Abu-Ghazaleh Speaks Before the Fourth Middle East IFRS & Accounting Summit in Dubai

ASCA will introduce a technician qualification ? the Arab Certified Accounting Technician (ACAT) - Abu-Ghazaleh

DUBAI -November 11, 2008 , Mr. Talal Abu-Ghazaleh, Chairman of the Arab Society of Certified Accountants (ASCA) said at the Fourth Middle East International Financial Reporting Standards (IFRS) & Accounting Summit that the IFRS are fundamental to the existence of all accounting organizations.

The Summit which is being held in Dubai Nov. 10-11 brings together senior representatives from around the world involved in shaping the accounting and reporting sector, and provides the ideal forum to discuss and debate the latest developments affecting governments and businesses.

Abu-Ghazaleh opened his speech by stating ?We are all aware of the importance of developing the rigorous Auditing and Financial Reporting Standards at both the national and the international levels.?

?The IFRS are fundamental to the existence of all accounting organizations such as the International Federation of Accountants (IFAC) and the International Accounting Standards Board (IASB),? he added.

?What is being discussed isn?t merely improving the profession and serving the public interest, yet that it is part of a much bigger need of working towards and converting the region to an ?Arab Knowledge Society,? Mr. Abu-Ghazaleh pointed out.

Accordingly, Mr. Abu-Ghazaleh elaborated that part of ASCA?s vision was to provide graduates and members of the profession with the latest developments in accountancy such as the updated international standards.

?If we are to use international standards we need to have them available in our language, but we need the translation to be standardized so that regional variations do not emerge,? he stated.

?Our initial success with translation encouraged us to do more especially in regard to the need to get international standards available for our members and others in the region who will make use of them. Today, we are the official Arabic translators of the International Financial Reporting Standards (IFRS), the International Accounting Standards Board (IASB) and the International Auditing and Assurance and Ethics Standards of the International Federation of Accountants (IFAC),? said Mr. Abu-Ghazaleh in discussing these standards.

In respect of future plans, Mr. Abu-Ghazaleh mentioned that ASCA will introduce a technician qualification entitled the Arab Certified Accounting Technician (ACAT).

?ACAT holders will become members of ASCA, and will be qualified for the Arab Certified Public Accountant (ACPA) examinations of ASCA,? he noted.

He added that Talal Abu-Ghazaleh Organization (TAG-Org) signed an agreement with the UK Chartered Institute of Management Accountants (CIMA) to offer a program entitled the ?Certificate in Islamic Finance? that will be available by the beginning of 2009.

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.