The Mauritian government is in the process of creating a legal framework for the establishment of a Financial Reporting Council (FRC) and a Mauritius Institute of Professional Accountants, the Minister for Economic Development, Financial Services and Corporate Affairs, Sushil Khushiram announced earlier this month.
Minister Khushiram revealed that legislation providing for the creation of the two regulatory bodies is currently being prepared by consultants, and that the FRC Bill may be introduced as early as March of next year.
He went on to explain that the Financial Reporting Council will have responsibility for the enforcement of accounting and auditing standards, and will be permitted to impose sanctions.
In addition to addressing issues such as the regulation of accountants, the new legislation will also bring public sector organisations into line with their private sector counterparts with regard to adherence to international accounting standards.
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