Regulatory Alerts2007-12-01
Added · Updated
Notice No. 4/GBM/2007 on Introduction of International Financial Reporting Standards
The Bank of Mozambique mandates that credit institutions and financial societies prepare financial statements in accordance with International Financial Reporting Standards (IFRS). Consolidated financial statements must comply with IFRS for fiscal years beginning on or after 1 January 2007, while individual financial statements are required for fiscal years beginning on or after 1 January 2008. Institutions may opt to adopt individual IFRS standards earlier during the 2007 fiscal year, but those that do not must recalculate their 2007 financial statements according to IFRS and report them to the regulator.
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