Regulatory Alerts2000-04-03
COBAC Regulation R-98/01 on the Accounting Plan for Credit Institutions
The Central African Monetary Commission issued Regulation R-98/01 to establish a unified accounting plan for credit institutions across Central Africa, mandating compliance with standardized chart of accounts, reporting templates, and foreign currency transaction rules. The regulation sets staggered implementation dates—July 1, 1999, for Cameroon and January 1, 2000, for the other five member states—while permitting early adoption upon notification. Institutions failing to adhere to these provisions within the prescribed deadlines face regulatory sanctions, and all prior conflicting accounting directives are simultaneously repealed.
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