A Study of the Azerbaijan accounting system: an application

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A SrUDV Ü»' ri-IE a2:e rb aî.j a n a c c o u n t i n g s y s t e m

AN APPLICATION

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A THESIS SUBMITTED TO THE FACULTY OF MANAGEMENT AND GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

OF BILKENT UNIVERSITY

IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF

MASTER OF BUSINESS ADMINISTRATION

BY

SERDAR TURHAN

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I Certify that I have read this thesis and in my opinion it IS fully ade?quate, in scope and quality, as a thesis for the degree of haster of Business Administration.

Assistant Professor Dr. Gülnar (1URAT0GLU

I Certify that I have read this thesis and in my opinion it

IS fully ¿adéquates in scope and quality, as a thesis for the de^gree of Master of Business Admi n ist r'at i vOn.

V u —

Assistant Professor Dr. Can Sifl»g¿\ MUGAN

I Certify that I have read this thesis and in my opinion it

is fully adequate, in scope and quality, as a thesis for the degree of Master of Business Administration.

Assistant Professor Serpil SAYIN

App.ovec. to th. ScPoo. ot Bus.oey

J , (l.

A Study of the Azerbaijan Accounting System; An App1ication

by

Serdar Turhan

Supervisor; Ass. Prof. Dr. Can Simqa Mugan

harch 1994

This thesis is a study of the Azerbaijan accounting systems focusing on a factory, Azerelectrosvet, and its accounts as a case study.

First the accounting policies in different countries are

described and then the balance sheet, income statement,

profit distribution and cost accounting of Azerelectrosvet are analysed in detail.

This study may be used by Turkish Investors interested in

Azerbaijan and other Turkic Republic and to help the

Azerbaijan authorities to adopt international accounting

tJ ü: EE T

Azerbaycan Muhasebe Sistemi Üzerine Bir Çalışma

Serdar Turhan

Danışman: Doç. Dr. Can Simga Mugan

Bu tez Azerbaycan muhasebe sistemini Azerelecktrosvet

-fabr ikasının hesaplarını inceleyerek açıklayan bir

talısmadır.

öncelikle uluslararası muhasebe prensipleri tartışılmış daha

sonra Azerelecktrovet'in bilanço, gelir tablosu ve kar

dağıtım tablosu incelenmistir.

Bu çalışma Azerbaycan ve Türk Cumhuriyetleri ile ilgilenen

yatırımcılara veya Azerbaycandaki ilgili kişilere

kendilerini uluslararası sistemlere uydurmaları için

ACKIMO WLEDGEMEN V S

I would like to thank Assistant Professor Can Siinga Mugan

for her supervision, kind interest, patience and

constructive comments throughout the study. I am also

grateful to the examining comittee members for their

contr1 but ions.

I also thank the managers and workers of the Azerelectrosvet

factory for their friendship and effort in gathering the

ABS'i ii;AC T 02ЁТ TABLE DF CONTENTS 1, -iNTRODUCTIDN 2 -ACCQUNTIN6 POL-i.CIES TaMie 1 3 •-■ba l a n c e s h e e t

- COST ACCOUNT (N6 SVb ; li-in Table 3

-INCDriE STATE ME iT'i ar.d PROP I T l>i S I R i BUT iON T a b l e 4

-CONCLUS I ON a n d ti'ECONr-iENOAT i ONS REFERENCES APPENDICES APPEND t X A APPEND I X B 37 ЛО 42

1-INTRODUCTION

Accounting is a source of information for the operation and performance of companies all over the world. We live in a world which is experiencing a rapid globalization process,

and everday people in business meet new cultures and

economic systems.

After the disintegration of the USSR, a new gate opened for Turkey to the new Turkic Republics. However these Republics were past of a socialist system with a centralized economy

for over 70 years. Although the cultures are the same, we

have to get to know the differences between the economic systems in order to be able to work together.

This study analyses the accounting system in Azerbaijan focusing on a state-owned lamp plant, Azerelectrosvet which

is one of only two bulb and lamp factories in all of the

Turkic Republics. The other factory is in Mayli-Say in

Kyrgystan. Azerelectrosvet is near Azizbeyov metro station

on the way to Baku Airport. It has one bulb and seven lamp

production lines and four glass furnaces. About one thousand five hundred employees work in the factory which had a turnover of nearly 65.000.000 roubles in 1992.

First, the policies of the accounting system in the

Azerbaijan Republic are described in the light of

international accounting policies. As examples other

countries like Canada, due the United States, Turkey, France and Germany are reviewed in Table 1.

Due to ease of access to data, Azerelectrosvet documents

from 1992 are used to analyse the balance sheet, income

table and profit distribution and cost accounting. Each

2-ACC0UIMTIN6 POLICIES

There are no unique rules applied all over the world regarding how the results of the operation of a company are written. Although as a science Accounting is based on some

certain policies and methods, it differs from country to

country in application. The Azerbaijan accounting system is

very similar to international accounting systems in

structure. They prepare the balance sheet on quarters and the income statement at the end of the year. In addition as we will see in the following parts of the thesis there are

many similar accounts and items to the international

accounting system as regards the Balance Sheet and Income Statement.

