News

IASCA Participates In the World Standard Setters Conference

08-Nov-2018

  • LONDON - The International Arab Society of Certified Accountants (IASCA) participated in the annual conference of World Standards Setters (WSS) convened by the International Financial Reporting Standards (IFRS) Foundation.

    IASCA Executive Director Mr. Salem Al Ouri said that the participation in the conference comes in line with the vision of the Society and its Chairman HE Dr. Talal Abu-Ghazaleh in the exchange of international experiences in the area of the international standards, and to keep abreast of any new developments in this field, so that the Society may perform its duties in accordance with the best practices.
    During the inauguration ceremony, Mr. Hans Hoogervorst, chairman of the International Accounting Standards Board (IASB), stressed the importance of the role of National Standards Setters in providing the opinions, the proposals, and the information that are considered a vital tool to the development of the International Financial Reporting Standards.
    The conference shed light on a number of topics, including implementation strategy of the new International Financial Reporting Standards, namely: the International Financial Reporting Standard 9 “Financial Instruments”, the International Financial Reporting Standard 15 “Revenues Generated from Contracts Concluded with Clients”, the International Financial Reporting Standard 16 “Leasing Contracts”, and the International Financial Reporting Standard 17 “Insurance Contracts”, as well as goodwill and depreciation of assets, financial instruments, risk management, and inter-bank exchange rate were also discussed.
    Also during the conference, a number of sessions were organized to discuss the conceptual framework of the International Financial Reporting Standards, their nature, goals, and the need to apply them.
    The International Accounting Standards Board (IASB) organizes an annual conference  for the standards setters all over the world with the aim to exchange experience in  the fields of  approval, adoption, application of  international standards for the preparation of financial reports,  consulting about  the agenda of  the International Accounting Standard Board, making some updates on the developments of international standards and reviewing of received opinions about the drafts of the presentation of new standards and discussing them during the conference.