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Conclusion of International Conference on International Accounting Standards

22 Dec 1994
AMMAN – The Arab International Conference for international accounting standards concluded its activities the day before yesterday.
 
The conference had begun December 18, 1994 in the city of Dubai, UAE, with the participation of more than 200 accountants and experts from both the public and private sectors, and academic sectors and practitioners.
 
Participating at the lectures of this conference was a number of representatives from international bodies that organize the accounting profession, such as the International Federation of Accountants (IFAC), the U.N. Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting, the International Accounting Standards Committee (IASC) and representatives from professional societies from India, Britain, the UAE, Jordan, Egypt and other countries.
 
Mr. Talal Abu-Ghazaleh had inaugurated the conference’s activities by emphasizing the necessity to work towards raising the level of the accounting profession in the Arab world by opening the horizons of this discipline through effective participation in bodies and professional societies and the necessity of adopting international accounting standards. This is because such action will assist in growth and proper development of the Arab economy.
 
He also said it was important that the organizing parties to the profession in the Arab world to completely coordinate between the international standards and accounting applications and make them conform to what is appropriate with the Arab reality. This is because the whole region is approaching massive changes that will occur if the General Agreement on Tariffs and Trade (GATT) is implemented.  
 
The final declaration of the conference focused on:
 
-         The necessity for the Arab accounting profession to adopt international standards after they are revised such that they are compatible with the environment and particular variables of the Arab region.
 
The conference also issued numerous recommendations.