IASCA Takes Part in the World Standard-Setters Conference


LONDON- The International Arab Society of Certified Accountants (IASCA) took part in the annual conference of the World Standard-Setters (WSS) convened by the International Financial Reporting Standards (IFRS) Foundation in London, with the participation of more than 150 standard-setting bodies from 70 competent jurisdictions.
HE Dr. Talal Abu-Ghazaleh, chairman of ASCA/Jordan, said that the participation in the conference comes in line with the vision of the Society in exchanging experiences in the area of international standards, and in keeping abreast of new developments in this field, so that the Society could perform its duties in accordance with the best practices, and update training curricula and qualifications of legal accountants in accordance with the latest international standards.

During the inauguration ceremony, Mr. Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), stressed the importance of the role of National Standard Setters in providing opinions, proposals and information that are considered a vital tool to the development of international financial reporting standards, and called on Standard Setters to be prepared to provide their comments on the Board's upcoming important consultations.

This year, the conference shed light on a number of topics such as the upcoming major consultations on the preliminary financial statements, goodwill and impairment and pricing activities, the review of international standards for small and medium-sized enterprises (SMEs), electronic reporting and the importance of the classification of financial standards for financial reporting.

Since 2002, IASB has hosted an annual conference for the world's financial reporting standard‑setters (national standard-setters). The conference provides a forum for those responsible for national standard-setters' requirements in jurisdictions around the world to:
- share IFRS Standards convergence, adoption, implementation and application experiences;
- be consulted on the Board's agenda;
- be updated on developments in IFRS Standards;
- provide feedback to the Board and its staff on active Board agenda projects.

The conference is organized by the national standard-setters team and chaired by a Board member. It is held in London in September or October each year, and proceedings are conducted in English.