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. 10 for the commercial organizations for "The estimated obligations, contingent obligations and contingent assets"

General provisions

Purpose of the standard

1. This Standard is prepared according to the Law of the Azerbaijan Republic "About financial accounting" and is based on the International accounting standard No. 37 under the name "The Estimated Obligations, Contingent Obligations and Contingent Assets".

Purpose

2. The purpose of this Standard is determination applied in connection with the estimated obligations, contingent obligations and contingent assets of recognition criterion, bases of assessment and information which is subject to disclosure in financial statements.

Scope

3. This Standard, with acceptance in attention of Rules of Accounting, is applied to annual financial reports and the integrated (consolidated) financial statements prepared by the commercial organizations determined in article 10 of the Law of the Azerbaijan Republic "About financial accounting".

4. In case of contradictions between this National Accounting standard and acting normative - legal acts, this Standard shall be applied.

5. The companies applying this Standard can at discretion, submit financial statements and the integrated (consolidated) financial statements according to International Standards of Financial Statements.

6. This Standard except for of the cases provided below, shall be applied to financial accounting of the estimated obligations, contingent obligations and contingent assets:

(a) obligations of the contracts with severe conditions which are on the implementation phase, except for following from agreements;

(b) insurance agreements

7. When accounting by any type of the estimated obligations, contingent obligations and contingent assets without regulation by other National accounting standard, instead of this Standard shall be applied the conforming Standards.

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