Regulatory Alerts2024-09-01
On the Consolidation of Accounts of Banks and Financial Institutions
The Bank of the Republic of Burundi issued Circular No. 14/06 to authorize banks and financial institutions to consolidate their accounts under specified conditions. The regulation defines exclusive control as a capital stake granting majority voting rights and governing body appointment powers, requiring certified consolidated balance sheets and income statements by the parent company’s auditors. This circular supersedes Circular No. 14/03 of February 2003 and establishes the legal framework for consolidated financial reporting under Law No. 1/017 of October 23, 2003.
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