Glossary of Legal Terms

Establishment, Organisation Is a state body, public association, a trade union, political parties, religious association or another institute, having the status of a corporate body, created and operating in the order, foreseen by the legislation, which general aim does not consist in the gaining of profit

Executive power and administrative bodies Executive power and administrative bodies of Azerbaijan Republic, its cities, regions and constituent administrative-territorial units. All unions, associations, concerns, consortiums and other unions of enterprises whenever they exercise administrative functions (placement of state orders, establishment of limits for material resources etc.) are also regarded as management bodies

Explanations and Recommendations Are methodological instructions elaborated and approved by the relevant executive authority for the interpretation of provisions of the National Accounting Standards

Export of Goods Removal of goods from the territory of the Republic of Azerbaijan, which are considered export goods according to customs legislation

Extra-budgetary operations Revenues outside of the state budget and budget on Nakhchivan Autonomous Republic, expenditures and other financial operations conducted by the relevant bodies of executive authority and budget organizations

Extra-budgetary state funds Following the legislation of Azerbaijan Republic, the extra-budgetary state funds are the purposeful state financial funds those have status of juridical entity and an independent budget outside of state budget

Final agreement Document in writing concluded between the organiser of tender and winner(s) of tender, determining (controlling) rights, obligations and responsibilities of parties with respect to implementation of tender

Financial (accounting) statement Combination of final results; actual and approved results on property, financial status, results of economic activity etc. of enterprises, entities, organisations and other entrepreneur subjects that can be reflected in forms established for users (stockholders, creditors, owners, state bodies etc.)

Financial investments Investments of enterprises, entities, organisations and the entrepreneur subjects in connection with purchase of stocks, bonds and other securities, investments of equity capital of enterprises, provision of loans etc

Fire Uncontrolled burning that results in property damage, presents threats to human health and life, and environment