Regulatory Alerts2009-07-09
Regulation (NAP) - Chart of Accounts for Financial Institutions (PCIF)
The Central Bank of São Tomé and Príncipe issued Permanent Application Standard RD 09 to mandate the updated Chart of Accounts for Financial Institutions (PCIF), aligning domestic accounting practices with recent financial system developments and international directives. The regulation establishes binding accounting standards, fundamental principles such as prudence and substance over form, and precise definitions for residents, financial instruments, and credit operations to ensure consistent financial reporting. It further specifies operational requirements for cash management, deposit reconciliation, credit recognition, and post-closing adjustments, with full compliance required for all authorized financial institutions starting January 2, 2010.