ASCA Jordan

Following the recurrent meetings between the International Arab Society of Certified Accountants “IASCA” and the representatives of the Ministry of Finance in relation to examining and analyzing the International Public Sector Accounting Standards and the possibility of implementing these Standards, work teams from the Ministry of Finance were established to identify the requirements and mechanism of transition from cash-basis accounting procedures to the IPSAS-based procedures.

 

These teams are: 

1- Assets Team

2- Revenues Team

3- Public Debt Team

4- Investment Team

5- Liabilities Team

6- Reports and Disclosure Team

 

Each Team shall examine and analyze the relevant standards to identify and prepare the related data and documents to cover all the cases implemented in the government during their meetings in terms of the following:

 

- Financial legislations (financial laws, regulations and instructions).

- Forms used for each Standard

- Records used for these Standards

- The extent of appropriateness of the governement financial information management system to implement these Standards. 

 

It is worth mentioning that the International Arab Society of Certified Accountants had a significant role throughout the past two years, in cooperation with the USAID-funded Financial Reform Project and in association with the Ministry of Finance, in taking the Jordanian Cabinet’s decision of adopting and implementing the International Public Sector Accounting Standards in its session held on Sunday 2/11/2014 in accordance with Article 4 of the Jordanian Law of Regulating the Accounting Profession No. 73 of the year 2003.