Notes on accounting policy and financial report

For the year completed on December 31, 2011.

1)        About Eko –Alem public union

 

Eko –Alem public union was founded on May 06, 2006 by Sevil Yuzbasheva Ismail, Eldar Jabrailov Kamal and Irada Kerimova Ismail. Registration N: 1106-Q11-2111.

Legal address of the union: Binagadi district, 9th microdistrict, Mir Jalal St. 15, Apt. 4.

Main activities of the union: Activities of the other public unions which are not under other groups.

Property type of the union: Special property

2)    Important accounting policies

    (a) Basics for the report preparation

Financial reports of Eko –Alem public union have been prepared in accordance with the National Accounting Standards for Non-Government Organizations.

Financial reports have been outlined in Azerbaijani manats.

    (b)  Evaluation method

 

While preparing the results of financial activities and financial reports, the assets have been prepared based on accounting principles of preliminary value by applying the calculation method of accounting.

 

(c) Specific accounting policies affecting on the measurement of the result of financial activity and financial state are as follows:

 

(i)                 Acknowledgment of incomes

Grant receipts

 

  Eko –Alem public union has acknowledged non-for-profit receipts the part of the report adopted by the donors received in 2011.

4)  Funds and their equivalents

(for the end of year)

 

	2011	2010
Bank account	00	0.00

 

8) Incomes from non-exchange operations

 

Income	Amount
Grants	15089
Membership fees
Donations
Total incomes	15089

 

10)  Expenses for salaries

 

Expense	Amount
Salaries	2945
Social insurance deduction (22%)	107.52
Total expenses	3052.52.

 

11) Other operating costs

The content of these expenses are as follows:

 

Expense	Amount
Banking service	18.70
Stationery	1514.74
Electric supply
Printing expenses	1185
Travel expenses	1815
Internet
Accounting service
Communication expenses	40
Training service
Coffee-break
Event expenses	3895.13
Other expenses	3569
Total expenses	12037.57

 

14) Receipts from grants and donations by the third parties

Grants