- The BCT
The Tunisian financial sector’s migration towards IFRS standards has "as a backdrop the establishment of the principles of good governance, competitive equity and transparency in the regulation of the banking market".
"The adoption of IFRS standards starting in 2021 is an important strategic direction for the economy in general and the financial sector in particular. These standards are, in fact, a common accounting language allowing for a uniform financial reporting that promotes comparability of performance and capital flow ".
This is mainly the message of Mr. Marouane EL Abassi, Governor of the Central Bank of Tunisia (BCT) at the closing session, today Tuesday, 16 April 2019 in Tunis, of an event organized by the European Bank for Reconstruction and Development (EBRD) and the Tunisian Professional Association of Banks and Financial Institutions (APTBEF) on ‘The Tunisian financial sector’s migration towards IFRS standards '.
The draft adoption of the international accounting and prudential framework by the banking sector, underlines Mr. El Abassi "was erected as a strategic project within the framework of the BCT 2019-2021 Strategic Plan and the BCT will work in close collaboration and cooperation with the relevant parties to make this project a success”.
The Governor of the BCT pointed out that this transition of the Tunisian financial sector to IFRS standards aims to modernize the legal, regulatory and operational frameworks governing the banking activity in Tunisia "with as a backdrop the establishment of the principles of good governance, competitive equity and transparency in the regulation of the banking market". Thus, the BCT pursues a clear guideline to ensure the acceptability of these reforms and to adapt them to the banks' capacities to avoid any fact likely to alter financing of the economy.
He added that for the BCT, "convergence with the European banking directives is a strategic and unavoidable choice and a guideline that has been driving the entire reform process since 2012". As a result, the convergence towards international standards on the prudential and accounting levels will allow for "the banking sector access to a new level of reform with a view to consolidating the banks' capacities to mobilize external resources and facilitate the regional and international implementation, "says the Governor of the BCT.