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Dec 2021

Tunisia: Formal regulatory framework needed for IFRS implementation

Source: Middle East Insurance Review | Oct 2021

An official regulatory framework for the application of IFRS standards in Tunisia is still being awaited even though there are only a few months left to publish the first financial statements under the new standards.
The National Accounting Council (CNC) requires public interest entities (financial institutions, (re)insurance companies and listed companies) to adopt IFRS standards starting with the financial year that will end on 31 December 2021, said PwC partner Ahmed Sahnoun, in a commentary published on the news site.
The CNC, however, does not have the legal force to modify the regulatory provisions of Law 96-112 which established the accounting system for companies in Tunisia.
Regulators - the Central Bank of Tunisia (BCT) and the General Insurance Committee (CGA) - have played an important role in boosting the IFRS project even in the absence of a regulatory framework, Mr Sahnoun noted. The BCT and the CGA have issued circulars and notes to monitor the IFRS implementation project and have taken measures to support banks and insurance companies.
Mr Sahnoun said the openness of financial institutions and certain companies to foreign partners is another factor that has contributed to the progress of the implementation of IFRS standards. Thus, certain donors and foreign partners are becoming increasingly more demanding in terms of the quality of financial information. M 
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