Abu-Ghazaleh: Jordan Adopts the Application of IPSAS

AMMAN------- December 21, 2014------HE Dr. Talal Abu-Ghazaleh, Chairman of the International Arab Society of Certified Accountants (IASCA), has been informed of the decision of the Jordanian Council of Ministers represented by the Jordanian Ministry of Finance to adopt and apply the International Public Sector Accounting Standards (IPSAS) during a session recently convened under Article (4) of the Jordanian Accountancy Profession Law No. 73 of 2003.

The International Arab Society of Certified Accountants (IASCA) has played a significant role throughout the past two years, in collaboration with the USAID-financed Fiscal Reform Project and the Ministry of Finance, in taking this decision.

Dr. Abu-Ghazaleh, stated that in order to achieve IASCA's objective of disseminating the Accounting Standards and enhancing transparency and control over the financial statements in the public sector, the Society has exerted extensive efforts to hold several activities, courses and seminars introducing the international accounting standards in the public sector.
 
The Society’s activities included the participation in the regional conference “Role of Training in Supporting Government Accounting Reforms” organized by the training center of the Jordan Ministry of Finance in cooperation with the Society, with the support of the USAID-financed Fiscal Reform Project. It also convened a specialized seminar on the “International Public Sector Accounting Standards” with the attendance of more than 140 participants from all government departments and several parliament members who received the IPSAS book as a complimentary copy.

The Society also held a specialized course at the Accounting Bureau headquarters titled “Risk Based Internal Audit and Control” in which 162 trainees from various ministries and government institutions and departments participated, and held another specialized training course titled “Fundamentals of Financial Accounting” at the headquarters of the Income and Sales Tax Department with the attendance of 27 participants.

Moreover, the Society held a scientific open day in cooperation with Esra' University on the “International Public Sector Accounting Standards” and the precautionary procedures to combat economic corruption. In Dubai, the Society, in cooperation with the UAE Accountants and Auditors Association, held a joint training course titled “International Public Sector Accounting Standards and their recent amendments”.

In collaboration with the International Arab Society of Certified Accountants “IASCA” as an international expert in the field of IPSAS, the USAID-financed Fiscal Reform Project- Jordan has organized a workshop with the participation of 23 specialists and professionals from various directorates of the Ministry of Finance. The Workshop aims to discuss the requirements and mechanism of transition from cash-basis accounting procedures to accrual-basis IPSAS procedures. It also highlights the necessity to develop work plans along with a timetable for application phases, and holds specialized courses for the staff of public sector towards IPSAS full application.

The Society has been continuously keen on holding several seminars in its branches whether in the northern, central or southern parts of the Kingdom, introducing the students to the importance of these standards as well as urging lecturers and professors to introduce the importance of these standards at both the practical and academic levels.

In addition, the Society is responsible for translating the International Public Sector Accounting Standards on an annual basis and posting them on IASCA website. Also, several promotional and advertising materials are prepared in relation to the International Public Sector Accounting Standards and are circulated in the Arab region.

In order to disseminate the knowledge and science related to the International Public Sector Accounting Standards, the Society presents annual copies of this publication to the accounting legislation authorities in Arab countries in order to urge them to adopt and apply these standards.

IASCA is a non-profit professional accounting association that was established in London, UK on January 12th 1984 and officially registered in Amman on February 24th 1994. It aims at advancing the sciences of accounting, auditing, and related subjects internationally. It also aims at maintaining the professional independence of accountants and their protection through the application of professional supervisory measures as a way to elevate the professions of accounting and auditing.