However,if we look at the Azerbaijan accounting system as a whole, we can see that the main aim is the inspection by the

state of state—owned companies. This is in contrast to

liberal economies where the main aim of accounting is to give information about the operation of a company to the public. In addition, because of the state-owned centralized

economy there is no securities market or financial

management o-F cash there is no use -For a cash -Plow statement

in the real manner. Cash operations are set under

government control in the government banks. Also, as we may see in the balance sheet and income statement there are no notes to -Financial statements.

Firstly we will analyse the accounting policies of the Azerbaijan accounting system since one who understands accounting policies of a country can more effectively

interpret the financial statements of that country. Here,

policies of marketable securities, bad debt inventories and valuation, cost flow assumption, fixed assets and valuation,

dépréciât ion, research and development, deferred tax

policies are analysed in the order: from the most liquid to the least liquid.

2.1-Bad Debts : this is similar to the direct write-off

method i.e. the accounts that are uncollected are passed

directly to the Finance Ministry by each company at the end

of the year. The Ministry collects these accounts itself

from the debtors throughout the country. This prevents the companies from spending too much time in collecting bad

debts and is one of the advantages of a centralized

2.2- Inventories: since there is no market economy, the lower

of cost or market rule is not applied i.e. the inventories

are always shown at cost. If there are some amounts left

over to the following year the price is multiplied by a revaluation factor which is announced every year by the

government for different classes of goods. The cost-flow

method is first-in, first-out.

2.3- Fixed Assets : for valuation we can say the revalued

amount less depreciation. But here the revalued amount is

usually set by the government. Each year the government

announces the multiplication factors for the revaluation. These factors are set in detail for each type of asset for

different industries. For example, there are different

multipliers announced for buildings, lands, oil industry

machinery, lightning industry machinery, farm industry

machinery, transport vehicles etc. The method of

depreciation is straight line.

2.4- Research and Development: during the USSR period, at the end of each year a certain number of funds were passed to the State, and were then used by the Central Research and

Development Institute. After disintegration they have not

countinued with Research and Development so there is no

such account. At the present time companies are trying to get know-how ■from international companies by establishing joint ventures. They also give special premiums to employees

who make improvements in production by his/her original

1deas.

2.5- Deferred Taxes :as in the Turkish accounting system, book-tax conformity is required so deferred tax accounting is not an issue.

2.6- Corporate Acquisitions and Amortisation of Goodwill :

since the government designs the unions of companies

(Kolhoz) there is no corporate acquisition in the real

manner. The balance sheet of each company is written

separately for unions of companies and the balance sheets of these companies are added in each of the equal items.

Table 1 presents the accounting policies of the Turkish and

Azerbaijan accounting systems and those of countries like

United States, Canada, France, Germany. By the help of this table we can compare policies of the Azerbaijan system with the accounting systems of the other countries.

in the Azerbaijan system since there is no -financial market. But very similar to the other systems we can see 1 that the

Azerbaijan system uses the FIFO method for cost-flow

assumption; acquisition cost less depreciation for fixed

assets valuation; and the straight line method for

dépréciât ion.

As a policy for bad debt accounts the Azerbaijan system applies a similar method to direct write off, whereas all other systems apply the allowance method.

Another difference of the Azerbaijan system systems is it shows the inventories at cost instead of showing lower of cost or market.

In addition, research and development costs and deferred tax

accounting are not issues for the Azerbaijan accounting

t a b l e 1. A C C O U N T I N S P O L I C I E S i n D I F F E R E N T C O U N T R I E S . U n i t e d S t a t e s C a n a d a F r a n с e G e r m a n y T u r k e y _{A c e r b a i jar.} M a r k e t a b l e S e c u r it i e s ( c u r r e n t a s s e t ) L o w e r o-F c o s t o r m a r k e t L o w e r o-F c o s t o r m a r k e t L o w e r o-F o r c o s t m a r k e t L o w e r o f c o s t o r m a r k e t L o w e r o f c o s t o r n.ar k e t о t a V' a 1 1 a } e B a d D e b t s A l l o w a n c e m e t ^iod A 1 l o w a n c e m e t h o d A 1 l o w a n c e m e t h o d A l l o w a n c e m e t h o d f o r i d e n t i f i a b l e u n c o l l e c t i b l e a c c o u n t s A l l o w a n e e m e t h o d D i r e c t w r i t e o f f n e t h o c I n v e n t o r i e s - V a 1 u a t i o n L o w e r o-F c o s t o r m a r k e t L o w e r o t c o s t o r m a r k e t L o w e r o f c o s t o r m a r k e t L o w e r o f c o s t o r marl·-et L o w e r o f c o s t o r m a r k e t nt c o s t — C o s t F 1 o w AssLifTipt i o n F I F O , L I F O a v e r a g e F I F O , a v e r a g e F I F O , a v e r a g e A v ' e r a Q e (u.n 1 e s s p h y s i c a l f l o w 15 F I F O o r lI F O F I F O , a v a r a q e F I F O F i i i e d A s s e t s - Va. 1 u a t i o n A c Q L i i s i t i o n c o s t l e s s d e p r e c i a t i o n A c q u i s i 11 o n c o s t ] e s s d e p r e c i a t i o n A c q u i s i t i o n c o s t l e s s d e p r e c i a t i o n A c q u1 S I t i o n c o s t l e s s d e p r e c l a t i o n Acqu.i si t o n c o s t l e s s d e p r e c i a t i o n A c c u 1 S 3 t i o n C O S T l e s s d e pr-ec 1 a t 1 o n < F e va. ] u a t i o n f a c t o 3 = u s e d ) — D e p r e c i a t i o n S t r a i g h t - 1 i n e , d e c l i n i n g b a l ­ a n c e , s u m o F -S t r a i g h t - 1 i n e a c c e l e r a t e d S t r a i g h t 1 i ne, a c c e l e r a t e d S t r a i q h t - l i n e , a c c e l e r a t e d S t r a i g h t l i n e a c c e l e r a t e d F t r a 1 q h t 1 i n e t h e - y e « ^ r s ~ d i q i t s

