Accounting in Morocco
- Accounting Standards
- Moroccan companies are obliged to progressively adopt IFRS international standards.
- Accounting Regulation Bodies
National Council of Accounting
- Accounting Law
- General code of accounting standardization of 1992
- Difference Between National and International Standards (IAS/IFRS)
- The accounting standards is largely drawn on French standards. Access the Moroccan accounting plan.
- Tax Year
- The tax year begins on January 1 and ends on December 31 of the same year.
- Accounting Reports
The structure of accounts in Morocco is drawn on the French model.
Subject to provisions envisaged in articles 19,20,21, the people subject to this law must establish annual summary reports, at the end of the financial year, based on accounting and inventory records drawn in the daybook, the general ledger and the inventory book.
These summary reports include:
- the balance sheet,
- the incomes and expenses account,
- the management sales report,
- the funds flow statement,
- the additional information report.
They form an integral whole.
- Publication Requirements
The balance sheet describes separately the asset and liabilities items of the business.
The income and expense account summarises the incomes and expenses of the financial year without considering their date of cashing or payment.
The management balances report describes the formation of the net income and that of self-financing.
The funds flow statement highlights the financial growth of the company during the financial year by describing the resources provided and jobs provided from it.
The additional details report supplements and comments on information provided by the balance sheet, the income and expense account, the management balances report and the funds flow statement.
Account should be certified annually.
- Generally auditors, chartered accountants and public accountants are distinguished.
The government auditors necessarily belong to the public accountants corporation.
The chartered accountants play the role of financial, accounting, legal and tax consultant in companies.
Audit relates more to an internal management audit of the company.
- Professional Accountancy Bodies
Public Accountants Corporation
Moroccan Association of Internal Auditor Consultants
Association of Chartered Accountants
- Member of the International Federation of Accountants (IFAC)
- Morocco is a member of the International Federation of Accountants (IFAC).
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