“Many investors seem to think tax and accounting mean same thing in a company of business. However, both sectors play entirely different roles even though accountants usually exercise tax calculation roles in several maritime companies in Cameroon”.
Legal Framework
- The writeup in this blog is backed by the General Tax Code of Cameroon as revised every year.
- Other writeups in this blog are backed by the OHADA Law on accounting which regulates;
Financial statements
Companies must produce annual financial statements that accurately reflect their position and transactions.
Internal controls
Companies must implement internal control procedures to ensure they have a clear understanding of their business.
Clear presentation
Companies must present all information clearly and without concealing the company’s situation.
Terminology and methods
Companies must use consistent terminology and methods to trace events, transactions, and positions.
Additional justifications
Companies must provide additional justifications in their financial statements notes if their accounting obligations are insufficient.
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