- U n i t e d b t a t e s C a n a d a F r a n с e Ger'fT.any T u r k e y f z e r b a i ja n R e s e a r c h a n d D e v e l o p m e n t E x p e n s e d w n e n i ncLir r e d E x p e n s e d w h e n i i n c u r r e d E x p e n s e d w h e n i n c u r r e d E x p e n s e d w h e n i n c u r r e d E > ; p e n s e d w h e n i n c u r r e d N o t a v a i l a b l e L e a s e s G p e r a t i n g a n d c a p i t a l l e a s e m e t n o d s O p e r a t i n g a n d c a p i t a l l e a s e m e t h o d s O p e r a t 3 n g l e a s e m e t h o d s O p e r a t i n q l e a s e m e t h o d O p e r a t i n g l e a s t m e t h o d s N a t avr^ii a. b 1 E-D e - F e r r e d T a ; ; e s D e * F e r r e d t a x a c c o u n t 1 n q r e q u1 r e d D e t e r r e d t a x a c c o u n t i n q r e q u1 r e d B o o k / t a x c o n t or m 1 1 y q e n e r a 1 1 y г‘ e q u 1 r e d B o o k / t a x c o n t o r m i t y q e n e r· a 1 i y r e q u i r e d s o d e ­ t e r r e d t a x a c ­ c o u n t i n g n o t ¿sn 3 s s u e B o o k / t a x c o n t o r m i t v g e n e r a l i y ·- e q u i r e d b e c k - t a x r e q u i r' e a . t a x a c e c u a n 1 :· u . n t i n q ’Xr-T i n v e s t m e n t s : n b e e u r" i t i e s : C) - 2 0 7. L o vv; e r o r c c s t o r m a r k e t C o s t ( u n i e s s p r i c e d e c 1 i n e s c o n s i d é r é e : p e r ­ m a n e n t ) L o w e r o-r c o s t o r m a r k e r C o s t ( u n l e s s p r i c e d e c 1 i n e s c o n s i G e r €·^ d p t? r - m a n e n t ) L o w e r o f c o s t o x m a r k e t * c;» 2 C* J i.a h : a 2 0 2 - 5 0 / . E q u i t y m e t f ^ o c E q u i t y m e t h o d E q L ··1 1 у .Ti c-l·t .'I c d C o s t V u n 1 e s E L o w e r o f . . : ; L_ ·-* V c- j i - j.._ (bf G c<t_E f

iHharj 50/i Consoli cat r e q u i r e d

C o n s o l i c a t i o n g e n e r a l l y r a q u i r e d Coi'iSG 1 i d a t i o n e q u1 r e d p r I C G dec i 3 nc: s cons 1 ÍL?Ü p e г m a r i e n t ) C o n s o l 3 da.t i e n r e q u i r e d mar- к e t L'Ofisci i G a t i o n I S r e q u i r e d for p u b l i c c o m p a r . 1Ç

‘ii tea Set es Uc< Tirt de F ranee _{b e r .TiA n y} T u r k e y нг e r Da i j ¿\n A c q u i s i-t i o n s : A c c c u r b t i i n g M e t h o d Pi».reha.se a n c P o o l i n g O r i n t e r e s t s fiiet h o d P u r c h a s e P u r c h a s e m e t h o d tp o o l i n g m e t h o d per-fTiitted o n l y wTien a c q u i r e r c a n n o t be· 1 n d e n t i r 1 G G ) Piir c h a s e method P u r c b a s e m e t h o c herciet b': covernmeni a' k.c:hnr -Frii A m o r t 2 r a t i o n Or bOGOv4<iil A m o r t i c a t с л е г maj-iifnu.m i o n o r 4 0 y e a r s A m o r t i c e d o v e r a i a n i m u m o t 4 0 y e a r s A m o r t i r a t i o n r e q u1 r e c A m c r t i z c a o v e r p e r - I C C o ~ , A t c l o y e a r s A m o r t i r e d o v e r p e r i c Q o ~ 5 yeirs у К о ] ho z IS G K p i a l n e d _{in secTior ? a Q e}

3-BALANCE SHEET

The balance sheet is prepared in quarters in the Azerbaijan accounting system. The left hand side, which is called the active side, shows the forms and resources which the company has used. The right hand side, which is called the passive

side, shows the sources of the funds that are invested in

the assets. In the Azerelectrosvet balance sheet, we see

that accounts are grouped in this order: (See Table 2);

Active :

i -) Fixed assets and investments: as we may see in

Table 2 this main account groups tangible fixed assets,

intangible fixed assets, new investments, new machinery

financial fixed assets, founders special account and usage of the some part of profit accounts.

ii-) Stocks and Costs: raw materials, semifinished and

intermediate products, cost for the goods in stock,

remounting and revision costs, finished products and

commodities account are shown under this main account.

iii-) Current Assets; this main account is composed of

cash, banks, foreign currencies, bad debt, advances,

receivable to the State Budget account.

