Regulatory Alerts2016-06-22
Notice No. 06/2016: Full Adoption of International Accounting Standards/International Financial Reporting Standards
The Bank of Angola issued Notice No. 06/2016 to mandate the full adoption of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) by banking financial institutions to harmonize national accounting regimes with international best practices. The regulation establishes a phased implementation schedule requiring institutions meeting specific asset or listing criteria to adopt IAS/IFRS starting in the 2016 fiscal year, while others must comply by 2017. Institutions are required to submit periodic implementation reports and specific pro-forma financial statements to the central bank, with non-compliance subject to penalties under the Financial Institutions Basic Law.
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