News
Abu-Ghazaleh Participates in the Ninth Annual Meeting Of the Gulf Cooperation Council Accounting and Auditing Organization (GCCAAO)
19-May-2015
Accounting and Auditing Profession: Global Developments and Professional Implications
Under patronage of HE Zayed bin Rashid Al-Zayani, Minister of Industry and Commerce of the Kingdom of Bahrain and in participation of a number of prominent figures, and in cooperation with the Ministry of Industry and Commerce of the Kingdom of Bahrain and Bahrain Accountants Association (BAA), GCCAAO organized the ninth annual meeting under the title "Accounting and Auditing Profession: Global Developments and Professional Implications" during the period May 6-7, 2015 in the Kingdom of Bahrain, in which HE Dr. Talal Abu-Ghazaleh, Chairman of the International Arab Society of Certified Accountants (IASCA), participated.
This forum is held in its current session with growing interest in the role played by accounting and auditing profession in the safety and growth of GCC economies, promoting sustainable development, anti-corruption, realization of integrity, as well as enhancement of investment environment in GCC States. An elite of speakers participated in the forum at local, regional and international levels representing the International Federation of Accountants (IFAC), the World Bank, as well as professional agencies and associations, and universities from member States of GCCAAO.
During the Forum, HE Dr. Talal Abu-Ghazaleh pointed out the importance of keeping up with global developments and enabling the profession to do the same especially in respect of the rapid development in the field of ICT. He indicated that the profession should take advantage of ICT revolution in order to improve itself.
The most significant recommendations of this forum were as follows:-
1- Enhancing scientific and research exchanges in the field of accounting amongst Arab and international universities, particularly the profession of accounting and auditing.
2- Encouraging academic and professional institutions to found educational and professional integration based on scientific research, transfer of skills, creation of distinctive competencies and consolidation of continuing education.
3- Keeping up with technological developments concerning disclosure and publishing financial statements especially according to (XBRL) due to the efficiency of this system in providing the necessary financial data. Worth mentioning that since 2006, IASCA has been translating this system into Arabic, in addition to publishing it on the website of the International Financial Reporting Standards Foundation (IFRSF).
4- Observing the requirements of Islamic financial institutions when preparing and developing the International Accounting Standards.