Passive:

i -) Equity and Special Funds: capital, debts for new

investments, debts to special funds, debts to spare fund

account and depreciation accounts form this main account.

li-) Credits and Other Debts: this main account groups

short, medium and long term credits.

iii-) Other Passives; debts to other state companies, advances from other state companies, debts to state budget,

debts to other funds, debts to trade unions, debts to

personnel salaries, debts to personnel credit accounts form this main account.

Here, we can say that in th Azerbaijan accounting system

accounts are shown as starting from the least liquid to the most liquid.

Now we will describe the accounts in the Azerelectrosvet balance slieet according to the structure o-f the Turkish accounting system.

ftCTÎVË

3.l~"Tanqible Fixed Assets".

This account has (01) number in the Aserbaijan accounting

system This includes land and plots, buildings, machinery,

equipment, vehicles, •Furnishing etc.

3.2- "The Intangible Fixed Assets" account is numbered

(04). In this account patents, copyrights, search

permissions are shown. Since they don’t have research and

development now, they don't have such an expenditure. But

they are trying to buy know-how -From the other international companies to catch the internatlonal quality standards.

Intangible fixed assets are amortised according to their deadlines in straight line method.

3.3- (33,35,61) numbered accounts can be defined as "New

Investments" accounts. These accounts are used for new

machinery, construction or personnel housing investments.

New Investments (33,3 5,61 )

о

a

Debt tor New Investments(93,94)

3.4- Number (07) acco

purchased but not uti

3.5- "Financia1 Fixed

system this account debentures, bills and

State сотрапхёз can

1

contracts under the p assets are calculated the government for reva

3.6-"The Usage of numbered as (81). The account.

This is a fund accfo

together how much dd

fund.

.mt is used for the new machineries l-ised yet.

Assets":(55,88) In the Azerbaijan

is constituted by state companies bonds.

buy each other's bonds by designing armission of the government. Here the by multiplication factors announced by aluation.

---о ---Financial Fixed Assetls (55,58)

Debts to Other State Companies(95) --- о

---Efome Part of the Profit" account is

Turkish system does not have such an

unt. The Director and union decide spend and on which areas from this

The operation of this account is done in two ways;

1-) There is a profit and payments should be made to number (68) or (87,88,96) accounts. (See item 3.23) e.q payment of 50.000 roubles of tax to State Budget.

Ihroughout the Year

--- о ---(81-1) Usage of some part

of the profit 50.000.“

(68-P) Debts to State Budget

50.000.--- о 50.000.-

---for the Payment

--- о ---(68-P)Debts to State Budget

50.000.-(50) Cash

50.000.--- Q

---The same porcedures are done for numbers (87),(88),(96),

i.e. each time account (81) is debited and (87), (88) or

(96) is credited.

At the end of the year account (81) (Usage of some part of profit) IS closed to account (80).

11“ ) Payment are made before the profit occurs. (This is not used often) e.g. payment of 50.000. roubles as a premium to the workers during the period.

<88-A) Special Fund 50.000.-(50) Cash о 50.000.-(80) Pro-fit

a-fter profit is determined in (80)

--- о

50.000.- --- о

(88—P) Special Fund

50.000.-(88-P) Spec ial Fund

50.000.-(88-P) Special Fund

50.000.-(88-A) : 88 Active side account (88-P) : 88 Passive side account (68-P) : 68 Passive side account

3.7-‘‘The Founders Special Account" is number (75). The

iurkish system does not have this account. This is a fund

account only used for shareholders. If they want to leave

the company their capital shares are paid from this account.

The invested capital is evaluated each year by

multiplication with the factor that is announced by the

government.

3.8- Raw Materials ;(05,06,08,12) numbered accounts are raw material accounts.

3.9- (03,20,21,23,27,30) numbered accounts are shown together and include both "Semi-Finished Products" and "Intermediate Products".

3.10- (44) numbered account is used more in trade companies.

It shows promotion, transport and stock expenditures in

market i ng.

3.11- (31) numbered account collects all "Remounting and

Revision Costs for production. All of these expenditures are incurred during the year by adding to the cost of goods manufactured.

3.12- Number (40) account shows the "Finished Products". In This subaccount; on the left side the real costs from cost accounting and right side the selling prices of the product used.

3.13- Account (41) is the "Commodities " account. The goods that are bought not for production but only for trade are shown in this account.

3.14- The "Cash" account is number (50).

3.15- The "Banks" account is number (51).

3.16- (52) numbered account is used Tor foreign currencies in the Bank. The bank evaluates the foreign currency according to the rate announced everyday by the government.

3.17- (54,55) numbered accounts can be defined as "Other Accounts in Banks". This account is for the accounts in foreign countries, accreditiffs etc.

3.la-Number (56) is "Other Ready Assets". In the Azerbaijan system this is usually for debenture, bills and bonds of state companies.

