Cabinet of Ministers obliges 20 orgs to transmit to new business accounting standards till 2008

Business Materials 17 December 2005 14:20 (UTC +04:00)

The Azerbaijani Cabinet of Ministers issued a decree obliging 20 organizations to transmit to international business accounting standards till 1 January 2008, the government told Trend.

Those are the Marketing and Economic Operations Department of SOCAR, Azerenerji JSC, Barmek Azerbaijan, Azercell State Enterprise, Azneft Production Association of SOCAR, Heydar Aliyev oil refinery plant and Azerneftyag, Azerbaijan State Railway department, Bakmetropoliten, AZAL Air Lines Company and its national company, Capian Shipping Company, Azeriqaz JSC, Azeriqaznegl PA, Azersu JSC, Aztelecom PA, Azerkimya State Enterprise and its EP-300 ethylene-polyethylene plant.

Besides state ventures, many private enterprises function on the base of soviet business accounting standards at present. Only banking organizations fully transmitted to the new system.

In accordance with the Law on business accounting, commercial organizations are due to complete the application of national business accounting standards till late 2007. The state program on application of the national standards envisages the order of application of standards from 2005 to 2008.