News
World Standard Setters Conference - London
23-Apr-2005
The International Accounting Standards Board held a conference for World standard Setters in London on September 27 and 28 . ASCA was represented by Professor John Small our honorary advisor .The meeting was attended by over 100 people representing 46 different countries . Arab countries represented were Jordan , Kuwait , Lebanon , Saudi Arabia , Sudan , and Tunisia A number of key issues concerning international financial reporting standards were discussed .
Global Recognition of International Financial Reporting Standards (IFRSs)
The acceptance of international Financial Reporting Standards in lieu of or as alternates to national standards is making progress although there is still much work to be done . It was pleasing to note that many Arab countries had incorporate the application of IFRSs into their appropriate legislation It would appear that the major issue of the Securities Exchange Commission (SEC) accepting international standards as an alternate to USA standards will not be given detailed consideration until 2006/2007 when more information is available on the extent and nature of the differences and even then it may be necessary to gather another cycle of information before finally deciding .
Even where IFRSs are required as part of the legal framework there is still the major issue of implementation . this is a major area of concern for the International Federation of Accountants (IFAC) through its International Auditing and Assurance Board . ASCA is carefully monitoring the requirements of the IAASB and will keep its members informed accordingly ..
Potential IFRS Exposure Drafts
The IASB is considering issuing new exposure drafts on Leasing and Consolidation and the meeting discussed some of the ideas and principles under review they are toying with . Comments are not required until and if exposure drafts are issued . While their thoughts on leasing did not appear to present any major problems their thoughts on consolidation might do so for our members . If Exposure Drafts are issued ASCA’s Technical committee will examine and comment on these accordingly .
Education
IASB has decided not to award an educational certificate/qualification in International Financial Reporting Standards . However it is going to produce educational material on such standards . It is hoped to launch this on-line in the near future . Anyone wishing to access this will have to pay an annual subscription . The initial language will be English but it is also intended eventually to offer this in other languages. ASCA has already contacted them and offered to collaborate on the Arabic version of this program and the matter is currently under discussion . Members will be further advised of progress in this matter .