Regulatory Alerts2003-01-28
COBAC Instruction I-2002/01 Modifying the Accounting Plan for Credit Institutions
The Central African Banking Commission (COBAC) issued Instruction I-2002/01 to amend the Accounting Plan for Credit Institutions within the CEMAC region. The directive introduces new sub-accounts and modifies existing ones to properly classify investment subsidies, securitized receivables, settled intercompany operations, merchandise inventory under perpetual and periodic systems, and off-balance sheet assets managed for correspondents and customers. It also mandates technical identification of correspondent accounts based on COBAC or international credit ratings and establishes a July 1, 2002 effective date.
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