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Angola

Angola Image

  • National standard-setter: The National Bank of Angola (BNA) has statutory authority to adopt accounting standards for financial institutions and other entities that they regulate: http://www.bna.ao/

Financial Reporting Framework in Angola

Presently, IFRSs are not applied in Angola. However, banks that meet at least one of the following criteria on 31 December 2015 must adopt IFRS as issued by the IASB from 1 January 2016:

  • total assets above AKZ 300,000 million;
  • listed on the stock exchange or subsidiary of a company listed on the stock exchange (however, Angola does not have a stock exchange yet);
  • one or more subsidiaries domiciled abroad;
  • headquartered in Angola and subsidiary of a company domiciled abroad; or
  • subsidiary of a bank that meets at least one of these criteria.

All other banks must adopt IFRS as issued by the IASB from 1 January 2017 but may do so voluntarily from 1 January 2016. Please click for an overview of the status of adoption on the website of the National Bank of Angola.

All other companies (those not regulated by the National Bank of Angola) 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 (external link to Angolan legislation website), excluding insurance companies and pensions funds that are regulated by Agência de Regulação e Supervisão de Seguros (ARSEG).

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.