SOFAZ Supervisory Board holds its meeting
A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on December 25. SOFAZ’s draft budget for 2018 was discussed at the meeting chaired by Prime Minister and Chairman of the Supervisory Board Artur Rasizade.
Considering the Opinion of the Chamber of Accounts of the Republic of Azerbaijan, the Supervisory Board recommended the Fund’s 2018 draft budget, along with major directions to SOFAZ’s investment policy, it’s draft annual operating expenditures, along with the Opinion of the Chamber of Accounts for the approval by the President of the Republic of Azerbaijan.
The Supervisory Board also approved the amendments to Accounting Policy and Chart of Accounts of the Fund in accordance to the transition of the Oil Fund’s International Financial Reporting Standards (IFRS) to a new standard number 9 “Financial Instruments”.