Angola

Extent of IFRS application | Status | Additional Information |
---|---|---|
IFRS Standards are required for domestic public companies |
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No stock exchange. IFRS Standards are required for banks and other financial institutions. |
IFRS Standards are permitted but not required for domestic public companies | ||
IFRS Standards are required or permitted for listings by foreign companies | No stock exchange. | |
The IFRS for SMEs Standard is required or permitted | No. National standards are currently required. | |
The IFRS for SMEs Standard is under consideration | No. |
Organisation
Banco Nacional de Angola (BNA) [National Bank of Angola]
Role of the organisation
Website
Email contact
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
Under the BNA regulation, banking institutions that meet at least one of the following criteria at 31 December 2015 must fully adopt IFRS Standards as issued by the IASB Board from 1 January 2016:
- the institution has total assets above AKZ 300 000 million (US$2.4 million) on an individual basis;
- the institution is listed on the stock exchange or it is a subsidiary of a company listed on the stock exchange;
- the institution has one or more subsidiaries domiciled abroad;
- the institution is headquartered in Angola and is a subsidiary of a company domiciled abroad; or
- the institution is a subsidiary of an institution that meets any of the above criteria.
Banking institutions that do not meet any of the above criteria at 31 December 2015 must fully adopt IFRS Standards as issued by the IASB Board from 1 January 2017, with the option of adopting IFRS Standards from 1 January 2016.
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
IFRS Standards are required for the consolidated and individual financial statements of all banks regulated by the National Bank of Angola (BNA), effective for some banks from 1 January 2016 and for the remaining banks from 1 January 2017. This includes banks whose securities do not trade in a public market. Insurance companies and pension funds follow the regulations established by the Angolan Agency for Insurance Regulation and Supervision (ARSEG). All other companies must prepare their financial statements in conformity with the Angolan Accounting Law and the General Accounting Plan (PGC) that was adopted by Presidential Decree 82/01 of 16 November 2001.
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Standards in their consolidated financial statements?
There is currently no active stock exchange in Angola; however, there is a plan to begin trading on a new stock exchange in 2016.
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
Which IFRS Standards are required or permitted for domestic companies?
The National Bank of Angola requires IFRS Standards for some banks effective from 1 January 2016 and for the remaining banks from 1 January 2017.
The auditor's report and/or the basis of presentation footnotes states that financial statements have been prepared in conformity with:
Currently, the audit report refers to Angolan GAAP.
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Standards and the jurisdiction’s GAAP)?
Are IFRS Standards incorporated into law or regulations?
If yes, how does that process work?
If no, how do IFRS Standards become a requirement in the jurisdiction?
By reference to IFRS Standards in its regulations, the National Bank of Angola has adopted IFRS Standards as issued by the IASB Board. This means that all future new and amended IFRS Standards are automatically adopted in Angola.
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards (including Interpretations) in place?
If yes, what is the process?
If no, how do new or amended IFRS Standards become a requirement in the jurisdiction?
By reference to IFRS Standards in its regulations, the National Bank of Angola has adopted IFRS Standards as issued by the IASB Board. This means that all future new and amended IFRS Standards are automatically adopted in Angola.
Has the jurisdiction eliminated any accounting policy options permitted by IFRS Standards and/or made any modifications to any IFRS Standards?
If yes, what are the changes?
Other comments regarding the use of IFRS Standards in the jurisdiction?
Are IFRS Standards translated into the local language?
Yes. Portuguese is the official language of Angola.
If they are translated, what is the translation process? In particular, does this process ensure an ongoing translation of the latest updates to IFRS Standards?
There are two Portuguese translations of IFRS Standards:
- Portuguese is one of the official languages of the European Union. Pursuant to a copyright waiver agreement with the Directorate-General for Translation of the European Commission, the Commission takes care of the translation into the official languages according to their own translation process. The translation covers only the contents of the IFRS Standards as endorsed by the European Union (the standard and mandatory guidance) – which is what is then published in the Official Journal of the European Union.
- The Instituto dos Auditores Independentes do Brasil (IBRACON) translates all IFRS Standards into Brazilian Portuguese with the permission of the IFRS Foundation. The translation process ensures an ongoing translation of the continuous updates of the standards.
Has the jurisdiction adopted the IFRS for SMEs Standard for at least some SMEs?
If no, is the adoption of the IFRS for SMEs Standard under consideration?
Did the jurisdiction make any modifications to the IFRS for SMEs Standard?
If the jurisdiction has made any modifications, what are those modifications?
Which SMEs use the IFRS for SMEs Standard in the jurisdiction, and are they required or permitted to do so?
For those SMEs that are not required to use the IFRS for SMEs Standard, what other accounting framework do they use?
All companies other than (a) banks and other financial institutions regulated by the National Bank of Angola and (b) insurance companies and pension funds regulated by the Angolan Agency for Insurance Regulation and Supervision (ARSEG) are required to prepare their financial statements in conformity with the Angolan Accounting Law and the General Accounting Plan (PGC) that was adopted by Presidential Decree 82/01 of 16 November 2001.