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Start of the Arab International Conference on International Accounting Standards

24 Oct 1994
AMMAN – The activities of the international conference on international accounting standards began yesterday in Dubai, which is being organized by the Arab Society of Certified Accountants (ASCA), Talal Abu-Ghazaleh International (TAGI) and Infocenter of Dubai. The activities will continue for a period of three days.
 
Following the conference will be a workshop on the practical applications in the field of accounting and particularly international standards, in addition to a comparison on accounting mechanisms according to international and American standards. 
 
ASCA Chairman Mr. Talal Abu-Ghazaleh delivered a speech in which he said: “In order for the accounting profession to conduct its role properly, it requires unified accounting standards. The non-existence of such standards in the Middle East hinders economic development and progress.”
 
Also in his speech, he pointed out that the accounting standards being used in the Arab world are the ones that are well known and taken from American and British practices and standards. The adoption of such standards isn’t accompanied with a unified interpretation of these standards and their methods of usage, according to Abu-Ghazaleh.
 
Mr. Abu-Ghazaleh said that “adopting international standards will contribute to the attraction of foreign investments and technology transfer that both developing and developed countries need.”
 
 As for the accounting profession in the Arab world, he said “The accounting profession in the Arab world is still below the level required, and this is because of previous periods when some nations were subject to colonization, or the entrance of some into social experiments and the control of the public sector, and how this resulted in non-compliance with the modern rules of the accounting vocation. In the Arab world, we also need to take another look at accounting education, and compare it with its counterpart in America and Britain, and we need to work to benefit from the experiences of these countries. It is also necessary to introduce modern technology like computer usage into these curricula.”
 

He elaborated: “ASCA was created as an Arab professional body that aims to give the Arab accounting profession the qualities and features that make it capable of absorbing the changes in the vocation’s world. It also aims to adopt modern technology such as the computer and programs used in automated processing of accounts. The Society has succeeded in fulfilling this type of issue as it founded a unique accounting qualification program that is compatible with international variables and addresses the needs of the Arab environment.”