Extent of IFRS application | Status | Additional Information |
---|---|---|
IFRS Standards are required for domestic public companies | 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. |
Banco Nacional de Angola (BNA) [National Bank of Angola]
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:
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.
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.
There is currently no active stock exchange in Angola; however, there is a plan to begin trading on a new stock exchange in 2016.
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.
Currently, the audit report refers to Angolan GAAP.
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.
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.
Yes. Portuguese is the official language of Angola.
There are two Portuguese translations of IFRS Standards:
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.