LES-AC Chairman delivers speech at the 5th Middle East and Accounting Summit
Click here to add Arab Advisory Council as an alert
Disable alert for Arab Advisory Council,
Click here to add Arab Society for Certified Accountants as an alert
Disable alert for Arab Society for Certified ...,
Click here to add Beirut as an alert
Disable alert for Beirut,
Click here to add British Chartered as an alert
Disable alert for British Chartered,
Click here to add Central Bank of Lebanon as an alert
Disable alert for Central Bank of Lebanon,
Click here to add Certified Public Accountants and World Union of Arab Bankers as an alert
Disable alert for Certified Public Accountan ...,
Click here to add Dubai as an alert
Disable alert for Dubai,
Click here to add G20 as an alert
Disable alert for G20,
Click here to add Lebanese Association of Certified Public Accountants as an alert
Disable alert for Lebanese Association of Ce ...,
Click here to add Talal Abu-Ghazaleh as an alert
Disable alert for Talal Abu-Ghazaleh,
Click here to add Union of Arab Banks as an alert
Disable alert for Union of Arab Banks
Mr. Abu-Ghazaleh tackled several key issues: the global financial and economic crisis and its impact on the Arab region as well as on the accounting profession regionally and internationally.
He also highlighted the risks of legal claims filed with US, British and Western courts against accounting firms in the wake of bankruptcies of the companies which the accounting firms were auditing calling on the world to protect accounting firms everywhere.
As for the Arab region, he announced that ASCA is currently organizing an international conference under the patronage of His Excellency Michel Suleiman, President of the Republic of Lebanon on December 22-23, 2009, in cooperation with the Central Bank of Lebanon, the Union of Arab Banks, Lebanese Association of Certified Public Accountants and World Union of Arab Bankers. The Conference will discuss the merits of the G20 Summit’s financial and accounting resolutions.
ASCA will present ten special programs dealing with the requirements focused on by the three G20 Summits, including stress test program, cash flow test program, hedging activities program, fair value measurement program, forensic accounting, and others.
Mr. Abu-Ghazaleh also reviewed the situation of the accounting profession in the Arab world and focused on the necessity of complying with and implementing the IFRS, which was also highlighted by the G20 Summits. He stressed on the need to establish an Arab Advisory Council to be dedicated for this issue and to work under the umbrella of the IFRS Board in order not to waste time in futile attempts to formulate local or contending standards because “there is no place in this interconnected world except for the IFRS,” according to Mr. Abu-Ghazaleh.
He pointed out that ASCA, for more than two decades, has been translating the international accounting and auditing standards, and many other guides and references into Arabic under the concession contracts from the Boards that issue these standards in English.
Mr. Abu-Ghazaleh announced the translation of Islamic trading and accounting standards and the launch of a program for a certified accountant qualification in Islamic accounting in collaboration with the British Chartered Institute of Management Accountants (CIMA). He said that the program will be introduced in the Arab Financial and Accounting Forum in Beirut.
- Dow in the Middle East Scoops Best Workplace Practices Award at 5th CSR Summit 2008
- A 3-day conference with the focus on the issues facing thMiddle East region
- ALHOSN University marks 5th year with new accreditations, international partnerships & student distinctions
- Al-mady gives keynote speech at financial times china-middle east summit
- NBAD MENA income growth fund delivers 2.0% semi-annual dividends