The CFA franc is pegged to the Euro at a rate of 656 CFA francs per Euro, and the
French Treasury guarantees its unlimited convertibility into Euro. To understand the
context of the OHADA reforms in the franc zone countries and beyond,8 it is essential to
begin by examining recent developments in French accounting.
In the late 1990s, securities market pressure and the accelerating pace of globalization
compelled French accounting regulators to embark on a comprehensive overhaul of the