ASCA and Libyan Exchange Stock Market Organize workshop on New changes to the IFRS

 Today is the right time to organize such an exciting workshop due to the reforms needed by the Libyan financial and accounting system- Mr. Mohammad Fakroun

TRIPOULI ------ December 30, 2012------- The Arab Society of Certified Accountants (ASCA) and the Libyan Exchange Stock Market (LESM) organized a workshop on the new changes to the International Financial Reporting Standards (IFRS).

The workshop was held in Tripoli and Benghazi and attended by ASCA members, students, financial departments' representatives, insurance companies, Audit Bureau, department managers from oil companies and representatives from the Ministry of Economy.

The workshop was inaugurated by Mr. Mohammad Fakroun, Chairman of LESM Board of Directors who highlighted ASCA's efforts in developing the profession of accounting in the Arab world and in Libya in particular saying:"Today is the right time to organize such an exciting workshop due to the reforms needed by the Libyan financial and accounting system."

Mr. Fakroun also addressed the significant development in the profession due to the knowledge revolution and the continuous development and change to the information systems and technology.

Mr. Fakroun requested to review and amend the economic legislations and the administrative and financial system in Libya to meet the stage requirements, and he called upon the activation of partnership between the public and private sectors.

Chairman of National Investment Company, Dr. Bashir Ashour addressed the difficulties facing the profession in Libya and the necessity to hold such workshops to overcome such difficulties.

Meanwhile, ASCA's Manager Mr. Salem Al-Ouri thanked the Libyan Exchange Stock Market and introduced participants to the most important achievements of ASCA, as well as its qualifications and professional publications. He also tackled the development ASCA will introduce to the Arab Certified of Professional Accountants (ACPA) by updating the certificate curriculum and to conduct its exams electronically. Furthermore, he pointed to ASCA's Board of Directors decision to change the name of the Society to "The International Arab Society of Certified Accountants" to commensurate with its international position and outreach especially that the Society is going to launch its professional qualifications in the English language.

Dr. Osama Tabarah, vice-chairman of the Society presented a paper entitled "The Profession of Accounting and Its Role in Building the National Economy" where he discussed the impact of the profession of accounting and its significance in the national economy and the role of the high-professional auditing reports in enhancing transparency, facilitate the local and international investments and achievement of good investment infrastructure.

He also tackled the importance of amending the university programs regarding accounting to be aligned with the recent amendments to the international standards and the necessity of the certified accountants' compliance with the international standards and the code of ethics which positively affect the national economy.

He also addressed the election of Arab Alliance for Professional Services Committee by the United Nations Conference on Trade and Development (UNCTAD) which includes HE Dr. Talal Abu-Ghazaleh, Dr. Osama Tabarah, Mr. Seraj Al-Baker, and Dr. Jawad Al-Anani. The Committee undertakes the mission of setting the professional basics of the free professions, in particular, the accounting profession, which has an effective role in developing the national economy in the Arab countries.
At the end of the workshop, LESM presented an honorary shields to ASCA.