Regulatory Alerts2019-08-30
Notice No. 05/2019 of August 30 on the Financial System: Accounting Standardization and Harmonization for the Angolan Banking Sector
The Banco Nacional de Angola issued Notice No. 05/2019 to standardize and harmonize accounting practices across the Angolan banking sector by mandating the adoption of International Accounting Standards and Financial Reporting Standards (IAS/IFRS) as issued by the IASB. The regulation requires banking financial institutions to prepare, publish, and submit quarterly balance sheets and semi-annual or annual financial statements in accordance with specific IAS/IFRS frameworks, while establishing clear deadlines, publication methods, and comparative reporting requirements. Non-compliance constitutes a punishable offense under the Framework Law on Financial Institutions, with transitional compliance granted within 180 days of publication.
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