The National Council publishes five conclusions

The change to the insurance plan after the introduction of Takaful insurance aims to support the strong growth of the participation financing sector.

The National Accounting Council has issued five opinions on joint real estate investment schemes (OPSIs), insurance companies, credit institutions, football clubs organized into sports companies and real estate.

“The Minister of Economy and Finance, as Chairman of the National Accounting Council, issued in accordance with the provisions of Decree № 2.88.19 of 16 Rabii II 1410 (November 16, 1989) on the establishment of the CNC as amended. in particular, by the Decree of 19.05.2022 № 165-21-2, the following opinions are given, ”reads the press release of the National Accounting Council (NRC). These views apply, respectively, to real estate collective investment schemes (OPCI), insurance companies, credit institutions, football clubs organized in sports companies and real estate.

Conclusion CNC № 16 on accounting rules applicable to OPCI

The accounting rules applicable to the OPCI are being clarified and developed in accordance with the provisions of Law № 70-14, promulgated by Dahir № 130-16-1 of 21 Kaada 1437 (August 25, 2016) on OPCI. , in particular its Article 73, which established the obligation of the OPCI to adopt specific accounting rules aimed at providing reliable accounting and financial information, which allows a reliable and fair assessment of the financial condition, financial results and cash flows of these bodies. These accounting rules will come into force on the day of publication of the order of the Minister of Economy and Finance, which establishes the accounting rules of these bodies, according to the CPC.

Conclusion № 17 on amendments to the plan of insurance accounts after the introduction of Takaful insurance

This amendment is explained as a measure to support the significant progress made by the Morocco financing sector, notably the introduction of takaful insurance in accordance with the provisions of Law № 87-18, promulgated by Dahir № 1.19.110 of 7 Hijjah 1440. (August 9, 2019) on amendments to the Law № 17-99 on the Insurance Code. This law defines the concept of takaful insurance / reinsurance and establishes the basic principles governing this type of insurance. Amendments to the above-mentioned chart of accounts shall enter into force on the day of publication of the order of the Minister of Economy and Finance amending the order of the Minister of Finance and Privatization № 1493-05 of 16 Ramadan. , 1426 (October 20, 2005) on the insurance accounting plan.

Conclusion № 18 concerns changes to the chart of accounts of credit institutions

This amendment seeks, in particular, to adapt the credit institution’s chart of accounts (PCEC) to international accounting standards for financial instruments in order to better reflect the credit institution’s performance and financial condition. , including risks affecting its business. These changes will take effect from the date of publication of the Wali of Bank Al-Maghrib circular, which amends circular № 8 / W / 2017 on the terms of their accounts with credit institutions.

Conclusion № 19 on the chart of accounts of football clubs organized as a sports enterprise.

CNC clarifies that this chart of accounts was adopted in order to promote the principles of good governance, transparency and accountability of football clubs organized as a sports company, enshrined in the provisions of Law № 30-09, promulgated by Dahir № 1.10. .150 Ramadan 13, 1431 (August 24, 2010), relating to physical education and sport and in accordance with the statutes of the Royal Football Federation of Morocco. It is noted that this chart of accounts shall enter into force on the date specified in the relevant notification.

Conclusion No. 20 on updating the chart of accounts for real estate

The plan of accounts of the real estate sector is being clarified, the subject of the conclusion of the CNC № rules for assessing the turnover and inventories of developers is being clarified. This chart of accounts shall take effect on the date specified in the relevant notification.

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