Banking Act

21. Form of accounts

Edition: 2024-12-27 · In force

21. Form of accounts

(1)All entries in any books and all accounts kept by an institution shall be recorded and kept in the English language, using the system of numerals employed in Government accounts.

(2)The Central Bank may, at any time, issue directions to an institution requiring it to maintain such books, records or information, in addition to any books, records or information then already maintained by it, as the Central Bank may consider to be necessary.

(3)The financial statements shall be in accordance with international financial reporting standards, including applicable consolidated accounting principles for groups.

(4)The Central Bank may, for regulatory purposes, require an additional accounting consolidation which excludes insurance and such other subsidiaries as the Central Bank may prescribe.[Act No. 57 of 2012, s. 43.]

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Source: Kenya Law