3.19-The "Short-term Receivables" account is number (58).

3» /6) nurtibek& are "iah Ddbl" dtthuntii. 8lnce there

is no usage of cash instruments in the Azerbaijan economy,

after the contract, a date is defined for payment to the

bank. Whether this payment is done on due or not is shown in

the "Bad Debt" account· It at the end of the year it is still not paid, company intorms this account to the Ministry

of Finance and the ministry collects the account itself.

Number (45) is selling ready products; (62) is lending

money; (76) is services.

3.21-Number (59) is again a kind of "Bad Debt" account like

item 19 , but this account includes only sold debentures,

bills and bonds.

3.22-Number (61) is a kind of Bad Debt account for "Order

and Service Advances". If the company can not get the order

or service against the advance it paid, then this amount is

added to the "Bad Debts" account and sent to the Ministry of Finance.

Order and Service Advances (61)

Advances from the Other State Companies (61)

3.23-Number (68) shows the "Receivable from the State

Budget".

o Receivable from the State Budget(68)

Debts to State Budget(68)

3.24- Number (73) is the "Advances to Personnel" account.

3.25- (87,as,96) numbered accounts are for extra cash which

is not spent and left for funds : personnel premiums,

profit which IS not used in other funds, social housing.

(96) account is an incentive account which is supported by

the government for important sectors.

Special funds Account (87,88,96)

o

Debts to Special Funds Account (87,88,96)

PASSIVE

3.26- Number (85) is for "Capital".

3.27- Number (02) is for "Depreciation".

Starting from 1993 the depreciation fund will be decreased from fixed assets and will not be written on the active side.

3.28- (93,94) numbered accounts can be named as "Debt for New Investments". Debts taken for new investments from the other State Companies or from the Central State Companies are shown in this account.

3.29- Number (76) is for the debts to Energy Enterprises;

electricity, natural gas, hot water, water and debts for transportation.

3.30- (87,88,96) numbered accounts placed this time on the passive side for the debts to same numbered fund accounts on the active side. They are named as funds for unused profit,

social housing and government incentives for important

sectors.

3.31- Number (89) can be called the "Debts to Spare Found Account". This fund account is for the eKtra payments in the next period which may arise out of the program for new raw materials, machinery or investments.

3.32-Number (83) is the "Inventory Shrinkage" account. The

losses in inventory due to theft, evaporation, miscounting

3.33- ^4umber (42) is the "Debts to State Commercial Enterprises“. For commercial buying and selling processes tlie company has to pay a certain amount or duty to the State Commercial Enterprises.

3.34- Number (80) is for the "Income Before Tales'' account. This account is the summation of number (40) the "Product" account and (41) the "Commodities" account side by side.

3.35- 090,91,92) numbered accounts are for the credits taken from banks as short, medium and long terms.

3.36- Number (95) shows "Debts to other State Companies" for the aquisition of their debentures, bills and bonds.

3.37- Number (60) shows the "Debts to other State Companies" for their materials and services.

3.38- Number (61) is for the "Advances taken from the other

State Companies".

3.39-Number(68) account is for the "Debts to State Budget".

These are the ta>; debts to the State; i.e income, export,

import, public taxes the which are mentioned in part 5-7

3.40-Number (69) account is for the "Debts to Social Security and Trade Union".Azerelectrosvet pays 35 percent of the wages to social security, 17. of the wages to the trade

union. When employees are pensioned off, social security

pays the pension and the lumpsum. If the director accepts

they may qo on to work even in the same company. The trade

union is responsible for the rights of employees. When

employees are ill wages are paid by the trade union in the

following percentages; up to 3 years of work period 50

percent, between 3-5 years of work period 60 percent, between 5-8 years of work period 80 percent, after 8 years 100 percent.

3.41- Number (70) is for the "Debts to Personnel Salaries".

3.42- Number (97) shows the loans taken from government for

extending credits to personnel but has not been transferred to the personnel yet.

Table 2. AZERELECTROSVET Roubles BALANCE SHEET X 1000 Active Row Code 1991 1992 1 O4^ 3 4

1. Fixed Assets and Investments

Tangible Fixed Assets (01) OiO 27334 27984

Intangible Fixed Assets (04) 020 -

-New Investments (33,35,61) 030 987 1103

New Machinery (07) 035 -

-Financial Fixed Assets (55,58) 040 - 2287

Usage o-F Some Part of the Profit (81)050 3031 15763

Founders Special Account (/5) 065 -

-Losses (80) 080 -

-Sum of the First Part 0S*0 31352 47137

2. Stocks and Costs

Raw Materials (05,06,08,12) 100 619 12926

Semifinished and Intermediate 110 420 1941

Products (0 3, 20,21,23·, 29, 30)

Cost tor the goods in Stacks (44) 12C

Remounting and Revision Costs (31) 130

Firushed Products (40)

Commodities (41)

Other Funds

Sum of-' Part 2 3.Current Assets

Cash (50)

Banks (51)

Foreign Currencies (52)

Other Accounts in Banks (54,55)

Bad Debt (45,62,76)

Bad Debt -For Bills,

Debentures and Bonds (59)

Order and Service Advances (61)

