LAW OF THE AZERBAIJAN REPUBLIC

of February 1, 2017 No. 511-VQD

About introduction of amendments to 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, in connection with application of the Law of the Azerbaijan Republic of December 29, 2015 No. 98-VQD "About modification of the Civil code of the Azerbaijan Republic", Millie decides Majlis of the Azerbaijan Republic:

Make the following changes to 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):

1. exclude from Article 4.1 of the word "for the commercial organizations", to replace the words "and for non-profit organizations" with the word "and also".

2. in Article 6.0.1 shall be replaced with words the word "in Article" "and Articles 12-1.1".

3. in Article 6.0.2 shall be replaced with words the word "in Article" "and Articles 12-1.2.1".

4. in Article 6.0.3 of the word "in Article 13.1" shall be replaced with words "in Articles 12-1.2.2 and 13.1".

5. Add with Chapter IV-I of the following content:

"Chapter IV-I. Financial statements of legal entities of the public law

Article 12-1. Creation of financial statements of legal entities of the public law

12-1.1. Legal entities of the public law, except for the subjects of financial accounting specified in article 12-1.2 of this Law constitute the financial statements according to International accounting standards.

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