Mauriutius's new draft proposed Financial Reporting Legislation, developed by the Ministry of Industry, Financial Services and Corporate Affairs was presented earlier this month to many of the jurisdiction's 1,200 accountants for comment.
In addition to the planned creation of a Financial Reporting Council and an Institute of Professional Accountants, the proposed legislation provides for the establishment of a national committee on corporate governance to act as a coordinating body, and the creation of a Mauritius Institute of Directors (MoID) with responsibility for promoting corporate governance through educational and other means.
Speaking to the meeting at which the draft financial reporting legislation was unveiled, Financial Services Minister, Sushil Khushiram revealed that the financial reporting models employed by countries such as India, Australia, South Africa, Singapore, Hong Kong, and the United Kingdom had been studied, with the latter providing the strongest inspiration for the draft bill.
According to reports, accountants in Mauritius now have until the end of the month to comment on the proposals, either individually, or via professional associations.
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