Instruction No. 001/05-CSBF on the Accounting Plan for Credit Institutions

INSTRUCTION NO. 001/05-CSBF on the Accounting Plan for Credit Institutions INSTRUCTION NO. 001/05-CSBF on the Accounting Plan for Credit Institutions ______________________ The Commission de Supervision Bancaire et Financière (CSBF) of the Republic of MADAGASCAR, In application of Article 41 of Law No. 95-030 of February 22, 1996, under which the CSBF is responsible for establishing by instruction the rules relating to the accounting plan of credit institutions and the conditions for periodic and annual closing of their accounts, DECIDES
Article 1. - Credit institutions authorized to conduct banking operations in
Madagascar must maintain their accounting and present financial information concerning them in accordance with the Accounting Plan for Credit Institutions - PCEC 2005, attached hereto and forming an integral part of this instruction. This accounting plan for credit institutions is codified and consists of two mandatory parts :

• in the first part, the conceptual framework, definitions, valuation and accounting rules and methods, financial statements;
• in the second part, the organization of accounting, the chart of accounts.
  Article 2. - Without prejudice to their legal obligations regarding document retention, credit institutions are required to retain all elements used in the preparation of periodic financial statements submitted to the CSBF and the Central Bank of Madagascar for a period of twelve months.
  For credit institutions with a head office, this provision applies to the head office for statements used in establishing the aggregated statements of the network and for its own operations. Affiliated institutions retain under the same conditions the statements used in establishing their declaratory statements.
  Article 3. - This instruction repeals all contrary provisions of the same subject matter, notably those of Instruction No. 003/99-CSBF dated August 9, 1999 on the Accounting Plan for Credit Institutions.
  Done in Antananarivo, June 1, 2005.
  For the Commission de Supervision Bancaire et Financière, The President, GASTON E. RAVELOJAONA.