Fundamentals of national accounting standards based on international accounting standards

Abstract

 The main accounting neutral in Azerbaijan had to fulfill the wishes of managers, statisticians and tax consultants. The transition to a market economy required the adoption of new accounting concepts and principles to suit economic needs. More precisely, the accounting classification received strong support. Traditional historical cost concepts did not describe property, plant and equipment, and there were allowances for valuing doubtful accounts receivable or obsolete inventory. It is now controlled by banks or the show's shareholders. The Unified Chart of Accounts 
was adopted for centralized management of the accounting system. The main function of accounting was to record the actual data needed to measure the achievements of the plan. To adapt the accounting framework to an international interpretation based on the standards and aspirations of a market economy, the Uniform Chart of Accounts was reintroduced. Based on these ideas, new concepts were introduced and the Accounting Act was passed in 1995. The office system is regulated by the administration to clarify the data so that it is specified how it should be prepared, how it should be produced and to whom it should be delivered. In 2004, the Accounting Law, approved by government decree, also had authoritative meaning foraccounting