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Update on accounting standards in Morocco

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18 Aug 2006

Following consultation with the banking and finance industry, the Central Bank of Morocco (Bank Al Maghrib) is developing a regulation that is expected to require Moroccan banks and other financial institutions to prepare their 2008 consolidated financial statements using International Financial Reporting Standards.

Currently, the Moroccan Stock Exchange Law requires all companies listed on the Casablanca Stock Exchange other than banks and financial institutions to choose between IFRSs and Moroccan GAAP.


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