Tanzania Statement of Accounting Guideline No 7 and The Central Bank’s Supervisory Role
O. M. Urassa (The Institute of Finance Management, Dar es Salaam)
Download Article | Published On 01/07/1997

Abstract

It is in the interest of the Bank Customers, particularly depositors, Central Bank, public and Government that the Bank and of course other financial institutions should continue to exist in providing its services for an enforceable future. The role played by financial institutions is also crucial to justify the need for stable financial system. This factor is manifested through various mechanisms established by the Central Banks and the Government to ensure that there is sustainable and efficient banking system in the daily running of activities by all interested parties The National Board of Accountants and Auditors (NBAA) on the other hand, has its main role being to monitor the development of the accounting profession in the country. Over and above this primary role, NBAA plays the role of safeguarding individuals (investors and even depositors) through constant monitoring of their (NBAA) members practice as well as issuance of accounting pronouncements to guide in daily accounting practice which in the end, is expected to achieve the above goal. The release of TSAG 7 on the Information to be disclosed in the Financial Statements of Banks and similar financial institutions is one of several Guidelines issued to meet that particular end. This article discusses the TSAG 7 and its impact towards Central Bank's role as a supervisor of all Financial Institutions.

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