Update of the accounting plan of the sector

“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 Decree № 165-21-2 of 19 May 2022, the following opinions are given, ”reads the press release of the Council.

This, according to the same source, is Conclusion № 16 on the accounting rules applicable to the OPCI, stating that these rules were drawn up in accordance with the provisions of Law № 70-14 promulgated by Law № 130-16-1. 21 Dhou Al-Qiada 1437 (25 August 2016) concerning the OPCI, in particular its Article 73, which established an obligation for the OPCI to adopt specific accounting rules aimed at providing information, a reliable accounting and financial system that reflects a reliable picture of the financial condition, financial results and cash flows of these organizations.

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, says the same source.

This is also conclusion № 17 on amendments to the plan of insurance accounts (PPP) after the introduction of Takaful insurance. This amendment is a measure to support the strong growth of the financing sector in Morocco, which is marked, inter alia, by the introduction of takaful insurance in accordance with the provisions of Law № 87-18, promulgated by Dahir № 1.19.110. from 7 Hijja 1440 (09.08.2019) 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), concerning the PCA.

This is also the conclusion № 18 on amendments to the chart of accounts of credit institutions (PAC). This amendment seeks, inter alia, to adapt the PCEC to international accounting standards for financial instruments in order to better reflect the credit institution’s performance and financial condition, including the risks that affect its operations.

The above changes will take effect from the date of publication of the Wali of Bank Al-Maghrib circular amending circular № 8 / W / 2017 on the terms of their accounts with credit institutions.

Regarding Conclusion № 19 on the chart of accounts for football clubs organized as a sports company, the press release stated that the chart of accounts was adopted in order to promote the principles of good governance, transparency and accountability. as a sports company, enshrined in the provisions of Law -09 30-09, promulgated by Dahir № 1.10.150 of 13 Ramadan 1431 (August 24, 2010), concerning physical education and sports and the Statute of the Royal Football Federation of Morocco.

This chart of accounts shall enter into force on the date specified in the relevant notification, the same source emphasizes.

The final conclusion № 20 concerns the updating of the real estate accounting plan, it is stated in the communication, which states that the update of the accounting plan for the real estate sector, subject to Conclusion № 3 of the CPC, was adopted. The plenary session of the Council on March 11, 2003 aims to eliminate the identified differences in the methods of accounting and rules for estimating turnover and inventory of developers.

This chart of accounts shall take effect on the date specified in the relevant notification.

These views can be found on the portal of the Ministry of Economy and Finance www.finances.gov.ma, sums up in a press release.