EFSA Guidelines for Financial State
EFSA Guidelines for Financial Statements of Mortgage Finance Companies
The Egyptian Financial Supervisory Authority ("EFSA") recently issued a decision on the preparation and review of financial statements for mortgage finance companies as well as the dates of their submission to EFSA (the "Decision").[1] This Decision sets out the conditions of this submission, for the first time. Previously, financial statements of mortgage finance companies were produced according to the general conditions issued by the Minister of Investment.
Based on the new Decision, mortgage finance companies will be obliged to prepare annual financial statements to be approved by the General Assembly of the company, and accompanied by an auditor's report within three months of the end of the fiscal year. The company must provide EFSA with its annual financial statements, and the auditor's report, 15 days from the date of the General Assembly. There are also several new controls for mortgage companies, such as the provision that quarterly reports must now be submitted. A limited examination of the auditor's report must be provided to the Authority within 45 days of the end of the quarter. In all cases, the company shall notify EFSA with its annual financial statements and the ratified auditor’s report, within 10 days of the General Assembly Meeting.
The text of the Decision stipulates the preparation of the annual and quarterly financial statements starting with the first fiscal term following publication of this decision, meaning as of 23 September 2014.
[1] EFSA Board of Directors' Decision No. 119/2014 on the guidelines for financial statements of mortgage finance companies, Egyptian Gazette, Issue No. 216, 22 September 2014.
The Egyptian Financial Supervisory Authority ("EFSA") recently issued a decision on the preparation and review of financial statements for mortgage finance companies as well as the dates of their submission to EFSA (the "Decision").[1] This Decision sets out the conditions of this submission, for the first time. Previously, financial statements of mortgage finance companies were produced according to the general conditions issued by the Minister of Investment.
Based on the new Decision, mortgage finance companies will be obliged to prepare annual financial statements to be approved by the General Assembly of the company, and accompanied by an auditor's report within three months of the end of the fiscal year. The company must provide EFSA with its annual financial statements, and the auditor's report, 15 days from the date of the General Assembly. There are also several new controls for mortgage companies, such as the provision that quarterly reports must now be submitted. A limited examination of the auditor's report must be provided to the Authority within 45 days of the end of the quarter. In all cases, the company shall notify EFSA with its annual financial statements and the ratified auditor’s report, within 10 days of the General Assembly Meeting.
The text of the Decision stipulates the preparation of the annual and quarterly financial statements starting with the first fiscal term following publication of this decision, meaning as of 23 September 2014.
[1] EFSA Board of Directors' Decision No. 119/2014 on the guidelines for financial statements of mortgage finance companies, Egyptian Gazette, Issue No. 216, 22 September 2014.