No. I-73/1 are approved by the Order of the Ministry of Finance of the Azerbaijan Republic of July 23, 2007

Conceptual bases of national accounting standards for the commercial organizations

General provisions. Purpose of Conceptual bases

1. Conceptual bases rely on the Framework document prepared and published by Council for international accounting standards on preparation and accounts presentation.

2. These Conceptual bases do not provide special requirements of financial accounting or the rule of preparation of financial statements. These requirements and rules are noted in the corresponding National accounting standards for the commercial organizations. At the same time National accounting standards shall be developed for the commercial organizations based on the principles and provisions which found the reflection hereunder.

3. Purpose of Conceptual bases is determination of the fundamental principles of financial accounting applied in development of financial statements according to National accounting standards and providing logical basis of these principles playing instruction role for the following cases:

(a) for developers of National accounting standards data preparation of standards and introduction of changes in them;

(b) for developers of financial statements creation of these reports according to National accounting standards;

(c) for users of financial statements the period of the analysis of the reports constituted according to National accounting standards.

Purpose of Conceptual bases

4. The main objective of Conceptual bases consists in ensuring transparency and responsibility of financial statements.

5. The concept of transparency provides the right report to users of financial statements and clearness of information on the current provision of the company, its decisions and activities.

6. The concept of responsibility provides management of the financial statements of resources assigned to developers and need of responsibility for the decisions made by them.

Scope of Conceptual bases

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