Highlights

XIVth Plenary Assembly of the National Accountancy Council (NAC) : 11/07/2017

XIVth Plenary Assembly of the National Accountancy Council (NAC)

Mister Mohammed BOUSSAID, Minister of Economy and Finance, chaired the Fourteenth Plenary Assembly of the National Accounting Council (NAC), held on July 11th 2017, in Rabat.

This session was mainly devoted to the examination and adoption of two accounting standards projects, namely the chart of accounts project of Football Clubs, organized as a sport association and the chart of accounts amendments project of Credit Institutions, related to the participatory finance products.

The chart of accounts project of Football Clubs, organized as a sport association aims at improving transparency in the management and the monitoring of these clubs, particularly after the enactment of the physical education and sports law n° 30-09.

The specificities of these clubs activities have been taken in consideration while seeking inspiration in the Association chart of accounts, in order to reflect the reality of these activities and to generate better quality accounting and financial information.

As for the project amendments to the chart of accounts of Credit Institutions, related to the participatory finance products, the elaboration of which will be followed by the introduction of these new products on the banking market, it was drawn up in order to serve as a specific accounting framework, regarding technical and commercial particularities of these products.

The fourteenth Plenary assembly of the NAC was also the occasion to examine and adopt the draft opinion n° 10 of the Council, relating to the extension of the chart of accounts of the Pension funds to the Mutual Companies of Retirement, instituted by the law n° 64-12, bearing creation of the Controlling Authority of the Insurances and the Social Welfare (ACAPS).

On the occasion of this XIVth Plenary Assembly of the NAC, Mr Mohammed BOUSSAID invited all the stakeholders to combine efforts to ensure the deployment of the accounting standards produced, through sustained actions of training, information and vulgarization.

He also urged the members of the NAC to finalize works on the projects related to the convergence of the General Accounting Standards Code (CGNC) with the International Accounting Standards/ International Financial Reporting Standards (IAS/IFRS) and to the law and methodology of the consolidated financial statements.

At the end, he also invited the NAC members to finalize, as soon as possible, the institutional reform of the Council, that aims at bettering his body's governance and performance.

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