Baku, November 18, AZERTAC
A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) has been held. The meeting chaired by Artur Rasizadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the SOFAZ’s draft budget for 2016.
The Board approved the Fund's 2016 budget revenues at 6 711 564.1 thousand manats, its expenditures at 8 261 399.7 thousand manats and the Fund's operating expenditures at 24 420.0 thousand manats. The Supervisory Board recommended the Fund's 2016 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures for the approval by the President of the Republic of Azerbaijan.
The Supervisory Board approved a transition of the Oil Fund’s accounting system from International Public Sector Accounting Standards (IPSAS) to International Financial Reporting Standards (IFRS) and SOFAZ’s new Accounting Policy and Chart of Accounts were considered acceptable.