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LAW OF THE AZERBAIJAN REPUBLIC

of July 6, 2023 No. 955-VIQD

About modification of the Law of the Azerbaijan Republic "About financial accounting"

Being guided by Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie DECIDES: Majlis of the Azerbaijan Republic

In the Law of the Azerbaijan Republic "About financial accounting" (Collection of the legislation of the Azerbaijan Republic, 2004, No. 8, Article 605; 2008, No. 12, Article 1049; 2010, No. 4, Articles 265, 276; 2012, No. 6, Articles 512, 529; 2013, No. 1, Article 18; 2015, No. 7, Article 819; 2016, No. 10, Articles 1601, 1609, No. 11, Article 1754; 2017, No. 3, Article 333; 2018, No. 6, Article 1179; 2019, No. 1, Article 28, No. 4, Article 599, No. 5, Article 797, No. 8, Article 1365; 2021, No. 1, Article 6, No. 12, Article 1298; 2023, No. 4, Article 453) to make the following changes:

1. Add Article 4.2 with the second offer of the following content:

"Central Bank of the Azerbaijan Republic keeps financial accounting according to rules of accounting, the stipulated in Clause 12-1.1 presents of the Law.".

2. Add with Article 12.3-2 of the following content:

"12.3-2. The requirement of article 12.3.1 of this Law does not extend to credit institutions, insurers, overcautious persons, investment funds and managing these funds, and also to the licensed persons in the security market. Specified persons shall publish the annual financial reports and the summary (consolidated) financial statements together the audit certificate on the official Internet pages.".

3. Add Article 12-1.1 with the second offer of the following content:

"Rules of conducting financial accounting in the Central bank of the Azerbaijan Republic are established by Board of the Central bank of the Azerbaijan Republic according to International accounting standards.".

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