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14.1. Books and Records

Financial statements are prepared in accordance with the standards (SYSCOHADA) established by the Organization for the Harmonization of Business Law in Africa (OHADA). Taxpayers with a turnover not in excess of XAF 30, 40 or 60 million (depending on sector of activity) are allowed to maintain and file their financial statements in a simplified format. In contrast, listed companies as well as those soliciting funds from the public are, in addition, required to follow IFRS rules.

Books and records must be maintained in the French language and the tax authorities may require a sworn translation into French if maintained in another language.