Regulatory Alerts2016-11-15
Decision No. 357-11-2016 Instituting the Revised UMOA Banking Accounting Plan
The Governor of the Central Bank of West African States (BCEAO) has instituted the Revised UMOA Banking Accounting Plan (PCB), mandating that all credit institutions organize and maintain their accounting in compliance with the plan and its implementing directives starting from the 2018 financial year. The decision further requires these institutions to prepare semi-annual financial statements alongside annual reports and applies general accounting provisions wherever they do not conflict with the PCB. This regulation repeals prior contrary frameworks, including the 1994 UMOA Banking Accounting Plan, and officially enters into force on 1 January 2018.
CENTRAL BANK OF WEST AFRICAN STATES LeGouverneur DECISION No. 357-11-2016 INSTITUTING THE REVISED UMOA BANKING ACCOUNTING PLAN
The Governor of the Central Bank of West African States (BCEAO), Having regard to the Treaty of the West African Monetary Union (UMOA) of 20 January 2007, particularly Article 34; Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the UMOA Treaty of 20 January 2007, particularly Articles 30, 31, 32, 33 and 34; Having regard to the Uniform Act on banking regulation, particularly Articles 50, 51, 52, 53 and 54,
HEREBY DECIDES
Article 1 A Revised UMOA Banking Accounting Plan, abbreviated PCB, is hereby established and annexed to this Decision, forming an integral part thereof.
Article 2 The provisions of the PCB are specified and supplemented by BCEAO directives.
Article 3 Starting with the 2018 financial year, the accounting of banks and financial institutions with a banking character, hereinafter referred to as credit institutions, shall be organized and maintained in accordance with the provisions of the PCB and its implementing directives. From 2018 onwards, credit institutions must also prepare semi-annual financial statements in addition to annual financial statements.
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Article 4 General accounting provisions apply to credit institutions when they do not conflict with those of the PCB and its implementing directives.
Article 5 This Decision repeals and replaces all prior contrary provisions, notably the UMOA Banking Accounting Plan of 16 August 1994 which took effect on 1 January 1996. It enters into force on 1 January 2018 and shall be published wherever necessary.
Done at Dakar, on 15 NOV. 2016 Tiémoko Meyliet KONE