Regulatory Alerts2014-01-01
Decision of the Board of Directors of the Authority No. 119 of 2016 on Standards for Preparing and Auditing Financial Statements of Licensed Real Estate Financing Companies and Submission Deadlines
The Egyptian Financial Supervisory Authority issued Decision No. 119 of 2016 to mandate that licensed real estate financing companies prepare and audit their financial statements in strict compliance with Egyptian Accounting and Auditing Standards. The regulation establishes strict submission deadlines, requiring annual standalone and consolidated statements to be approved by the General Assembly and submitted within three months of year-end, alongside quarterly reports due within 60 days. These provisions take effect from the start of the next financial year, with submission deadlines applying immediately to the first reporting cycle following the decision's publication.
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