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. 9 for the commercial organizations for "Events after date of the report on balance"

General provisions

Purpose of the standard

1. This Standard is prepared according to the Law of the Azerbaijan Republic "About financial accounting" and based on the International accounting standard No. 10 under the name "The Events Following the Report on Balance".

Purpose

2. The purpose of this Standard is determination of the following:

(a) time of amending financial statements of the companies connected with the events which took place after submission of the report on balance;

(b) approval dates of financial statements of the company for publication and disclosure of information on the events following submission of the report on balance.

Also this Standard if the events following submission of the balance statement show discrepancy of the principle of continuous activities, requires not to be based on the principle of continuous activities of the companies by preparation of financial statements of the company.

Scope

3. This Standard is subject to application by all commercial enterprises preparing financial statements according to 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 regulatory legal acts regulating financial accounting and this National accounting standard for the commercial organizations the National accounting standard is applied to the commercial organizations

5. This Standard shall be applied during the accounting and disclosure of the events following after submission of the report on balance.

Basic concepts

6. The basic concepts used in this Standard make the following sense:

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