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Mali Enacts Act on Accounting Law and Financial Information with Sanctions for Non-Compliance

The Malian government has enacted a new law aimed at promoting transparency and accountability in the country’s financial sector.

Background The Act on Accounting Law and Financial Information (AUDCIF) was adopted by the Commission de Normalisation Comptable de l’OHADA (CNC)-OHADA in January 2017, and it became effective on January 1, 2018. The AUDCIF replaces the previous OHADA Uniform Act on Organizing and Harmonizing Company Accounting Systems 2/2000 and aims to harmonize accounting practices across the West African Economic and Monetary Union (WAEMU) region.

Key Features

  • The law outlines the OHADA Accounting System and applicable standards, which will serve as a single reference point for all OHADA member states.
  • Listed companies and those seeking financing in public capital markets are required to apply International Financial Reporting Standards (IFRS) in their consolidated statements.
  • Small and medium-sized enterprises (SMEs) are not required to use IFRS, but can still opt to do so if they choose.

Sanctions for Non-Compliance

The law stipulates sanctions for non-compliance with the law. The Ordre National des Experts Comptables et Comptables Agréés du Mali (ONECCA-Mali) has established a Disciplinary Commission that will investigate any complaints and make recommendations to its Board.

  • The ONECCA-Mali Board may impose disciplinary measures such as warnings, reprimands, or temporary suspension of licenses.
  • In more serious cases, the National Chamber of Discipline may impose penalties including loss of professional designation, removal of practicing rights, or exclusion from membership.

Reception

The new law has been welcomed by financial experts and stakeholders in Mali, who see it as a major step towards promoting transparency and accountability in the country’s financial sector. “This law is a major breakthrough for our country,” said Seydou Karamoko Koné, President of ONECCA-Mali. “It will help to promote transparency and accountability in our financial sector and attract more foreign investment.”

Sources

  • OHADA Uniform Act on Accounting and Financial Information (AUDCIF)
  • Law 08-015 / AN-RM of 04 June 2008
  • IFRS Foundation, IFRS Application Around the World Jurisdictional Profile: Mali
  • ONECCA-Mali, SMO Action Plan

Disclaimer

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