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Accounting and accounting rules in Togo

Accounting Rules

Tax Year
The tax year is the calendar year.
Accounting Standards
The Organization for the Harmonization of Business Law in Africa released a Uniform Act on Accounting and Financial Information (AUDCIF), which came into effect on January 1, 2018 for individual accounts and on January 1, 2019 for consolidated accounts, combined accounts, and financial statements prepared in accordance with IFRS.
As of 1 January 2019, IFRS Standards are required for all listed companies and companies making a public call for capital. Small and medium enterprises are required to follow either the SYSCOHADA system or IFRS standards.
Accounting Regulation Bodies
Organisation for the Harmonisation of Business Law in Africa (OHADA)
West African Economic and Monetary Union (UEMOA)
Ordre National des Experts-Comptables et Comptables Agréés du Togo (ONECCA)
Accounting Reports
According to art. 8 of the Accounting Act of the Organisation for the Harmonisation of Business Law in Africa, companies must publish a balance sheet, a profit and loss account, a statement of cash flows and notes to the financial statements.
All listed companies and companies making a public call for capital must use IFRS standards for their financial statements.
Publication Requirements
Public limited companies must submit audited financial statement every year. Limited liability companies must appoint an auditor in one of the following cases: capital of more than XOF 10 million; more than 50 employees; or a turnover of XOF 250 million or more.
Professional Accountancy Bodies
Ordre National des Experts-Comptables et Comptables Agréés du Togo (ONECCA)
Certification and Auditing
According to art. 376 of the Uniform Act on Commercial Companies of the Organisation for the Harmonization of Corporate Law in Africa (OHADA), private limited companies are required to appoint at least one auditor if their capital exceeds XOF 10 million and they meet, at the end of the fiscal year, one of following conditions: the annual turnover is greater than XOF 250 million; or the number of permanent staff exceeds fifty people. For private limited companies that do not meet these criteria, the appointment of an auditor is optional. Nevertheless, such an appointment maybe requested in court by one or more members holding at least one-tenth of the stated capital.
In public limited companies, supervision is exercised by one or more auditors.
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Latest Update: July 2022