Madagascar
Methodology
Last updated: 12/2015
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Member Organizations
Member Associate
Legal and Regulatory Environment
Act No. 2003–036 of January 30, 2004, On Commercial Companies, outlines accounting, auditing, and financial reporting requirements for all companies in Madagascar. All companies are required to prepare their financial...
Ordinance No. 92–047 of November 5, 1992, On the Organization of the Profession of Chartered Accountant and Finance, which was amended by Law No. 96–019 of September 4, 1996, and Law No. 2001–023 of January 2...
Although there is no public oversight of the audit profession in Madagascar, the Ordre des Experts Comptables et Financiers de Madagascar (OECFM) reports in its 2015 SMO Action Plan that such a system is expected to be...
The Ordre des Experts Comptables et Financiers de Madagascar (OECFM) is a mandatory membership organization established in 1962 in accordance with Ordinance No. 62–104 of October 1, 1962. The OECFM’s mandate and...
In 2008, the World Bank concluded an assessment of the accounting and auditing environment in Madagascar. Based on the results of the assessment published in 2008 in a Report on the Observance of Standards and Codes...
Adoption of International Standards
In accordance with Article 70 of Ordinance No. 92–047 of November 5, 1992 (and subsequent amendments), the Ordre des Experts Comptables et Financiers de Madagascar (OECFM) is responsible for the establishment of a...
Initial professional development (IPD) and continuous professional development (CPD) requirements for professional accountants are outlined in Article 70 of Ordinance No. 92–047 and Decree No.92–960 of November 11...
The Act On Commercial Companies requires financial statements of incorporated and limited liability companies to be audited. Under Ordinance No. 92–047 of November 5, 1992 (and subsequent amendments), the Ordre des...
The Ordre des Experts Comptables et Financiers de Madagascar (OECFM) is responsible for the adoption of ethical standards for members of the profession in accordance with Ordinance No. 92–047 of November 5, 1992 (and...
The Conseil Supérieur de la Comptabilité in the Ministry of Finance and Budget determines public sector accounting standards under Decree No. 89–161 of June 13, 1989 as amended. Since 2006, government entities are...
The Ordre des Experts Comptables et Financiers de Madagascar (OECFM) is responsible for the establishment and administration of an investigative and disciplinary (I&D) system for its members in accordance with Ordinance...
Act No. 2003–036 of January 30, 2004, On Commercial Companies, outlines accounting requirements for all companies in Madagascar. Ministerial Decree No. 2004–272 of February 18, 2004 stipulates the accounting...
Relevant OrganizationsConseil Supérieur de la Comptabilité (CSC)Ordre des Experts Comptables et Financiers de Madagascar (OECFM)Relevant LegislationOECFM, Laws Governing the Profession.Relevant PublicationsDeloitte &...
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