Regulatory Alerts2010-04-21
Presentation of Audited Accounts
The Central Bank of Seychelles has superseded Circular BS 18 by relaxing the mandatory balance sheet and income statement formats to align with IAS/IFRS flexibility. For audited accounts ending 31 December 2009, the Bank will liaise with commercial banks to secure any additional data it may require. Going forward, all banks must submit an annexed report detailing key financial performance indicators alongside their audited statements, as mandated by Section 40 of the Financial Institutions Act 2004.
# CENTRAL BANK OF SEYCHELLES
P. O. Box 701, Victoria, Seychelles
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**Telephone:** [+248] 282 000
**Fax:** [+248] 323 665
**E-mail:** enquiries@cbs.sc
**Ref:** FSS/BK/ACC/22
**Date:** April 16<sup>th</sup>, 2010
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**TO ALL BANKS**
## Presentation of Audited Accounts
The formats of the balance sheet and income statement were prescribed in Circular BS 18 issued in 1986. The International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) do not prescribe any standard format for presentation of these statements. Instead the standards stipulate minimum line items and disclosure requirements which are more comprehensive than the formats prescribed by Central Bank.
In view of this and given that most banks have adopted or are planning to adopt IAS/IFRS, the current format prescribed by Central Bank is no longer necessary.
For the audited accounts pertaining to the year ending 31<sup>st</sup> December 2009, Central Bank will liaise with commercial banks should it require any additional information. Going forward, as stipulated in section 40 of the Financial Institutions Act 2004 as amended, banks will have to submit along with their audited financial statements a report to be annexed which will provide some indicators of the banks’ financial performance and position based on the audited figures.
This circular supersedes and replaces circular BS 18 dated 24<sup>th</sup> March 1986.
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**P.Laporte**
Governor
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