The plenary assembly of OHADA National Commissions meets in Brazzaville (Republic of Congo): Consideration of the draft Uniform Act on accounting law and financial reporting
The plenary assembly of OHADA National Commissions meets in Brazzaville (Republic of Congo): Consideration of the draft Uniform Act on accounting law and financial reporting.
Brazzaville, the capital city of the Republic of Congo is hosting, from 20 to 22 October 2016, the works of the Plenary Assembly of OHADA National Commissions (ONCs) from the 17 Member States of the Organization for the Harmonization of Business Law in Africa (OHADA). The opening ceremony of the meeting was chaired by HE Pierre MABIALA, Minister of Justice, Human Rights and the Promotion of Aboriginal peoples of the Republic of Congo and Chairperson of the Council of Ministers of OHADA, in the presence of HE Calixte NGANONGO, Minister of Finance, Budget and Public Portfolio, and Professor Dorothé C. SOSSA, Permanent Secretary of OHADA.
The Plenary Assembly brought together the Chairpersons and Vice-Chairpersons of ONCs of each Member State of OHADA as well as members of the Accounting Standards Commission and representatives of the licensed Orders of Chartered Accountants from Member States. The plenary is especially dedicated to the consideration of the draft uniform Act relating to accounting law and financial reporting.
After fifteen years of implementation, the Uniform Act of 24 March 2000 was subject to an assessment that revealed the need to update the OHADA accounting standards in line with contemporary requirements of business practice and the evolution of international financial standards. A Senegalese firm named FIDECA, was selected following an international call for tenders to conduct the review process and it ended up with a proposed draft. The draft was transmitted to States which submitted their comments. The meeting of the Plenary Assembly of ONCs is to promote interaction and optimize exchanges on Member States' comments before seising the Common Court of Justice and Arbitration for the rest of the legislative process. The finalization of the process will materialize the high instructions of the Conference of Heads of State and Government that prescribed the review of the Uniform Act so that it may become the only accounting standard applicable in all Member States of OHADA.
The Permanent Secretary of OHADA expresses gratitude to the World Bank Group for funding the organization of the Plenary Assembly of ONCs within the framework of the Project for Improvement of Investment Climate (PACI), component 3 of which is dedicated to the improvement of corporate financial reporting.