The new PCSI postponed to January 1, 2025

Following the request of the National Federation of Real Estate Developers (FNPI) and the review carried out by the National Accounting Council (CNC), the application of the accounting plan for the real estate sector will be postponed to January 1, 2025.

The Minister of Economy and Finance, Nadia Fettah Alaoui, in her capacity as President of the CNC issued, in view of Decree No. 2.88.19 establishing the CNC, Opinion No. 21, supplementing and modifying Opinion No. ° 20 relating to the update of the chart of accounts for the real estate sector in order to announce the postponement of its application for January 1, 2025, a plan which was initially to take effect on January 1, 2023.

This decision comes after the request from the FNPI, subject of correspondence No. 2696 of July 22, 2022, which will allow operators in the sector to put in place the necessary prerequisites to support the updates made to the Chart of Accounts for the Real Estate Sector, in particular after the examination by the CNC during its 88th meeting held on December 20, 2022, notes the press release.

This postponement would also allow players in the sector, in particular those listed on the Casablanca Stock Exchange, to carry out impact studies of the said update on their financial indicators, the same source said.

It should be noted that the real estate sector’s chart of accounts was updated by the CNC in June 2022. business and stock of real estate developers. It was carried out after the CNC received correspondence from Bank Al-Maghrib asking for its opinion on these issues.

In order to promote the activities of property developers listed on the stock exchange, administrative facilities have been granted to them for the establishment of land titles, by the National Agency for Land Conservation. Indeed, these land titles can be the subject of securities listed on the stock exchange“, added the CNC in its report on the chart of accounts published in June.

Following these facilities, it was noted that during the analysis of the summary statements of real estate developers listed on the stock market by credit institutions, the methods of accounting for turnover and inventories as well as their rules of diverging assessment from one promoter to another, which does not provide uniform accounting and financial information, the same source pointed out.

This issue was raised during a meeting of the Systemic Risks Coordination and Monitoring Committee, devoted to the examination of the risks emanating from the real estate sector. This committee, instituted by the banking law, is made up of BAM, the Treasury and External Finance Department, the Moroccan Capital Market Authority and the Insurance and Social Welfare Control Authority.

According to BAM, SPIs keep their accounts in accordance with the provisions of the accounting plan for the real estate sector which provide that, “only the profits made on the closing date of a financial year can affect the results”. As an exception, the partial profit on an operation not completed on the closing date that meets the conditions set by the CGNC is considered to have been made.

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