Uniform act on accounting law and financial reporting (revised SYSCOHADA)

The uniform act on accounting law and financial reporting (AUDCIF) replaced the act of 24 March 2000 and sets out the revised OHADA accounting system, known as SYSCOHADA. It establishes accounting standards, the chart of accounts, bookkeeping rules and the presentation of financial statements for businesses in member states, including Gabon. It has applied to individual accounts since 1 January 2018 and to consolidated and combined accounts since 1 January 2019. Entities whose securities are listed or that raise funds from the public must also produce financial statements under international IFRS standards. The act provides a normal system and a simplified cash-based system for very small entities. Every subsidiary or branch established in Gabon keeps its accounts under this framework.