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SOFAZ supervisory board holds its following meeting

Economy Materials 18 November 2015 10:27 (UTC +04:00)
A meeting of the Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) was held Oct.30, 2015.
SOFAZ supervisory board holds its following meeting

Baku, Azerbaijan, Nov.18

Trend:

A meeting of the Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) was held Oct.30, 2015.

The meeting chaired by the country's Prime Minister Artur Rasizade focused on SOFAZ's draft budget for 2016.

The Board approved the Fund's 2016 budget revenues at 6 711 564.1 thousand manats, its expenditures at 8 261 399.7 thousand manats and the Fund's operating expenditures at 24 420.0 thousand manats. The Supervisory Board recommended the Fund's 2016 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures for the approval by the president of Azerbaijan.

The Supervisory Board approved a transition of the Oil Fund's accounting system from International Public Sector Accounting Standards (IPSAS) to International Financial Reporting Standards (IFRS) and SOFAZ's new Accounting Policy and Chart of Accounts were considered acceptable.

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