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Popularizing international standards
In the current globalization context, the organizers of this seminar, African companies, are more than ever bound to address the competitiveness challenge. In the view of Contact Managis Consulting Firm, the companies « should, from now on, be able to impose themselves on a market essentially marked by bitter competition ». « For this reason, he added, we cannot but admit that today, most companies resort to foreign funds from various individuals or corporate entities, not necessarily established in the geographical area in which these companies operate. Taking into account the diverse accounting systems existing presently, these companies should translate the accounting and financial information into the language of the investor with whom they are dealing. »

By way of example, a Cameroonian or Senegalese company wishing to raise funds from a company located in Canada or France should present its financial statements not in the pattern of the OHADA system to which it is subjected, but based on the accounting standards governing the keeping of accounts in Canadian or French companies. The IFRS is a palliative to this problem: Harmonize the financial language on the international scene.

Pursuing the explanations of the need to popularize international accounting standards within the OHADA space, the organizers argued that the other IFRS issue concerns the quality of the financial information presented. And with good reason because « the above-mentioned principles (« Substance over Form » and « Fair Value ») facilitate the presentation of an image close to the reality of the company value, depending on the contextual economic variables, notably the market price. It was further argued that "It is no longer necessary to present financial statements based on the rule of law, and thus requiring that the methods currently used be modified, if we refer to an accounting system like that of OHADA ». The increasingly strong presence of African multinational companies in the world economic scene makes it imperative for the continental firms to comply with the international provisions in that regard, despite Africa's near-insignificant weight in international trade (barely 2% of the volume of global trade).

Constraints of the globalization of the economy
Since we are operating in a liberalized economy, Cameroonian companies would be better off adopting IFRS standards since they constitute a means of conquering parts of the world market. This is, in reality, a principle of competitiveness which should integrate companies of the OHADA system, especially if they intend to conquer the international market.

The direct consequence is that the certification of their accounts to the new accounting rules contributes to increasing their credibility in the eyes of international investors, « who, on the basis of financial information translated in their own language, can contribute significantly to increasing the volume of their capital ». OHADA member States should therefore keep pace with IFRS standards, because these rules are an important element to be considered in the development process of the sub-region.

Since financial information, as recommended by the OHADA accounting system, is limited in scope, the stakes for African companies members of this organization require the latter to be in keeping with the changes in the global economy. IFRS standards which are offshoots of IAS standards are rules of international concern, essentially aimed at harmonizing methods of processing and presenting financial information to make it easily understandable by a wide range of users, regardless of their geographical location. They therefore seem like a response to the restriction implied by the OHADA accounting standards, which are appropriate for a given category of operations. The term « IFRS » was adopted in 2003 by the European Union which made these standards mandatory, among others, for companies with several subsidiaries around the world.

Achille Mbog Pibasso, Douala