World Accounting Summit from May 29
26 May 2005DUBAI — World Accounting Summit, will be held at The Jumeirah Beach Hotel Conference Centre in Dubai, from May 29 to June 1. The central topic of discussion will be global alignment with International Financial Reporting Standards (IFRS).
The implications of IFRS for improved corporate governance in the region will be debated by the foremost regional and international finance experts.
According to Graham Ward, President of the US-based International Federation of Accountants (IFAC), and keynote speaker at the World Accounting Summit, “Having a multiplicity of accounting, auditing and other standards around the world is against the public interest. 'A multiplicity of accounting' creates confusion, encourages error and facilitates fraud. The cure for these ills is to have a single set of international standards, of the highest quality, set in the public interest by an international expert body, which transparently consults with and recognises the legitimate interests of the international
community.’’
More than 100 countries have adopted IFRS so far, and all companies listed in the European Union must now apply the framework. Companies in Bahrain, Jordan, Lebanon, Kuwait and Qatar follow IFRS by law, but it is mandatory for only UAE banks to abide by it.
Greater financial transparency and consistent enforcement are increasingly seen as key to increasing foreign direct investment into the Arab World from its low level, and attracting more top international banks and finance houses to the region.
The high-level speakers and accountants at the World Accounting Summit include Talal Abu-Ghazaleh, chairman and chief executive officer, Talal Abu-Ghazaleh Organization and President, Arab Society of Certified Accountants, Abdulaziz Rashed Ibrahim Al-Rashed, chairman of the Board, AGCC Accounting and Auditing Organisation (GCCAAO), Dr. Habib Al Mulla, Chairman, Dubai Financial Services Authority (DFSA)among others.
Follow us
