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In Morocco, accounting is a standardized procedure that consists of recording the monetary flows of a company in chronological order. This subject serves as the foundation for generating the corporation’s economic statements.
Definition of Accounting
In Morocco, accounting is ruled thru the General Code of Accounting Standards (CGNC – Code Général de Normalisation Comptable)
The CGNC in Morocco defines accounting as a discipline that :
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Offers this information as accounting entries.
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Synthesizes this data in the form of monetary statements.
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Accounting entries are recorded according to precise standards
These requirements are as follows:
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Each accounting gets the right of entry to ought to comply with the “double-access accounting
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device”. Each access made at the credit aspect ought to have corresponding access on the debit element.
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entries have to appreciate the bills’ numbers as described thru the accounting modern-day.
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Accounting entries are recorded according to precise standards.
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Entries are recorded in financial devices.
Accounting guidelines in Morocco
Accounting in Morocco wants to comply with the necessities of the CGNC.
These code units the following tremendous ideas:
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Accounting entries need to be recorded.
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Financial statements ought to be hooked up.
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Groups should respect the Accounting Principles.
What are the Accounting Principles in Morocco?
The CGNC has maximum crucial targets:
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On the handiest hand, to function the basis for statistics and organisation management.
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On the alternative hand, to offer an actual and honest view of the business enterprise to debts’
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clients, each personal and public.
CNGC gives for 7 Accounting Principles as follows:
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Continuity of operations.
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Consistency of strategies.
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Historical fees.
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Separation of accounting periods
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Caution.
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Clarity
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Significant significance.
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Principle of continuity of operations
According to the precept of continuity of operations, the commercial enterprise organisation ought to establish its money owed within the attitude of a continuation of its interest. In the absence of continuity, the organization ought to present its money owed in a liquidation charge.
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Principle of consistency of strategies
The company must apply, for the recording of entries and the establishment of debts, the identical valuation and presentation rules, from one monetary year to the following.
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Principle of historical fee
The access fee of an object recorded within the debts remains unchanged irrespective of the next modifications in purchasing energy.
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Principle of separation of accounting intervals
Accounting guidelines separate the existence of an agency into accounting intervals. The organization must report prices and earnings inside the yr in which they are incurred.
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Principle of caution
According to the principle of warning, while an organisation detects an uncertainty that would result in :
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Increase in fees.
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Decrease in sales for the one year
It needs to take them into account, specifically in the calculation of the result for that yr.
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Principle of readability
According to the principle of readability:
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the corporation wants to record records
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beneath the proper money owed
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with accurate designation
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and without netting entries
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the agency wants to value property and liabilities one by one
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the organization have to set up the economic statements without netting the wonderful
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gadgets.
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Principle of substantial significance
The employer has to divulge in its economic statements all gadgets whose importance might also affect valuations and selections.
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Who can manage Accounting?
An employer can pick out to both do its accounting internally or outsource it to an accounting employer.
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What is the position of accounting?
Accounting is a control device. The financial statements offer a precis of the employer’s financial situation.
In addition, accounting performs a position in informing partners (zero.33 occasions). Indeed, 1/3 parties (banks, shareholders, employees, …) are interested in the development of the hobby and its economic health. Accounting covers this need.
In quick, accounting is a critical tool for economic information.
The purpose of an accounting tool is to:
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ensure that the transactions are recorded according to the rules in force
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provide the principles for summarizing these transactions
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produce standardized statements that third parties can read and analyze to draw conclusions
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Accounting machine in Morocco
The following accounting books are obligatory for each employer:
First, an accounting technique manual. Its characteristic is to explain for:
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The accounting corporation
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Accounting techniques
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the agency needs to hold a General Journal. Indeed, it statistics the everyday transactions so as .
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of date
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General Ledger agencies entries with the aid of account
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the Trial Balance which lists the balances of all debts
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the financial statements that we cover within the next segment.
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Financial statements
Accounting produces:
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he balance sheet critiques the enterprise employer’s belongings, liabilities, and fairness at a
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specific date
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the income statement (moreover referred to as income and loss assertion) which gives statistics
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on the internet earnings.
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the cash drift declaration which offers records on cash inputs and outputs
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the Trial Balance which lists the balances of all debts
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the notes to the monetary statements provide preferred data, mainly on the accounting
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standards and strategies.
