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Article 19

Effective from 2019-12-10 - Dec 09 2019
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1.The Consumer Microfinance Company must apply international accounting standards in the preparation of their accounts and financial statements
 
2.The Consumer Microfinance Company must make provisions for contingent losses and risks in accordance with International Financial Reporting Standards. SAMA may require that the Company to make an additional provision or more for contingent losses and risks.
 
3.Subject to the international accounting standards, a Consumer Microfinance Company must define criteria for assets value reduction, provisioning standards and regularly verify their implementation.