republic", other legal acts of the Azerbaijan Republic and determine policy of accounting of the invaluable and fast-wearing-out objects in all credit institutions of the Azerbaijan Republic (further - "Bank").

1.2. These rules regulate transactions of financial accounting in the invaluable and fast-wearing-out objects and are applied for the purpose of reflection of the invaluable and fast-wearing-out objects in financial statements.

1.3. When making in Banks of transactions in the invaluable and fast-wearing-out objects for the purposes of the taxation provisions of the Tax code of the Azerbaijan Republic are taken as basis.

2. Concepts

2.1. Enter the invaluable and fast-wearing-out objects:

- the objects which once are participating in production process (servicing), completely transferring the cost to product cost (services) and not keeping the natural form in this process;

- objects which cost for unit and set is determined by the legislation, with service life less than 1 year;

- other objects, stipulated by the legislation.

3. Purchase

3.1. The invaluable and fast-wearing-out objects arrive in bank as a result of them:

- purchases;

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