associated with providing regulators with accounting information consistent with the prudential rules. Responsibility-regional level: BCEAO and CIMA Accounting standards were adopted for microfinance institutions in 2009. Adopt accounting rules Completed with specifically for effect from 2009 microfinance institutions. Responsibility-regional BCEAO Regulation No. 02/2009/CM/UEMOA of March 27, Partially 2009 establishing the West African Accounting completed Council (CCOA) defines its composition and To facilitate the SYSCOA operation. Article 16 states that the CCOA’s operations update, define the mode of will be financed with resources raised by the operation of the CCOA and Commission and with contributions from the CNCs of ensure that it has the the member states. In reality, the resources from the resources needed to carry WAEMU Commission are used only for operations and out its work. Ensure as well are insufficient. The CNCs are not contributing at the effectiveness of the present. The CCOA’s main activities in recent years mechanism for making the have concerned the SYSCOA reform, the preparation accounting standards of public accounting standards and the organization of enforceable. West African accounting seminars (JOAC). These Responsibility-regional activities were carried out with the support of the World Bank, through the WAEMU project. The level: WAEMU mechanism for making the accounting standards enforceable is still the responsibility of the WAEMU Commission. The impact of implementing this recommendation can only be measured when the reformed SYSCOA is placed in service. Define the mode of Not completed operation of the National The composition of the CNC has not changed and its Accounting Councils (CNC) mode of operation remains the same. However, and ensure that they have meetings were held in 2013 and 2014. Without sufficient resources. sufficient resources, Senegal’s CNC cannot fulfill its Responsibility-regional accounting standardization responsibilities. level: WAEMU and Government of Senegal Given the implementation problems observed since the Regulation No. of June 28, 2013 was Completed with SYSCOA was established, adopted by the WAEMU with effect from January 1, effect from 2015 and in the light of a 2015. The tables were considerably simplified and the financial statements were revised. The impact of differentiated analysis of the implementing this recommendation can only be needs of the users of measured using the accounts prepared with this new accounting and financial system. information: a) Simplify the
associated with providing regulators with accounting information consistent with the prudential rules. Responsibility-regional level: BCEAO and CIMA Adopt accounting rules specifically for microfinance institutions. Responsibility-regional BCEAO To facilitate the SYSCOA update, define the mode of operation of the CCOA and ensure that it has the resources needed to carry out its work. Ensure as well the effectiveness of the mechanism for making the accounting standards enforceable. Responsibility-regional level: WAEMU Define the mode of operation of the National Accounting Councils (CNC) and ensure that they have sufficient resources. Responsibility-regional level: WAEMU and Government of Senegal Given the implementation problems observed since the SYSCOA was established, and in the light of a differentiated analysis of the needs of the users of accounting and financial information: a) Simplify the Completed with effect from 2009 Partially completed Not completed Completed with effect from 2015 Accounting standards were adopted for microfinance institutions in 2009. Regulation No. 02/2009/CM/UEMOA of March 27, 2009 establishing the West African Accounting Council (CCOA) defines its composition and operation. Article 16 states that the CCOA’s operations will be financed with resources raised by the Commission and with contributions from the CNCs of the member states. In reality, the resources from the WAEMU Commission are used only for operations and are insufficient. The CNCs are not contributing at present. The CCOA’s main activities in recent years have concerned the SYSCOA reform, the preparation of public accounting standards and the organization of West African accounting seminars (JOAC). These activities were carried out with the support of the World Bank, through the WAEMU project. The mechanism for making the accounting standards enforceable is still the responsibility of the WAEMU Commission. The impact of implementing this recommendation can only be measured when the reformed SYSCOA is placed in service. The composition of the CNC has not changed and its mode of operation remains the same. However, meetings were held in 2013 and 2014. Without sufficient resources, Senegal’s CNC cannot fulfill its accounting standardization responsibilities. Regulation No. of June 28, 2013 was adopted by the WAEMU with effect from January 1, 2015. The tables were considerably simplified and the financial statements were revised. The impact of implementing this recommendation can only be measured using the accounts prepared with this new system.