Regulatory Alerts2005-06-01
Instruction No. 001/05-CSBF on the Accounting Plan for Credit Institutions
The Commission de Supervision Bancaire et Financière (CSBF) of Madagascar issued Instruction No. 001/05-CSBF to require authorized credit institutions to maintain accounting and financial reporting under the codified PCEC 2005 framework, which integrates conceptual valuation rules with a standardized chart of accounts. The regulation mandates the twelve-month retention of all documentation supporting periodic financial statements submitted to the CSBF and the Central Bank of Madagascar, with specific retention rules applying to head offices and affiliated institutions. This directive explicitly repeals all prior conflicting provisions, notably the August 1999 accounting plan instruction, thereby establishing a unified regulatory standard effective June 2005.