Regulatory Alerts1992-05-25
Directive No. 4-/DSB/92: Chart of Accounts for Financial Institutions - Monthly Balance Sheets
The Banking Supervision Directorate of the Central Bank has standardized a monthly balance sheet template for financial institutions to harmonize accounting procedures and facilitate data collection. Financial institutions are required to prepare the standardized balance sheet reflecting their overall asset, liability, income, and extra-balance sheet positions, and submit it signed by the Accounting Director by the 15th day of the month following the reporting period. This directive mandates immediate compliance and enters into force as of January 1993.
DIRECTIVE No. 4-/DSB/92 SUBJECT: CHART OF ACCOUNTS FOR FINANCIAL INSTITUTIONS
- Monthly Balance Sheets
In addition to managing the Chart of Accounts for Financial Institutions and supervising and overseeing the system, it is also the responsibility of the Banking Supervision Directorate to provide other operational areas of the Central Bank with conditions that facilitate their data collection. In this context, the Banking Supervision Directorate has standardized a model Balance Sheet (attached) that reflects the asset and liability position, as well as the Income and Extra-balance sheet accounts, to be prepared by Financial Institutions. Given the need for rapid implementation of the aforementioned standardization, with a view to harmonizing accounting procedures, Financial Institutions shall comply with the following:
1 - The balance sheet shall be prepared on a monthly basis, reporting the overall position of the Institution (Head Office, Branches, and Subsidiaries). 2 - The balance sheet must be signed by the Accounting Director. 3 - The balance sheet must be submitted to the Banking Supervision Directorate by the 15th day of the month following the reporting period. This Directive enters into force as of January 1993. Luanda, December 14, 1992