The amendment to the plan of insurance accounts after the introduction of takaful insurance aims to support the strong growth of the equity financing sector.
The National Accounting Board has issued five opinions, respectively, on real estate collective investment (OPCI), insurance companies, credit institutions, football clubs organized as sports companies, and real estate.
“The Minister of Economy and Finance, in his capacity as Chairman of the National Accounting Board, issued, in accordance with the provisions of Decree No. 2.88.19 of 16 Rabi II 1410 (November 16, 1989), establishing the CNC with amendments and additions. in particular, by Decree No. 165-21-2 of May 19, 2022, opinions below, ”the press release of the National Accounts Council (NCC) states. These opinions concern, respectively, Real Estate Collective Investment (OPCI), insurance companies, credit institutions, football clubs organized as sports companies and real estate.
CNC Opinion No. 16 on Accounting Rules Applicable to OPCI
It is clarified that the accounting rules applicable to OPCI were drawn up in accordance with the provisions of Law No. 70-14 promulgated by Dahir No. 130-16-1 of 21 Qa’ad 1437 (August 25, 2016) in relation to OPCI. , in particular its Article 73, which establishes an obligation for OPCI to adopt specific accounting rules aimed at presenting reliable accounting and financial information that gives a true and fair view of the financial position, financial performance and cash flows of these entities. These accounting rules will come into force from the date of publication of the order of the Minister of Economy and Finance, establishing the accounting rules of the above bodies, the Council of People’s Commissars notes.
Conclusion No. 17 on changing the chart of insurance accounts in connection with the introduction of Takaful insurance
This amendment, as explained, is a measure to support the significant progress made by the participatory finance sector in Morocco, marked in particular by the introduction of takaful insurance, in accordance with the provisions of Law No. 87-18 promulgated by Dahir No. 1.19.110 dated AH 7, 1440 (August 9, 2019) on amendments and additions to Law No. 17-99 on the insurance code. This law defines the concept of takaful insurance/reinsurance and establishes the basic principles governing the activities of this type of insurance. Changes made to the above chart of accounts come into force from the date of publication of the order of the Minister of Economy and Finance on amendments and additions to the order of the Minister of Finance and Privatization No. 1493-05 dated RA 16, 1426 (October 20, 2005) regarding the insurance accounting plan .
Conclusion No. 18 on amendments to the chart of accounts of credit institutions
This amendment is aimed, in particular, at adapting the Chart of Accounts of Credit Institutions (CCEC) to international accounting standards for financial instruments in order to better reflect the results of the activities of a credit institution and its financial position, including the risks affecting its activities. These amendments will come into force from the date of publication of the circular of Wali Bank Al-Maghrib amending the circular No. 8/W/2017 regarding the conditions for maintaining their accounts by credit institutions.
Conclusion No. 19 on the chart of accounts of football clubs organized as a sports society.
CNC clarifies that this chart of accounts was adopted to promote the principles of good governance, transparency and accountability of football clubs organized as sports companies, enshrined in the provisions of Law No. 30-09 promulgated by Dahir No. 1.10. .150 dated 13 Ramadan 1431 (24 August 2010) regarding physical education and sports and in accordance with the statutes of the Royal Moroccan Football Federation. This chart of accounts comes into force from the date specified in the relevant notice, the message says.
Conclusion No. 20 on updating the chart of accounts for the real estate sector
The updating of the chart of accounts for the real estate sector, the subject of the CSC opinion, the rules for assessing the turnover and stock of developers are being specified. This chart of accounts comes into force from the date specified in the relevant notice.