News
Abu-Ghazaleh: IASCA’s Participation in the World Standards Setters Conference Reflects our Commitment to Participate in the Future of the Profession
26-Oct-2017
LONDON - The International Arab Society of Certified Accountants (IASCA) participated in the annual conference of the World Standards Setters convened by the International Financial Reporting Standards (IFRS) Foundation.
HE Dr. Talal Abu-Ghazaleh in his speech stressed that the participation is consistent with the vision of the Society in providing the Arab market with internationally qualified Arab accountants. The conference highlighted a number of important topics, including the IFRS 17 "Insurance Contracts" and the positive results of the application of this standard, IFRS "Lease contracts" disclosure initiative and the problems arising from this process, the need to use the concepts framework to support the basic principles and the consistency in the adoption of IFRS to prepare financial reports and focusing on the basic principles of the conceptual framework, as well as amendments to international standards that will be included in the coming years for several Standards, including International Reporting Standards 9, 3, and International Accounting Standards IAS 8, 16.
The conference included several sessions that discussed the requirements of translation, adoption and dissemination of the Standards around the world, working with legislative bodies to support the adoption and application of international standards, as well as practical cases of financial performance reports.
The International Accounting Standards Board (IASB) organizes an annual conference for the standards setters all over the world to exchange expertise. 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.