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National Bank of Angola reports on status of IFRS adoption by Angolan banks

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02 Sep 2015

In a 'presentation to the market' the department for regulation and organisation of the financial system of the National Bank of Angola has reported on the current status of IFRS adoption by Angolan banks. Plans for the adoption had first been presented in March 2014; and Angolan Banks will have to report under IFRSs beginning in 2016.

The three 'regulatory packages' for implementing IFRSs as the reporting framework for Angolan banks, which were published for public consultation in August 2014, December 2014, and March 2015, still have to be published in their final form, but the presentation confirms that 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 to access the presentation, which also offers an analysis of the progress of adoption and a publications timetable for the new laws, on the website of the National Bank of Angola (Portuguese only).

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