Regulatory Alerts2016-11-15
Added · Updated
Decision No. 357-11-2016 establishing the Revised Banking Chart of Accounts of the UMOA
The Governor of the Central Bank of West African States (BCEAO) has issued Decision No. 357-11-2016, establishing a Revised Banking Chart of Accounts (BCA) for the West African Monetary Union (UMOA). Effective from the 2018 financial year, all credit institutions within the UMOA must organize and maintain their accounting in accordance with this new BCA and its implementing instructions. Additionally, these institutions are now required to prepare semi-annual financial statements alongside their annual statements, and this Decision repeals the prior UMOA Banking Chart of Accounts from 1994.
WEST AFRICAN MONETARY UNION The Governor
DECISION NO. 357-11-2016 ESTABLISHING THE REVISED BANKING CHART OF ACCOUNTS OF THE UMOA
The Governor of the Central Bank of West African States (BCEAO),
Having regard to the Treaty of the West African Monetary Union (UMOA) of January 20, 2007, particularly Article 34 thereof;
Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the UMOA Treaty of January 20, 2007, particularly Articles 30, 31, 32, 33 and 34 thereof;
Having regard to the Uniform Law on Banking Regulation, particularly Articles 50, 51, 52, 53 and 54 thereof,
DECIDES
Article 1 A Revised Banking Chart of Accounts of the UMOA, abbreviated as BCA, is hereby established, annexed to this Decision and forming an integral part thereof.
Article 2 The provisions of the BCA are specified and supplemented by BCEAO instructions.
Article 3 As of the 2018 financial year, the accounting of banks and financial institutions of a banking nature, hereinafter referred to as credit institutions, shall be organized and maintained in accordance with the provisions of the BCA and its implementing instructions. From 2018, credit institutions must also prepare semi-annual financial statements, in addition to annual financial statements.
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Article 4 General accounting provisions are applicable to credit institutions when they are not in conflict with those of the BCA and its implementing instructions.
Article 5 This Decision repeals and replaces all previous contrary provisions, notably the UMOA Banking Chart of Accounts of August 16, 1994, which took effect on January 1, 1996. It enters into force on January 1, 2018, and shall be published wherever necessary.
Done in Dakar, November 15, 2016
Tiémoko Meyliet KONE