OHADA Accounting Harmonization Benefits And Obstacles For The Franc Zone Region

Accounting harmonization is becoming a big issue in the Africa, particularly in Franc Zone region, since these countries are now facing the globalization era, where the interest of international business and the need of investment to bring development for the region become greater.Since 1998 the Franc Zone countries are in the harmonization process that allows them to improve their accounting systems by adopting new accounting law and accounting standards.The objective of this study is to find out how this process of accounting harmonization is taking place, to discuss its advantages and disadvantages for the Franc Zone region, and to show its incidence for the development of the region. Furthermore, this research aims to suggest the option to achieve efficiently the accounting harmonization and propose the creation of the regional independent core of accountants.Through this study we have found that although several obstacles exist, regional harmonization is beneficial for Franc Zone countries.The success of accounting harmonization in Franc Zone depends on the effort that is to be made by each Member State to find the efficient way to comply with and to implement the decision taken at the regional level.The necessity to recognize national commissions as institutional bodies of OHADA at the national level and the creation of an independent core of accountants at the regional level will bring more guarantees to make sure that the standards setting process is based on technical and professional considerations and that the implementation of the standards will be controlled.We have also found that as an institution; accounting harmonization will accelerate the process of regional and economic integration within Franc Zone, which seems to be the way for this region to expect a good development.As the accounting problems are linked to the global economic and social environment, the effort regarding economic and social reform in Franc Zone countries also will contribute to the success of the accounting harmonization.