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Financial Reporting Framework in the Azerbaijan

The Republic of Azerbaijan Accounting Law (2004) states that IFRSs are adopted in their entirety for use by

  • credit organisations,
  • insurance companies,
  • investment funds,
  • non-state (private) social funds,
  • entities with securities traded on the stock exchange, and
  • commercial organisations exceeding specific thresholds concerning revenue, number and total balance sheet.

In addition, any commercial organisation (other than a very small one) that has one or more subsidiaries must prepare consolidated financial statements in accordance with IFRS.

The Accounting law also states that any modifications to these standards can only be made by the IASB and that such modifications are effective when they are officially adopted by the IASB.

Click for Azerbaijan Accounting Law 2004 (PDF 64k).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.