Abu-Ghazaleh: Out participation in the World Standard-Setters Conference in London is for serving Arab Countries

LONDON - Representatives of the International Arab Society of Certified Accountants (IASCA) participated in the annual conference of World Standard-Setters (WSS) held by International Financial Reporting Standards (IFRS) Foundation.

HE Dr. Talal Abu-Ghazaleh said that the participation in the WSS Meeting comes in line with the Society’s vision and its chairman HE Dr. Talal Abu-Ghazaleh in providing the Arab market with Arab certified accountants by setting the rules to provide them with internationally recognized qualifications.  

Mr. Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), opened the conference stressing on the dire need to “We probably need to define more subtotals in the income statement. We may need to provide a principle- definition of operating income which does not allow for obfuscating restructuring or impairment charges.”

The conference shed light on a number of professional issues, including International Financial Reporting Standard (IFRS) 9 “Financial Instruments” which has been replaced with International Financial Reporting Standard (IFRS) 39 “Financial Instruments: recognition and measurement”. IFRS 39 was developed to meet the demands of the concerned parties to improve financial instruments rapidly. 

The Board replaced International Financial Reporting Standard (IFRS) 39 through three key phases, upon completion of each phase, the Board issued chapters in the International Financial Reporting Standard (IFRS) 9, which replaced the requirements of the International Financial Reporting Standard (IFRS) 39.

This participants also discussed issues relating to translation, adoption and publication of these standards worldwide, practical cases on financial performance reports, the International Financial Reporting Standard (IFRS) 15, revenues generated from contracts concluded with clients (such as: insurance contracts, lease contracts, accounting standards for small and medium-sized enterprises (SMEs).

It is worth mentioning that the IASB organizes an annual conference for world standard-setters to Exchange of experiences in the areas of accreditation, adoption and application of International Financial Reporting Standard (IFRS); discuss the IASB Agenda,  and to review the latest developments of international standards.

About IASCA 

The International Arab Society of Certified Accountants “IASCA” was established as a not-for-profit professional accounting organization in 1984 in London-United Kingdom. It was officially registered in Amman on February 24, 1994 under the name of “The Arab Society of Certified Accountants”.