Regulatory Alerts2022-09-17
Decision No. CM/17/09/2022 on the Application of IFRS Standards by Entities Raising Public Funds on the UMOA Regional Financial Market
The Council of Ministers of the West African Monetary Union (UMOA) mandates that entities raising public funds on the regional financial market must apply International Financial Reporting Standards (IFRS) starting January 1, 2024. Although compliance is optional for entities listed in the Third Segment of the Regional Securities Exchange, the Regional Council for Public Savings and Financial Markets will define the precise implementation procedures. Signed in Dakar on September 30, 2022, this decision strengthens corporate financing mechanisms across the UMOA region, particularly benefiting small and medium-sized enterprises.
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