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Accounting Standards Harmonization in Cameroon: A Mixed Bag

The accounting landscape in Cameroon is a complex tapestry of national and regional regulations, with varying degrees of adoption of international standards. In this exclusive report, we take a closer look at the current status of key accounting standards in the country.

Code of Ethics for Professional Accountants: A Step Forward

The Organization for the Harmonization of Business Law in Africa (OHADA) issued Regulation No. 01/2017/CM/OHADA Pratiques Professionelles de la Comptabilité et de l’Audit dans les pays members de l’OHADA, effective January 1, 2018. This regulation requires professional accountants in OHADA member states to adhere to the OHADA Code of Ethics, based on the 2015 IESBA Code of Ethics and complemented by national ethical requirements.

  • The OHADA Code of Ethics is mandatory for all professional accountants in OHADA member states.
  • The code is based on the 2015 IESBA Code of Ethics and incorporates national ethical requirements.

International Public Sector Accounting Standards: A Work in Progress

The Economic and Monetary Community of Central Africa (CEMAC) has set general rules on public accounting and a government accounting plan. However, the Cameroonian government is responsible for implementing public sector accounting standards, which differ from International Public Sector Accounting Standards (IPSAS). There are no official plans or timelines for the adoption of accrual IPSAS.

  • CEMAC has established general rules on public accounting and a government accounting plan.
  • The Cameroonian government is responsible for implementing public sector accounting standards, which differ from IPSAS.
  • There are no official plans or timelines for the adoption of accrual IPSAS.

Investigation and Discipline: A Mixed Bag

The World Bank is supporting OHADA in developing an investigation and discipline (I&D) system for its member states. Meanwhile, ONECCA-Cameroon has established two bodies responsible for I&D of its members. However, a self-assessment by the institute revealed gaps in areas such as committee composition and separation of duties.

  • The World Bank is supporting OHADA in developing an I&D system.
  • ONECCA-Cameroon has established two bodies responsible for I&D of its members.
  • Gaps were identified in areas such as committee composition and separation of duties.

International Financial Reporting Standards: A Partial Adoption

The OHADA Uniform Act on Accounting and Financial Information (AUDCIF) requires listed companies and those seeking financing in public markets to apply International Financial Reporting Standards (IFRS) in consolidated statements. However, the SYSCOHADA, which is still applied by small and medium-sized entities (SMEs), differs from IFRS.

  • The OHADA Uniform Act on Accounting and Financial Information requires listed companies and those seeking financing in public markets to apply IFRS.
  • SMEs are still required to apply the SYSCOHADA, which differs from IFRS.

In conclusion, while Cameroon has made progress in adopting international accounting standards, there are still areas where national laws and regulations diverge from international best practices. As the country continues to develop its accounting landscape, it will be important for stakeholders to monitor progress and ensure that standards are harmonized and effective.