Deputy Chairman of the Authority

Circular Letter No. (7) for the Year 2019

Date: 2018/8/4

Subject: Regarding the Implementation of Egyptian Accounting Standard No. (49) Amended 2019 - Leasing Contracts

In the context of the General Authority for Financial Supervision's commitment to fulfilling its role in disseminating financial and investment literacy and awareness;

And in light of the issuance of Investment and Cooperation Ministerial Decision No. (69) for the Year 2019 regarding the amendment of Egyptian Accounting Standards provisions, which included Egyptian Accounting Standard No. (49) – Amended 2019 Leasing Contracts, which contained in paragraph (c/2/a) of Appendix (C) of the Standard regarding the effective date and transitional rules for implementing the Standard.

Therefore, financial leasing companies and lessees under financial leasing contracts with non-banking financial companies and companies whose securities are listed on the Egyptian Exchange are required to implement the Financial Leasing Contracts Standard by no later than 2019/9/30.

This is subject to compliance with disclosing the accounting impact resulting from the implementation of the Standard on financial statements issued during the period from 2019/1/1 until the end of each financial period for which financial statements are prepared.

This Circular Letter is published on the Authority's website.

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Deputy Chairman of the Authority
Judge / Galal El-Nashar

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General Authority for Financial Supervision
FINANCIAL REGULATORY AUTHORITY

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Smart Village, Building No. 136 - B, Giza, Egypt
Postal Code: 12577
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info@fra.gov.eg

Smart Village, Building No. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg