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

Strengthening Corporate Financial Framework

The government of Mali has adopted the Uniform Act on Accounting Law and Financial Information (AUDCIF) to harmonize national accounting standards with international best practices. The AUDCIF is a key component of the country’s efforts to strengthen its corporate financial framework and improve transparency in business operations.

Adoption and Effectiveness

The AUDCIF was adopted by the Commission de Normalisation Comptable de l’OHADA (CNC)-OHADA, the regional body responsible for harmonizing accounting standards across the West African Economic and Monetary Union (WAEMU) and the Organization for the Harmonization of Business Law in Africa (OHADA). The Act became effective on January 1, 2018, for individual accounts and on January 1, 2019, for consolidated and combined accounts.

Requirements and Sanctions

Under the AUDCIF, listed companies and those seeking financing in a public capital market are required to apply International Financial Reporting Standards (IFRS) in their consolidated statements. Other companies are permitted but not required to use IFRS. The Act also stipulates sanctions for non-compliance, including fines and penalties.

Enforcement

The Ordre National des Experts Comptables et Comptables Agréés du Mali (ONECCA-Mali), the national professional organization of accountants in Mali, is responsible for enforcing the AUDCIF and investigating any complaints related to accounting and auditing practices. The ONECCA-Mali has a Disciplinary Commission that investigates complaints and makes recommendations to its Board, which may impose disciplinary measures such as warnings, reprimands, or temporary suspension of licenses.

Implementation and Impact

The implementation of the AUDCIF is part of Mali’s efforts to improve its business environment and attract foreign investment. The country has also established an investigation and discipline (I&D) procedure for accountants and auditors, which includes a complaints process and disciplinary measures for non-compliance with professional standards.

Quotes

“The adoption of the AUDCIF is an important step forward in our efforts to strengthen Mali’s corporate financial framework and improve transparency in business operations,” said [official name], Minister of Finance. “We are committed to implementing this Act effectively and ensuring that our accounting and auditing practices meet international best practices.”

Conclusion

The implementation of the AUDCIF is expected to have a positive impact on Mali’s economy, improving investor confidence and attracting 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, 23 Jan 2018.
  • ONECCA-Mali, SMO Action Plan, 2019.

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