Fourth Middle East IFRS & Accounting Summit Concludes in Dubai

It would be more productive and constructive for the International Accounting Standards Board (IASB) to establish an Arab Advisory Council-Abu Ghazaleh

DUBAI -November 12, 2008, It would be more productive and constructive for the International Accounting Standards Board (IASB) to establish an Arab Advisory Council, which would work in its consultative capacity towards achieving the objectives of the IASB in the Arab region, according to Mr. Talal Abu-Ghazaleh, President of the Arab Society of Certified Accountants (ASCA).


Speaking at the Fourth Middle East International Financial Reporting Standards (IFRS) & Accounting Summit which concluded today in Dubai, Mr. Abu-Ghazaleh stressed ?These objectives would include review of existing standards and those under preparation, particularly in relation to any environmental content considerations and standards on Islamic financial transactions, Zakat and other regional content considerations.?

Meanwhile, participants discussed creating an Arab regional committee that would be responsible for accounting and auditing standards in the Arab world comprising of relevant parties from all Arab countries.

Towards this goal, participants elected representatives from five Arab countries in addition to three representatives from the International Accounting Standards Board (IASB).

The Arab Society of Certified Accountants (ASCA) however, has declined to join the committee for the following reasons: 

• ASCA is an Arab regional qualifying body that aims to promote and adopt international accounting and auditing standards throughout the Arab region and does not represent any particular Arab country. 
•  ASCA does not see the need for establishing a new regional entity in view of the existence of the Arab Federation of Accountants and Auditors, the regionally body recognized by the League of Arab States as the legitimate representative of the profession in all Arab countries. 
• ASCA adopts the International Accounting Standards and the International Standards on Auditing in its curriculum for the qualification of Arab certified accountants and requires all its members to comply with these standards. Accordingly ASCA does not see any need for a regional standard setting body in the presence of the IASB.

The Middle East IFRS & Accounting Summit 2008 updates the attendees with the latest in accounting standards globally set by the International Accounting Standards Board (IASB) and their significance to the region.