Board of Finance Ministry has approved the Rule on operation of synthetic account on the basis of memorial order form in accordance with the International Financial Reporting Standards (IFRS) and National Accounting Standards.
APA reports that this rule concerns the accounting subjects independent of property type and organizational-legal form, excluding credit organizations, which prepare the financial statements in accordance with IFRS and National Accounting Standards and provides the organizations to operate the synthetic account on the basis of memorial order form.
The accounting subjects operating the account in line with the simplified accounting rules also may have right to use this Rule. The organizations not applying memorial form of synthetic account (manually or automatically) have rights to operate the synthetic account in other forms (magazine-order form or other automatized form). The Executive bodies apply the other forms of operation of synthetic account agreeing with the Ministry of Finance.
The synthetic account on bank operations in the entities is aimed at usage of movement of moneys in the banks and getting accurate information about their residual amount. Existence and movement of moneys in national and foreign currency in the synthetic account of the bank account are registered in accordance with the exchange rate set by the Central Bank of Azerbaijan for the date of operation. The synthetic account in the entities on wages, money provision and payments equal to them is aimed to determine the calculated, paid and residual amount on the payment calculated as equal to them.
Azerbaijan to set new accounting rules on entities
04 February 2016
Read: 1270
Existence and movement of the organizations
-1780923278.jpg&h=190&w=280&zc=1&q=100)
