Sudan’s CBS Directs Banks to Reevaluate Their Assets

Sudanhorizon – Hala Hamza
The Central Bank of Sudan (CBS) has directed commercial banks and financial institutions to revalue their fixed assets to address the impacts of the war, enhance transparency, and reform and restructure the banking system.
In its circular, the CBS mandated that banks engage independent, accredited, and competent experts committed to impartiality.
The bank emphasized in its directives adherence to approved international accounting standards and the Central Bank of Sudan’s regulations to ensure the integrity and reliability of financial statements, transparency, and disclosure in their preparation, including their impact on equity and any resulting discrepancies.
The circular instructed banks and financial institutions to submit a detailed report to the Central Bank of Sudan outlining the valuation methodology, the implementing entities, the results, and the financial implications, within a timeframe specified by the bank.
The circular also indicated the Central Bank’s right to revisit the valuation, request a revaluation whenever it deems necessary, or take any action in accordance with applicable laws and regulations.

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