Regulatory Alerts2019-01-01
Circular Letter No. (7) for the Year 2019
The General Authority for Financial Supervision mandates financial leasing companies and lessees, including non-banking financial institutions and Egyptian Exchange-listed entities, to implement Egyptian Accounting Standard No. (49) Amended 2019 on Leasing Contracts by September 30, 2019. This directive aligns with Investment and Cooperation Ministerial Decision No. (69) of 2019, which updated the standard’s effective date and transitional rules. Affected entities must additionally disclose the accounting impact of this implementation on financial statements issued from January 1, 2019, through the end of each subsequent financial period.
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