The Council of Ministers of OHADA held its 43rd session in Brazzaville

Adoption of a new accounting system – Appointment of executives in institutions

On January 26, 2017, Brazzaville, the capital city of the Republic of Congo, hosted an extraordinary session of the Council of Ministers of Justice and Finance of OHADA Member States.

The main item on the agenda was the update of OHADA’s accounting system. At the end of its work, the Council of Ministers adopted the new Uniform Act on Accounting Law and Financial Reporting. By this text, the Council of Ministers gives effect to the High Prescriptions of the Conference of Heads of State and Government which, on 17 October 2013, instructed that the Uniform Act organizing and harmonizing companies accounting be revised so that it becomes the only accounting framework in force in OHADA’s geographical area.

The new Uniform Act on Accounting Law and Financial Reporting is up-to-date, suitable and consistent with other Uniform Acts. It takes account of developments in international accounting standards, while aligning with the legal and economic context of OHADA Member States.  Its main features include, among others :

• the keeping, alongside the normal system, of a minimum cash flow system for small economic entities. The coexistence of both systems allows companies to keep appropriate accounts according to their turnover;
• the recognition of the specificity of regulated sectors’ accounting system;
• the obligation for entities listed on a stock exchange or those making public offering to produce, in addition to their individual financial statements following the SYSCOHADA standards or in accordance with the financial reporting framework specific to their activities, financial statements in accordance with international financial reporting standards (IFRS) to ensure the quality and comparability of data produced;
• the adoption of transitional provisions to allow an efficient transition to the newly revised accounting framework.

The Council of Ministers further made the following appointments, based on merit, to fill the vacancies in OHADA’s institutions:

At the Permanent Secretariat

Director of Legal Affairs, Documentation and Communication : Dr Boubacar Sidiki DIARRAH (Mali)

At the Common Court of Justice and Arbitration

Juriste référendaire : Mr. Jérémie WAMBO TOTCHOUM (Cameroon)

At the Higher Regional School of Magistracy

Director General : Prof. Mayatta NDIAYE MBAYE (Senegal)

The work ended with the handover of the chairmanship between the Republic of Congo and the Republic of Guinea. The Republic of Guinea will preside over the destinies of the Organization during 2017, in accordance with the OHADA Treaty. / –

The Permanent Secretary,

Prof. Dorothé C. SOSSA