Receivable -from the State Budget (68) 325

Others Advances to Personnel(73) 120 — — 130 299 350 140 117 35061 150 165 -160 - -170 1620 50278 200 242 3 210 668 3100 220 - -230 75 -300 3987 88055 310 - -320 1110 1402 325 - 513 330 873 31327 340 6 1

Special Funds (87,88,96) 350

Other Actives 360 5831 6714

Sum oF Part 3 370 12792 131115

Total Actives 390 45764 228530

Passive

Row

Code 1991 1992

1 2 3 4

1. Equity and Special Funds

Capital (85) 400 12378 14237

Depreciation (02) 410 18282 18192

Depreciation For short-lived assets (13)

420 234 254

Debt for new InveBiments (93,94) 430 -

-Debts to Special Funds (87,88,96) 450 1836 4562

Debts to Spare Fund Account (89) 460 25 86

Income BeFore Taxes (80) 510 3523 13871

Sum oF the Part 1 520 37170 52973

2.Credits and Other Debts

Short-term Credits (90) 600 - 450

Long Term Credits (92) 610 5000 7561

Sum oF the Part 2 650 5000 8011

3.Other Passives

Debts to Other State Companies (60) 700 2639 119413

Advances From Other State Companies (61)

720 -

Passive

Row

Code 1991 1992

1 3 4

Debts to Other Funds (6>5) 735 133

-Debts to Trade Union (69) 790 30 3104

Debts to Personnel salaries (70) 750 594 6345

Other Debts (97) 760 186 26868

Debts to Personnel Credits 765 6

-Other Passives 770 5 4116

Sum of Part 3 780 3594 167546

Total Passives 800 45764 228530

4-COST ACCOUNTING SYS(EM

Here we will anelyse the cost accounting before the income

statement of Azerelectrosvet because the expenditures in

cost accounting calculations will be used in part 5—3 as cost of sales in calculating the profit of Azerelectrosvet. The Azerelectrosvet cost-flow chart is drawn in Table 3. In

the chart the m a m costs are taken as raw material, social

insurance, direct workers wages and energy expenditures.

Acquisitions of semi-finished materials, administrative

expenses, remounting and maintenance, general productions, commodities costs come after the main costs. Also we have to

notice that in the chart inventories go to the beginning

balance of the basic production account.

In Azerelectrosvet, planned cost accounting is prepared at the beginning of each year and actual costs are evaluated monthly. The variance between them goes to beginning balance of finished products account if it is positive and to ending balance of finished products account if it is negative. (See Table 3).

The items used in cost accounting in Azerelectrosvet are as below. The expenditures after direct workers wages are calculated as the percentage of direct workers wages in planned cost accounting.

4.1- RAW MATERIALS ;raw materials are direct raw materials.

Azereiectrosvet uses silisium, platinit, dolamit, volfram

and luminacence as raw materials.

4.2- ACOUISITIONS QF SEMI-FINISHED MATERIALS to be used in the production. Azerelectrosvet uses starters and flamans as semi-finished materials.

4.3- ENER6Y EXPENDITURES: natural gas, electricity, water,

hot water.

4.4- DIRECT WORKERS WAGES; these are calculated on an accrued basis.

4.5- INDIRECT LABOR COST: for holidays, birth periods, exam

periods of students etc. In planning it is calculated as 87. of item 4.4.

4.6-SOCIAL SECURITY FUND: in planning it is calculated as

4. 7—FLiWl) FOR IhM lORAN I PEOPL.b.: Fr otn the war in 0a(^ 11 k Karabag. In planning it is calculated as 1/i of item 4.4,

4.8- UIMtMPL.0YMEN1 FUND: in planning it is calculated as 2>: of item 4.4.

4.9- GENERAL PRODUCTION COSTS; this item is constituted by: payments to official employees related with production,

payment to services, rent payments. In planning it is

calculated as 114X of item 4.4.

4.10- REMOUNTING and MAINTENANCE of FIXED ASSETS: in planning 687. of item 4.4 is calculated. Depreciation is also included

in this item.

4.11- ADMINISTRATIVE EXPENSES rpayments to administrative employees, communication expenses, maintenance of management building etc. The adaition of all above tixpenses constitute the total cost for a production period.

By dividing the sum of the above items by the number of the units that they have manufactured in that period, they find the cost of one unit of good produced.

I a IJ J » .■· .

(-i Z ti R i\ L If. C I IV til W V If I l: Cl ij I i'\ C C U U N I II IvI ij 1·· L U W C II IV T

Ovj Raw n a V t i r i a J 06V Social IItj u r a ric:c 2 S c u i 1 1. ion tJ1· St.'iTi1-r in iiiihed hator ia 1r;, /0 D i r e c t W o I -1t.·»' ·.?. WagtiSi hiit) i fin i nq £•¿11 ¿xwcci: 7 ti liinurqy £; ;p ti n di turi.'SJ Lndinq b a J. ¿^nctj: ■¡1 RoiiKJunt i nq arid M a i n t a n i i n c w 2 Ci (3 fill- r' v'l I P r Q d u c t i a n COiit 1 /:> l · ) dMl i n i i ' j t. r" ¿A I i V o if;q)t-*nViOl:;» !9 Commod 11 i oii Rfcivtinuoe* B a l a n c e l.a i'l/c; VV 40 F i n 11; he d P r o d u c t s B e q1n n1nq

Ba1anee; To h / C 4ti,

Ending B a l a n c e 20 B a s i c P r o d u c t i o n B e q i n n i n q Ba i ¿1 nc e P l a n n e d c o s t A c t u a l c o s t

5-INCOME STATEMENI and PROFIT DISTRIBUTION

In the Azerbaijan accounting system the structure o-f income statement is very similar to the Turkish system. But since

the companies are owned by the State, there are some

differences in tlie Taxing and Profit Distribution. By

following the procedure step by step these differences will be examined. It should be noticed that there is no marketing

expenditure, and financial expenditure is placed just

before profit distribution.

