Regulatory Alerts1992-12-13
Instruction No. 10/92 of December 14, 1992: Financial System Operations and Profit and Loss Determination
The National Bank of Angola mandates that all financial institutions adopt a monthly accrual accounting principle for recording costs and profits related to their operations. This directive requires institutions to book all financial charges and earnings into classes 7 and 8 of the official Chart of Accounts, irrespective of actual cash receipt or payment. Issued under the Bank's Organic Law, the regulation becomes effective as of January 1992.
INSTRUCTION NO. 10/92
of December 14, 1992
SUBJECT: - FINANCIAL SYSTEM
. Operations
- Determination of Results
Given the need to establish the accounting procedures to be observed by
Financial Institutions in accordance with the Chart of Accounts approved by Order No. 36/90
of August 22;
Under the provisions of Articles 26 and 60 of the Organic Law of the National Bank of Angola.
I HEREBY DETERMINE:
1 - The accounting principle of monthly determination of Costs and Profits in the
recording of operations is hereby established.
Accordingly, all Costs and Profits, by nature, including financial charges,
must be recorded in the accounts of classes 7 and 8 of the Chart of Accounts,
regardless of their payment or receipt.
2 - This notice shall enter into force as of January 1992.
PUBLISH
Luanda, December 14, 1992 -
THE GOVERNOR
SEBASTIÃO BASTOS LAVRADOR