Regulatory Alerts2016-11-15
Instruction No. 23-11-2016 on the Initial Application Procedures for the UMOA Revised Banking Chart of Accounts
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 023-11-2016 to mandate credit institutions in the UMOA region to apply the Revised Banking Chart of Accounts (PCB) for their first annual and semi-annual financial statements covering the 2018 fiscal year. Credit institutions must restate their 2017 financial statements according to the PCB and prepare an opening balance sheet and off-balance sheet statement as of January 1, 2017 to ensure comparability across fiscal periods. The Instruction requires consistent accounting methods, specific recognition and reclassification rules, direct equity adjustments for prior method differences, and a clear explanation of the transition's financial impact, while exempting first-semester 2018 reports from mandatory comparative 2017 data.