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Abu-Ghazaleh: IASCA Issues the Arabic Translated Version of the 2020 International Financial Reporting Standards
05-Apr-2021
AMMAN – HE Dr. Talal Abu-Ghazaleh, chairman of the International Arab Society of Certified Accountants (IASCA), announced the issuing of the latest Arabic translated version of the 2020 International Financial Reporting Standards (IFRS) in cooperation with the IFRS Foundation.
This edition is the sole official printed version of the consolidated text issued by the International Accounting Standards Board (IASB) on January 1, 2020 and was translated by the Saudi Organization for Certified Public Accountants (SOCPA).
Dr. Abu-Ghazaleh underlined the most important amendments in the 2020 version which include:
• The main change made since January 1, 2019 is Interest Rate Benchmark Reform which amends IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures.
• Interest Rate Benchmark Reform amends IFRS 9, IFRS 7 and IAS 39 and is effective from January 1, 2020.
The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the reform of benchmark interest rates, such as interbank offer rates (IBORs). In addition, the amendments require an entity to provide additional information to investors about its hedging relationships which are directly affected by any such uncertainty.
It is worth mentioning that IASCA signed a cooperation agreement with the IFRS Foundation to re-print, publish, and distribute the IFRS 2019 and the International Standards in Small and Medium-sized Enterprises 2019 books; accordingly, the Society will distribute the two publications to all Arab countries. The 15-year of mutual cooperation between the Society and the IFRS indicates the keenness of IASCA to serve the accounting profession and professionals at regional and global levels.
IASCA was established on January 12, 1984 as a non-profit professional accounting body in London – UK. It was officially registered in Amman on February 24, 1994. IASCA also aims at upgrading the field of accounting and auditing and other related subject matters on the international level, in addition to maintaining the professional independency of accountants and guaranteeing their protection, along with applying the professional oversight standards as a means to enhance the accounting and auditing professions.