Strategically, the application has to meet a certain number of difficulties from users of the sector, in mastering and learning of the OHADA accounting system, and especially to facilitate portability, or that one is; all under the influence of massive start of growth of smartphones and mobile terminals. It should be noted that the application primarily facilitates full search account numbers of the OHADA accounting. As features, the application designed with a choice of design in the colors of the OHADA logo blue and gray loads a main window that shows the complete list of accounts accounts. Each account number line has a menu option represented by 3 points stacked vertically. The options in this menu allow you on one hand to share account number online via social media available on your phone like WhatsApp, Facebook, and also an option to add to the other favorites. To illustrate the latter case, when, for example, you look at the chart of accounts and you come across an account number that you do not want to forget, this option probably interest you.
|Published (Last):||3 November 2016|
|PDF File Size:||3.24 Mb|
|ePub File Size:||6.67 Mb|
|Price:||Free* [*Free Regsitration Required]|
It was created on October 17, in Port Louis, Mauritius. Initially fourteen African countries signed the treaty, with two countries Comoros and Guinea subsequently adhering to the treaty and a third the Democratic Republic of Congo due to adhere shortly. The Treaty is open to all states, whether or not members of the Organisation of African Unity.
As a West and Central African initiative to harmonize business laws and implementing institutions, OHADA aims to alternative solutions to the lack of economic growth in sub-Saharan Africa - a region which has challenged and puzzled development economists for several decades.
The stated purpose of the initiative is to facilitate and encourage both domestic and foreign investment in the member states, and seeing as how most of the participating countries are former French colonies, they draw chiefly on a modernized French legal model to achieve their goals. The OHADA treaty has created a supranational court to ensure uniformity and consistent legal interpretations across the member countries, and the French influence in court proceedings is apparent.
The OHADA regulatory texts concerning accounting standards, most of which have been in existence for over a decade, have evolved very little since their entry into force because the national and community structures responsible for adapting them to changes in the accounting, economic, and legal environment have not been functioning.
Statutory auditing of financial statements by an independent auditor is compulsory for all joint stock companies, limited liability companies of a certain size, companies with a public majority holding, banks and insurance companies. This reflects international practice, especially in countries with a written law tradition. However, the main problem seems to be the failure of a number of businesses to meet their obligation to submit audited accounts and the lack of monitoring arrangements which would oblige them to conform.
The OHADA regulations specify that businesses must submit their annual financial statements to the office of the clerk of court, but this system is not working because of the lack of resources. In fact, summary financial statements are not submitted to that office and there is no penalty for noncompliance. The existence of a Central Accounts Archive in the BEAC would make it possible to compare the financial statements transmitted by the DGI and those submitted by the banks under classification agreements and would thus effectively highlight the regrettable multiplicity of business accounts.
Overall, the general level of financial transparency in the private sector in Congo can be considered to be poor.
Banks regret the lack of reliable information on the financial situation of their clients especially SMEs , and businesses complain about heavy taxation. The OHADA Accounting System, currently in force in 17 countries including Congo, is experiencing difficulties with the operation of its standardization bodies. However, measures are being taken to revitalize the standardization process, with the creation of the OHADA Accounting Standardization Commission in For the World Bank, annual financial statements must be prepared in accordance with accounting standards deemed acceptable.
In addition, the Bank may accept national accounting standards if they do not deviate too greatly from international standards and the effect of any differences is duly explained. Thus, the standards scope of application is not determined by the entitys size or turnover.
The IFRS SME standards are not designed for entities that must report to the public, listed companies, financial institutions, and companies that issue debt or equity instruments on a public market. In terms of its architecture, and contrary to IFRS, SYSCOHADA addresses not only the nature and characteristics of the data reported in financial statements, but also the way in which the accounting is organized, the procedures used for bookkeeping, and the form that these documents should take these matters are covered by a dozen articles of the Uniform Act of November 10, The international standardization embodied in the IFRS SME standards is based on a conceptual framework for the preparation and reporting of financial data called the Conceptual Framework.
This framework embraces a set of fundamental accounting principles and objectives that are interconnected and designed to permit the development of consistent standards. According to Section 3, Paragraph 17 of the IFRS SME standards, a complete set of financial statements includes: a balance sheet; a statement of comprehensive income; a statement of changes in equity; a cash flow statement; and notes to the financial statement that present the principal accounting methods used by the entity.
Article 48 of the Uniform Act of November 20, poses, as a condition for recording a provision, the fact that risks or expenses must be clearly specified as to their purpose, and that past events or events in progress must make them only probable, which does not necessarily imply the existence of an obligation vis--vis third parties.
Presentation of financial statements. The IFRS standards, on the other hand, propose the preparation of financial statements at least once a year.
Specific rules of reporting and assessment. The possibility of reporting an asset or liability at fair value i. The IFRS SME standards make it possible, on an optional basis, to report tangible assets either at cost price or according to the market value revaluation model.
Other financial assets listed securities and other short-term investments are reported at fair value. Principles of capitalization of certain expenses as intangible assets. In practice, this means that businesses applying SYSCOHADA have greater latitude to record in their accounts provisions for operations whose realization depends on future events, which gives them greater flexibility in steering their results.
This method results in the profits on a construction contract often called as well a long-term contract not being taken into account until the client checks and receives the work. Under the IFRS SME standard on construction contracts, profits on this type of operation should be shown in partial amounts as the work proceeds, so that financial statements more accurately reflect the results of the activities of the period that they cover, which is one of their main objectives.
The IFRS SME standard on deferred taxes requires the inclusion in individual accounts of deferred tax assets or liabilities related to the lag between the date when income and expenses are recorded and the date when they are imposed or deducted. The impact of this difference may be all the more significant because SYSCOHADA permits, in individual accounts, the inclusion of so-called regulated provisions, fiscal in nature and with no economic basis.
SYSCOHADA presents the following comparative advantages, among others, in comparison to IFRS standards: 1 For purposes of financial reporting, three categories of enterprises have been identified: the normal system, the simplified system, and the minimum cash system.
However, the definition of these three categories and the accounting simplifications envisioned for medium and micro-enterprises still need to be worked out. When convergence toward IFRS standards is undertaken, this nomenclature should be reviewed and adapted.
TÉLÉCHARGER SYSCOHADA REVISÉ GRATUIT
Basics of Syscohada