Regulatory Alerts2003-03-17
COBAC Regulation R-2003/01 on the Organization of Credit Institutions' Accounting
The Central African Monetary Commission issued Regulation R-2003/01 to standardize the accounting organization, chart of accounts, and periodic financial reporting requirements for all credit institutions in its jurisdiction. The regulation mandates the implementation of a double-entry system, strict internal controls, and standardized monthly, semi-annual, and annual financial statements that must provide a true and fair view of assets, liabilities, and results. It further establishes historical cost as the primary evaluation method, defines precise rules for inventory, computerized processing, and document retention, and ensures comparability through standardized terminology and presentation across all reporting periods.
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