Ethiopia: CBE Became the First Bank to Adopt IFRS

cbe-logoCommercial Bank of Ethiopia (CBE) adopted International Financial Reporting Standards (IFRS). The bank managed to do this a year ahead of the time period National Bank of Ethiopia set for the banks.

The bank’s President, Bekalu Zeleke, took delivery of the report conducted by KPMG, a foreign consulting firm. Brian D’souza, a partner at KPMG for East Africa, delivered the report at the Bank`s headquarters on Churchill Road, in the presence of Atkilit Kidanemariam, vice president for Finance & Accounting at CBE.

It took the consulting company almost a year to complete the task and delivery the report.

It was back in 2014 that the legislature adopted a financial proclamation which was followed by the establishment of Accounting & Audit Board of Ethiopia (AABE). The Board, comprising of 12 members under the chairmanship of Abraham Tekeste (PhD), minister of Finance & Economic Cooperation (MoFEC), is mandated to transform the financial reporting system in the nation`s firms.

Source: Fortune

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