Regulatory Alerts2019-09-06
Instruction No. 14/2019 of September 6: Chart of Accounts for Banking Financial Institutions
The Bank of Angola issued Instruction No. 14/2019 to mandate the adoption of the Chart of Accounts for Banking Financial Institutions (PCIFB), aligning banking accounting practices with International Financial Reporting Standards (IFRS) and integrating Value Added Tax (VAT) recording requirements. The directive establishes a standardized, mandatory account structure, sub-accounts for VAT operations, and strict recording procedures to enhance financial transparency, comparability, and regulatory oversight across supervised institutions. It simultaneously repeals prior conflicting regulations and clarifies that IASB standards prevail in case of any discrepancies with the new framework.
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