Abu-Ghazaleh Calls for Greater Arab Representation in IASC
31 May 2005AMMAN - The Chairman of the Arab Society for Certified Accountants (ASCA) called for greater Arab representation in the International Accounting Standard Committee (IASC), while emphasizing the need for the highest level of Arab representatives to participate in the drafting of these standards.
In his speech at the World Accounting Summit, currently being held in Dubai, Abu-Ghazaleh urged the International Accounting Standard Committee Board (IASB) and the International Federation of Accountants (IFAC) to cooperate with the World Trade Organisation (WTO) to regulate the accountancy profession, given its power and capabilities to execute decisions on all member countries, and added that the Board should embark on a new role under the umbrella of the organization.
Abu-Ghazaleh stressed on the need for joint Arab cooperation when dealing with the benefits of the unification of international accounting standards rather than dealing with them on an individual basis, noting the Society's success in adopting regional principles in its programs and dealings as opposed to local ones.
He added that this approach will show the world the keenness of Arab countries in building a solid and trustworthy infrastructure for the application of international accounting standards.
He urged the concerned parties in Arab governments to ensure the compliance of financial statements, prepared by firms registered in International Financial Reporting Standards (IFRS) capital markets, and called for regional audit firms to defend this approach, given that it represents one of the most pressing concerns for auditors in terms of professional responsibility and providing consultancy services.
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