Regulatory Alerts2016-08-08
Instruction No. 10/2016 of August 8 on Employee Benefits
The Bank of Angola issued Instruction No. 10/2016 to establish mandatory procedures for the recognition, measurement, and disclosure of employee benefits by supervised Banking Financial Institutions in alignment with IAS 19. The regulation defines key actuarial and accounting terms, classifies benefits into short-term, post-employment, long-term, and termination categories, and mandates specific accounting treatments for defined contribution and defined benefit plans. It further requires institutions to maintain a minimum funding level of 100% of past service liabilities and engage qualified actuaries for material measurements.
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