Procurement Authority Financiers of the West African Monetary Union (AMF-UMOA) opened a workshop dedicated to validating the interim report of the revised chart of accounts of authorized players in the regional financial market has opened. It was Tuesday, March 28, 2023 in Dakar.

The workshop to validate the interim report of the revised chart of accounts for authorized players in the regional financial market started on Tuesday, March 28, and ends today. It recorded the participation of representatives of tax administrations in the UMOA zone, as well as credit institutions, financial market players, insurance companies and authorized accounting firms. This workshop is part of the “revision of the accounting framework for actors in the regional financial market”.

According to the secretary-general of Procurement Authority financial institutions of the West African Monetary Union, Ripert Bossoukpé, “after more than ten years of application, it is necessary (...) to consider a revision of the specific accounting rules”. For him, this new community financial reporting framework should also allow for “standardization of accounting methods and practices of authorized stakeholders in the regional area.” Ripert Bossoukpé indicates that the document takes into account the “information requirements” of the regional financial market authorities and the “supervision” of stock market activity, as well as the needs of other users of accounting and financial information.

For his part, the president of the AMF-UMOA, Badanam Patoki, believes that the regional financial market needs “tools to ensure its proper functioning, through relevant regulations” and “the reliability of financial information is important to inform decision-making, but also for the advent of an attractive and secure financial center.”