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According to the assessment of accounting and auditing practices conducted by the World Bank in 2002, Moroccan generally accepted accounting standards (GAAP) are conceptually different from International Accounting Standards (now renamed International Financial Reporting Standards or IFRSs). The World Bank concluded that, since the establishment of the National Accounting Council (CNC) in 1989, Moroccan accounting standards have improved significantly, but that inadequate enforcement and flawed standards-setting process impeded further progress. In line with the World Bank's recommendations, Moroccan authorities and other stakeholders developed an action plan to improve the financial reporting framework. According to Deloitte IAS Plus website, starting January 1, 2008 the Central Bank of Morocco will require all banks and similar financial institutions to use IFRSs. The website further points out that the Moroccan Law on Stock Exchanges allows all companies listed on the Casablanca Stock Exchange, other than banks and similar financial institutions, to choose between IFRSs and Moroccan GAAP. An IMF 2008 Article IV report confirmed that credit institutions in Morocco implemented IFRSs in January 2008. However, as far as Moroccan GAAP is concerned, in a 2007 sself-assessment prepared for the International Federation of Accountants, the Certified Public Accountants Association stated that the CNC, as the accounting standard setter in the country, has not established convergence as a formal objective.

According to the assessment of accounting and auditing practices conducted by the World Bank in 2002, Moroccan generally accepted accounting standards (GAAP) are conceptually different from International Accounting Standards (now renamed International Financial Reporting Standards or IFRSs). The World Bank concluded that, since the establishment of the National Accounting Council (CNC) in 1989, Moroccan accounting standards have improved significantly, but that inadequate enforcement and flawed standards-setting process impeded further progress. In line with the World Bank's recommendations, Moroccan authorities and other stakeholders developed an action plan to improve the financial reporting framework. According to Deloitte IAS Plus website, starting January 1, 2008 the Central Bank of Morocco will require all banks and similar financial institutions to use IFRSs. The website further points out that the Moroccan Law on Stock Exchanges allows all companies listed on the Casablanca Stock Exchange, other than banks and similar financial institutions, to choose between IFRSs and Moroccan GAAP. An IMF 2008 Article IV report confirmed that credit institutions in Morocco implemented IFRSs in January 2008. However, as far as Moroccan GAAP is concerned, in a 2007 sself-assessment prepared for the International Federation of Accountants, the Certified Public Accountants Association stated that the CNC, as the accounting standard setter in the country, has not established convergence as a formal objective.