Financial statements of public legal entities are drawn up in accordance with International Financial Reporting Standards (IFRS). Accounting is carried out in accordance with these standards according to the accounting rules approved by the relevant executive authority. The Management Board of the Central Bank of the Republic of Azerbaijan determines the rules of accounting in the central bank of the Republic of Azerbaijan.
How are financial statements prepared?
Open and closed special educational institutions, medical institutions, orphanages, social service institutions, vocational training institutions, preschool educational institutions, general education schools, secondary specialized educational institutions, higher education institutions, special educational institutions and family-type institutions created by the state and municipality. A small group home prepares the required financial statements in the following order:
- If the statutes provide for the right to engage in entrepreneurial activity:
- International Standards of Financial Reporting for Small and Medium Enterprises;
or depending on their preferences
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- In accordance with the International Standards of Financial Reporting;
- In accordance with the International Accounting Standards for the Public Sector, if the right to engage in entrepreneurial activity is not provided for in the articles of association.
A public legal entity that has one or more subsidiary public legal entities or economic societies must prepare combined (consolidated) financial statements in addition to its financial statements.
When should financial statements be submitted?
The reporting period for the financial reports of public legal entities is determined in accordance with the periods stipulated in Article 11 of the Law "On Accounting".
Public legal entities after the end of the reporting period:
- annual reports from April 30 of the following year;
- they must submit consolidated financial statements no later than June 30 of the following year.
To whom do public legal entities submit financial statements?
Public legal entities submit annual financial statements and consolidated financial statements:
- to the superior organization to which it is subordinate or;
- a public legal entity that compiles consolidated financial statements;
- to persons defined by law and regulations;
- to the founder in the absence of these.
Consolidated financial statements and annual financial statements of public legal entities created by the relevant executive authority to the joint founder with the auditor's opinion they present.
Public legal entities participating in projects related to the expenditure of the public debt or receiving loans with a state guarantee, receiving subsidies, subsidies, grants or funds from the state budget in connection with the fulfillment of certain powers (with the exception of those specified in Article 12-1.2) shall submit annual financial reports and consolidated financial statements along with the auditor's opinion to the relevant executive authority they present.
Compiling consolidated financial statements (with the exception of those specified in Article 12-1.2), at the same time, whose articles of association provide for the publication of financial statements, and "About accounting" The public legal entities specified in Articles 12-1.7 and 12-1.8 of the law shall submit annual financial statements and consolidated financial statements. together with the auditor's opinion in the press or on their official websites they publish.
When public legal entities publish annual and consolidated (consolidated) financial statements, their subsidiary public legal entities shall publish their financial statements. they don't publish.
Public legal entities to the Tax Code the reports submitted to the tax authorities in accordance with this Law do not replace the financial reports submitted in accordance with the requirements of this Law.
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