(010)5.1-GROSS SALES

5.2-DISCOUNTS FROM SALES. Since there is no free-market

economy yet this item is not usually used.

(040)5.3-COST OF SALES. This is the sum of all expenditures in part 4 in Cost Accounting.

(050)5.4-GRDSS SALES PROFIT or LOSS.

(0 7 0)5.5-REVENUES and PROFITS FROM OTHER OPERATIONS.

Revenues from bills, debentures, bonds and rents are shown

in this item.

5.7-PAYMENT to the STATE BUD6ET.

A . (300) Building and Land Tax. This is between 10-30

percent, it changes according to the type of building and the value of land.

B . (310) Income Tax. The percentage differs according to the

revenue and type of business; between 20-30 percent of revenue.

C . (330) Spare of Labor Work Tax. This is not used any more.

Before it was 300 Roubles for each employee.

D . (350) Public Tax. Tax collected for infrastructures of the Republic. It is 15 percent of revenue.

E . (360) Export Tax. It is 15 percent of export done by the

company.

F . (365) Import Tax. It is 15 percent of import done by the

company.

(080)5.6-PFi0FlT or LOSS of the PERIOD.

H . (380) Tax of Being Single. This will not be used starting

from 1993.

5.9- PAYMENT +for BANK INTEREST CHARGES and PENALTIES. t FINANCIAL EXPENDITURES 1

5.10- PROFIT DISTRIBUTION: since the company is owned by the State, the management oP the company decides the amount of profit to be distributed to the following funds:

A . (210)Spare Fund. This fund is to be used for any accident

or illness of the personnel or any disaster stopping the operation of the company.

B . (220) Improvement of the Production Fund. This fund is to

be used for anything to improve production e.g. buying know­ how, new technology etc.

C . (230) Social Necessity Fund. This fund is used as extra

cast» on top of the trade union support for the families of employees who are disabled or killed by accidents, or who went to the war in Karabag.

5.8HMET PRÜF I I or LOSS OF THE PERIÜÜ.

D . (240) Rewarding Fund oF Personnel. This Fund is used to

pay premiums to the personnel For their eFForts or ideas

improving production.

E . (250) Social Fund. This Fund is used For any aim bringing

together the employees e.g. sport, holiday organizations.

F . (260) Fund For Other Aims.

G . (270) Rent Payment Fund. This is used For the rent

payments oF the company.

Table 4.

AZERELEC TROSVt'T INCOME STATEMENT x 1000 Roubles

Row

Code Profit Loss

1 2 3 4

Gross Sales 010 51733

-Cost of Sales 040 - 63200

Gross Sales Pro-fit or Loss 050 - 13022

Revenues and Profits From Other Operations.

070 4458 22

Totals 080 56191 63222

Profit or Loss of the Period 090 - 7031

2. Profit Distribution

Explanations

Row

Code End of Year

1 3

Payment to State Budget 200 1774

Spare Fund 210 12

Improvement of the Production Fund

220 112

Social Improvement Fund 230 1101

Rewording Fund oF Personnei 2·!40 1411

Charities Fund 250 757

Fund For Other Aims 260 11

Rent Payment 270 777

3.PAYMENT ÏÜ STATE BUD6ET

Row

Education, Sport, Personnel Housing, Social Needs etc.

Required Paid

Explanat ions Code Amount Amount

1 O 3 4 Rent 300 - -Income Tax 310 994 -Public Tax 350 1324 906 c> 7 0 697 688 390 782 449

Expensed Funds For Health, 530 345

6-CONCLUSION and RECOMMENDATIONS

In this study first we considered the policies of the Azerbaijan

accountinc) system. Then we analysed the balance sheet, cost

accounting system and income statement of the Azerelectrosvet

company.

Nhen we look at the complete analysis it can be said that the

Azerbaijan accounting system is very similar to the Turkish and internetional accounting systems in structure. But since the whole

economy is handled by the government the main aim is the

inspection of companies by the government. However, the

international accounting system aims to give information about the

operation of entities to the public. The accounting staff in

Azerelectrosvet were so used to inspection by the government that they hardly understood our interest as foreigners in the balance sheet of Azerelectrosvet.

In Azerbaijan, because of inflation, the government announces

multiplication factors once a year for the revaluation of assets. Since the inflation rate in the last two years has increased very

rapidly, nearly 400-500 percent, after a couple of mounths it

becomes impossible to use these multiplication factors. So

cotnpanies nave serious problems in their operation. A similar problem arises in the announcement ot the -Foreign currency rates by the government, e.g. in some periods the difference between the government rate and the blackmarket rate leads companies to heavy losses.

