Companies listed on a stock exchange and other publicly accountable companies in the 17 West and Central African jurisdictions that are members of the Organisation for the Harmonization of Corporate Law in Africa (OHADA) will begin using IFRS Standards in their consolidated financial statements from 1 January 2019.
The jurisdictions that are members of the organisation are Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Côte d’Ivoire, Democratic Republic of Congo, Equatorial Guinea, Gabon, Guinea, Guinea-Bissau, Mali, Niger, Republic of the Congo, Senegal and Togo.
OHADA was established to foster economic development in West and Central Africa by creating a better climate for attracting investment and enhancing growth. OHADA has adopted business laws and formed institutions to implement those laws.
The requirement for companies to start using IFRS Standards is part of a new Uniform Act on Accounting Law and Financial Reporting adopted by the Council of Ministers of OHADA in 2017. Unlisted companies in OHADA jurisdictions are permitted, but not required, to use the Standards.
The IFRS Foundation has now published profiles of a total of 166 jurisdictions on its website, representing 99% of the world’s GDP. 144 (87%) of these jurisdictions require the use of IFRS Standards and another 12 jurisdictions permit the Standards. 86 of the 166 jurisdictions require or permit the IFRS for SMEs® Standard, which is developed for companies that are not publicly accountable or listed.
Further details and analysis are available here.