Senegal
- National Professional Organisation: Ordre National des Experts Comptables et Comptables Agrees du Senegal (ONECCA)
- Regional Association: Association of Accountancy Bodies in West Africa
- World Bank ROSC Accounting and Auditing Report
Financial Reporting Framework in Senegal
Compliance with IFRSs in Senegal
The World Bank ROSC Report for Senegal dated June 2006 states:
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Compliance with IFRS. Companies use the West African Accounting Standards (SYSCOA), which were developed in the mid-1990s under BCEAO, and adopted in identical form in the OHADA states. SYSCOA has numerous differences with IFRS. SYSCOA is exclusively modified by the UEMOA Commission, which has not amended the standards since their original enactment. Banks do not follow SYSCOA, but instead follow the standards imposed by the UEMOA banking legislation, which requires further harmonization with IFRS. SOEs file financial statements with the Cellule de Gestion de Portefeuille de l'Etat, which does not have the authority or resources to review or improve their quality. SOE financial statements are also not available to the public. |