Abu-Ghazaleh: IASCA Issues Arabic 2019 International Financial Reporting Standards
HE Dr. Talal Abu-Ghazaleh, chairman of the International Arab Society of Certified Accountants (IASCA), announced the issuing of the latest Arabic translated version of the International Financial Reporting Standards (IFRS) 2019 in cooperation with the IFRS Foundation.
This edition is the sole official printed version of the consolidated text issued by the International Accounting Standards Board (IASB) on January 1, 2019 and translated by Saudi Organization for Certified Public Accountants (SOCPA).
Furthermore, Dr. Abu-Ghazaleh underlined the most important amendments in the 2019 version which include:
- Amendment to the International Accounting Standard (IAS) 19; outlines post-employment benefits such as retirement benefits and how to be determined by the entity in case of amendment, curtailment or settlement in the pension plan.
- Modify the Definition of Business to assist entities to determine whether a transaction should be accounted for as a business combination or as an asset acquisition.
- Amendments to IAS 1, and IAS 8 on the Definition of Material, which resulted in consequential amendments to a number of other Standards.
- Amendments to the Conceptual Framework for Financial Reporting which contains updated definitions of an asset and a liability and updated criteria for including assets and liabilities in financial statements. In addition, new concepts and guidance have been added on the following topics:
- Measurement, including factors to be considered when selecting a measurement basis;
- Presentation and disclosure, including when to classify income and expenses in other comprehensive income;
- The reporting entity; and
- when assets and liabilities are removed from financial statements.
- The Conceptual Framework clarifies the roles of stewardship, prudence and measurement uncertainty in financial reporting.
It is worthy to mention that IASCA signed a cooperation agreement with the IFRS Foundation early this year to re-print, publish, and distribute the IFRS 2019 and the International Standards in Small and Medium-sized Enterprises 2019 books; accordingly, the Society will distribute the two publications to all Arab countries. The 15-years of mutual cooperation between the Society and the IFRS indicates the keenness of IASCA to serve the accounting profession and professionals at regional and global levels.
IASCA was established on January 12, 1984 as a non-profit professional accounting body in London – UK. It was officially registered in Amman on February 24, 1994. IASCA also aims at upgrading the field of accounting and auditing and other related subject matters on the international level, in addition to maintaining the professional independency of accountants and guaranteeing their protection, along with applying the professional oversight standards as a means to enhance the accounting and auditing professions.
Talal Abu-Ghazaleh Organization
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