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

National accounting standard No. 6 for the commercial organizations for "Income"

General provisions

Purpose of the standard

1. This Standard is prepared according to the Law of the Azerbaijan Republic "About Accounting Accounting" and based on the International accounting standard No. 18 under the name "Income".

Purpose

2. The purpose of this Standard is ensuring consecutive, reliable, transparent recognition, assessment and submission of the income by the company in the Profit and loss statement on the basis of the rule established by the National Accounting standard No. 1.

Scope

3. This Standard is applied by the commercial organizations constituting the financial statements on the basis of article 10 of the Law of the Azerbaijan Republic "About financial accounting" with acceptance in attention of Rules of Accounting.

4. In case of contradictions between the existing normative legal acts regulating financial accounting and the National accounting standard this Standard is applied.

5. This Standard is applied in relation to the income which is formed as a result of the following transactions and events:

(a) Sale by the company of the goods made by it with sales objective or acquired for resale, the parcels of land or other property;

(b) rendering services;

(c) use of assets of the company bringing percent, royalty and dividends other persons;

(w) all other transactions and events except for specified in Article 6 of this Standard.

6. This Standard is not applied in relation to the income, formed as a result of stated below transactions and events:

(a) leases;

(b) the dividends which are formed of the investments considered on equity method;

(c) insurance agreements of insurance companies;

(w) changes in fair value of financial assets and financial liabilities or their sale;

(e) changes in fair value of other current assets;

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