Azerbaijan does not have a liberal banking system, financial

market or· instruments. Banking transactions are made between the companies by the State Banks under the control of the State. So, as we saw in tlie Balance Sheet there are no cash instruments used. For these reasons there is no purpose for a cash-flow statement in the system. Banking transactions are done in State banks under­ state control. But we have to also say that as an advantage of

this situation they have no problem in collecting taxes and bad

debts.

In conclusion, we can say almost all differences between the

Azerbai jan at'rutini Ihg syiittam and 1 ni. er nat idual atcnuid: ing syistem

arise because of the centralised economy of the Azerbaijan Republic. In this study we tried to state these differences and

give information about the Azerbaijan accounting system. This may

help foreign investors interested in the Azerbaijan Republic, or

assist the Azerbaijan Authorities in joining in the world of

liberal economies.

1) Clyde, P.Stickney and Weil, Roman and Davidson Sidm-y.

1991 "Financial Accounting", Harcourt Brace Jovanowich

College Publishers, U.S.A

2) 6uenter üoll and Kuno Radke, "Abrechnung der Kosten der

Production and des Absatzes in Sowjetishen

Industribetrleben", (Calculating the costs oF production and Sales in Soviet. Industrial Enterprices) . Statistishe Praxis,

1974/Ö ,p-p 231-5, and 1974/6, p.p .302-3.

R E F E R E N C E S

Азорб;1]чап Республикасы Мали]];) 11азирли]и ио Д и в л п С га гпс гмка Комитаси 1 4)1/0 1 1^1 1 1 , 4 0 1 1 ]9У2-чп плда иллпк [юсчюаг учум тослт’ одилмпшдир. МУЭССИСЭИИИ БАЛАНСЫ 1 „•99 3 МулССИСО (Г)П]),Ч11К) ((¡)л:ит]|лг ıı^a¡iγ)_ ил I №-ли форм^; 'Гп[)11Х (пл, а]) Тоглрруфаты идароегма оргап1>! в л ч у г.аЬпдп: мин ])убл. ^<33..^^/^г/.х-гми у::г· . ______ ____________ ХТСТ у:·.!).) _____________ Д11011С у.чро ... ... Н М К О Д Л Л Р Ресиуб. К Ч - Ш1 11 «Улдуз» ЕИМ снф. <165, тир. 44000

Л К Т П І І 1 ... I. о с /с r/ОСЛІі ТЛОі> во !0JУJ1УШЛΛP Ог:і(’ ijj.'.'iii г.'мр (01). ГсІріі лі:і ;і;; і .¡и, і .¡) (01) І'С'іііі'.і·! 1 гѵ'і>муі!!у I·.' :іг;і!і.'.i.'ip (00, ОГ), 01) Л Г> Ί ·■.>·): I I : і м 1^ I (' · 7 ) Узуимуддотли M n ’iiiji·.) rojv.'iyiiiy (."ЗГ;, 58) Mj!i(t);/:¡д »іі )!Ciíií¡):i;!i (,!|) M m іиракчіллмрла 1)».ч:аС)л:іыма;іар (7ö) О мл ак а κ<·)|κ» 1ΐ'.·ι\ι.'».'¡аіималар (70) Оа|)ѵ)рлар (00) I Ьолмапии іЧ'куну II. LhlkUAUlAP ВО МОСРОФЛЭР Исі(.'1іс:іл еІі ги].а глары (05, 00, 08, 12) lili гм JMIII1.I іісіс'Іісал (03, 20, 21, 20, 29, 30) М а л г.'иіыі I . D I . I ааданул харчлари (·1·1) Калачак д-іиі^уіі х .рч.иріі (31) Ьааі.ір м alı су л (10) 0^1х;ала|) (11) С а й р olıjııjaIлар na масра(|)Л.)р I I í i o ’iMaiiiiii .)С‘куі іу II балмадаи ¡олда олап а м т а а л а р па elirnjaiviap III. ПУЛ ВОСАИТЛЭРИ, ЫХАБЛАШМАЛАР ВО с а й р АКТИВЛЭР Касса (50) Ь ос аб л а ш м д liccauu (51) Баліута Ііссабы (52) Баіікда caiip Ііесаблар (51, 55) Саіір пул ıi^icaıн'лapπ (50) Гілса муддатли м ал иЦ а го]улушлары (58) Б о р ч Бэсаитлариіідаіі іістифада олуимасы (82) Дсбигорларла Іюсаблашмалар: мал ва хпдмаглара кора (45, 62, 76) а л ь ш м ы ш вакссллорэ кѳрэ (59) варіілмпііі аваііслар узро (61) будча ила (68) у сайр ІЗаіікдаіі алыішыш суда]а корэ ишчіиюрлэ Ііссаблашма (73) Могсэдли малпііолопімо во хусуси ([юидларла одоішомиш харчлор (87, 88, %) Сайр ПитИ1)Л;)1) III Ііолмошш jcKyiiy Б А Л А Н С C;) i |) коду Γ ' Ί — ^ — l^iiyüug^ 1ІліпУсрі^Лі г/) /2 1 010 ! 02ü '1 . . 1 о:зо ..т .. 4 ц т 040 0.50 000 065 070 080 090 100 ПО 120 130 140 150 160 170 171 200 210 220 230 240 250 270 300 310 320 325 330 340 350 M f

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