BANK OF BAKU
 AUDITORS REPORT AND
FINANCIAL STATEMENTS AT
31 DECEMBER 1998
Note 2 - Basis of presentation
The Bank maintains its accounting records in accordance
with the Law on Banks and Banking Activity dated 14 June 1996, tax
legislation, and the rules and regulations of the National Bank of the
Azerbaijan Republic. The accompanying financial statements have been prepared
from those accounting records and adjusted as necessary in order to comply in
all material respects with International Accounting Standards ("IAS")
issued by the International Accounting Standards Committee. Accordingly, the
accounting policies set out in Note 3 have been adopted. The financial
statements are presented in the national currency of the Azerbaijan Republic,
the Manat ("AZM").
Note 1 Principal Activities
Note 2 Basis of Presentation
Note 3 Significant Accounting Policies
Note 4 Cash and Short-Termshort-term funds
Note 5 Loans and Advances to Banks
Note 6 Loans and Advances to Customers
Note 7 Premises and Equipment
Note 8 Deposits From Banks
Note 9 Customer Accounts
Note 10 Other Liabilities
Note 11 Share Capital
Note 12 Accumulated Deficit / Retained earnings
Note 13 Dividends
Note 14 Fees and Commission Income
Note 15 Fees and Commission Expense
Note 16 General, Administrative and Other Operating Expenses
Note 17 Taxation
Note 18 Asset and Liability Concentration
Note 19 Fair value of Financial Instruments
Note 20 Risk Management
Note 21 Commitments and Contingent Liabilities
Note 22 Reconciliation of Azeri Accounting Rules to International. Accounting Standards
Note 23 Related Party Transactions
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