COBAC Regulation R-98/01 on the Accounting Plan for Credit Institutions

COMMISSION BANCAIRE DE L’AFRIQUE CENTRALE COBAC REGULATION R-98/01 ON THE ACCOUNTING PLAN FOR CREDIT INSTITUTIONS

The Central African Monetary Commission convened on February 15, 1998, Having regard to the Convention of October 16, 1990 establishing a Central African Monetary Commission; Having regard to Articles 1 and 9 of the annex to the Convention of October 16, 1990; Having regard to the Convention of January 17, 1992 on harmonizing banking regulation in the Central African States, Having regard to Articles 32 and 36 of the annex to the Convention of January 17, 1992; DECIDES

Article 1. An accounting plan for the credit institutions of Central Africa is hereby established.

Article 2. The attached accounting plan for credit institutions sets out the general rules and principles, the accounting framework, the chart of accounts, the definition of identification attributes, and methodological notes regarding the accounting treatment of foreign currency transactions and credit-lease operations and similar transactions.

Article 3. The implementation procedures for the accounting plan for credit institutions, the general provisions regarding templates and rules for submitting summary documents, the form and content of said documents, the general nomenclature of summary document items, as well as the correspondence tables between summary document items and the chart of accounts, are established by instruction of the President of the Central African Monetary Commission.

Article 4. The credit institutions defined in Article 2 of the annex to the aforementioned Convention of October 16, 1990, must organize their accounting in accordance with the provisions of the established accounting plan.

Article 5. The accounting plan for credit institutions shall enter into force from the accounting periods opened:

• on July 1, 1999, for subject institutions established in the Republic of Cameroon;
• on January 1, 2000, for subject institutions established in the Central African Republic, the Republic of Congo, the Gabonese Republic, the Republic of Equatorial Guinea, and the Republic of Chad. However, subject credit institutions may elect to comply with this regulation before the aforementioned dates. In such cases, they must notify the Monetary Commission within three months from the adoption of the new reference accounting framework. For the submission of periodic documents, concordance tables between the new chart of accounts and the currently in-force statements will be made available to credit institutions.

Article 6. Credit institutions that fail to comply with the provisions of the accounting plan and subsequent texts within the prescribed deadlines shall be subject to sanctions provided by the currently applicable banking regulation. All prior contrary provisions are hereby repealed, effective from the application dates of the accounting plan for Central African credit institutions.

Article 7. This Regulation shall be notified to the Ministers responsible for Monetary Affairs and Credit, as well as to all approved credit institutions in the Central African States and their Professional Associations.

Article 8. The Secretary General of the Central African Monetary Commission is charged with the execution of this Regulation.

Thus made and decided in Douala on February 15, 1998, with the following members present: Mr. Jean-Félix MAMALEPOT , President Messrs. Pierre LENFANT - Aaron KALTJOB - André KOUNG A YOMBI - DINANKO NGOMIBE - Ricardo ELO MABALE - Dominique BOCQUET - Christophe AKAGHA MBA - Daniel ONA ONDO - Michel NIAMA - Patrice ENDJINGBOMA. Ms. Isabelle GOUYOMGBIA KONGBA ZEZE, members.

For the Central African Monetary Commission, Jean-Félix MAMALEPOT