2022-09-17

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.

Autorite des Marches Financiers de l'UMOA logo

Senegal

Autorite des Marches Financiers de l'UMOA

Click to view thumbnail

WEST AFRICAN MONETARY UNION

COUNCIL OF MINISTERS

THE PRESIDENT

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,

Having regard to the amended Treaty of the West African Monetary Union (UMOA) dated January 20, 2007;

Having regard to the Convention of July 3, 1996 establishing the Regional Council for Public Savings and Financial Markets (hereinafter "Regional Council") and its Annex;

Having regard to the General Regulations on the Organization, Operation and Supervision of the UMOA Regional Financial Market, adopted by the Council of Ministers of the UMOA on November 28, 1997;

Having regard to the Revised Uniform Act on Commercial Companies and Economic Interest Groups dated January 30, 2014, adopted by the Council of Ministers of OHADA, particularly Articles 823 and 916;

Having regard to the Uniform Act on Accounting and Financial Information dated January 26, 2017, adopted by the Council of Ministers of OHADA, particularly Articles 5, 8, 11, 13, 21, 73-1 and 75;

Having regard to Opinion No. 002/2016 of October 18, 2016 from the Common Court of Justice and Arbitration (CCJA) of OHADA;

Having regard to Decision No. CM/PCR/10/09/2018 setting the minimum share capital of entities raising public funds on the UMOA regional financial market;

Having regard to the deliberations of the Regional Council at its 56th extraordinary session on September 1, 2022;

Having regard to the deliberations of the Council of Ministers of the UMOA at its session on September 30, 2022;


Decision No. CM/17/09/2022

Mindful of improving the financing mechanisms for companies operating within the UMOA, particularly Small and Medium-sized Enterprises (SMEs);

DECIDES

Article 1

As of January 1, 2024, entities raising public funds on the UMOA regional financial market are required to apply IFRS standards.

Article 2

The application of IFRS standards by entities admitted to the Third Segment of the Regional Securities Exchange is optional.

Article 3

The Regional Council for Public Savings and Financial Markets shall determine the implementation procedures for applying IFRS standards by entities raising public funds on the UMOA regional financial market.

Article 4

This Decision shall take effect as of the date of its signature and shall be published where necessary.

Done in Dakar, on September 30, 2022

For the Council of Ministers of the UMOA,

The President

(Signature)

Sani YAYA

2/2