2024-06-30 18:15:13
Earthquake administration fund: contributions paid by entities represent a non-current cost to be entered in a devoted account (CNC)
Rabat – Contributions paid by entities to the “Particular Fund for the administration of the results of the earthquake which affected the Kingdom of Morocco” represent a non-current cost to be recorded in a devoted account, in line with an opinion from the Nationwide Accounting Council ( CNC).
This opinion, issued by the Minister of Economic system and Finance, in her capability as President of the CNC, on September 27, 2023, on the proposal of the Standing Committee of this Council, additionally stipulates that, as an exception and distinctive measure, the entities involved have the potential for transferring the quantity of this contribution to the property of the stability sheet below the heading “non-assets” and thus depreciating this quantity over a number of monetary years (most 5 monetary years), contemplating the one-off and non-recurring nature of this expense and its probably important significance in relation to the exercise and ends in the occasion that it have been connected to the 2023 monetary 12 months alone.
The mentioned discover pertains to the accounting therapy to be reserved for contributions supposed for this fund, in software of the provisions of decree no. 2.88.19 of 16 Rabii II 1410 (November 16, 1989) establishing the CNC as amended and supplemented specifically by decree no. 2-21-165 of 5 Choual 1443 (Could 6, 2022).
Following the devastating earthquake that occurred on Friday, September 8 in a number of areas of Morocco, His Majesty King Mohammed VI gave His Excessive Directions, for the opening of a particular account with the Treasury and Financial institution Al-Maghrib, with a view to receiving voluntary solidarity contributions from residents and personal and public organizations.
This account was created below Decree No. 2.23.811 of 25 Safar 1445 (September 11, 2023) establishing a particular account entitled “Particular Fund for the Administration of the Results of the Earthquake that Affected the Kingdom of Morocco”.
2024-06-30 18:15:13