A regional workshop on the Harmonization of accounting and financial reporting for Banks and other Credit Financial Institutions in ECOWAS on 2nd of April 2012, opened at Kairaba Beach Hotel. In his statement, the Director General of the West African Monetary Agency(WAMA),Professor Mohamed Ben Omar Ndiaye said that transparency, accounting and Public confidence both at the local and the international level in the Banking system is critical for the economic and monetary integration process in the sub region.
The workshop, he said, is part of the recommendations of the 40th WAMA statutory meeting of the Committee of Governors of Central Banks of ECOWAS member states which was held in Conakry in July 2011 and that WAMA was enjoined to draw on the expertise of the central banks in order to carry out its single currency road map assignments under the economic and monetary integration project of ECOWAS.
The overall objective of the workshop, he stated, is to propose a harmonized accounting and financial reporting framework for banks and other credit institutions in West Africa aimed at ensuring compliance with International Financial Reporting Standards (IFRS).
