Abu-Ghazaleh Urges Professionals in the Accountancy Sector to Embrace Knowledge Revolution

Dr. Abu-Ghazaleh warned that if the profession did not realize the importance of knowledge revolution, it will find itself out of date

TORONTO (Canada) ------October 9, 2013------ HE Dr. Talal Abu-Ghazaleh, chairman of Talal Abu-Ghazaleh Organization (TAG-Org) delivered a speech at the plenary session of the annual meeting of Russell Bedford International Audit Group of Companies, addressing the challenges of the digital revolution on the future of accounting and auditing professions.

Dr. Abu-Ghazaleh warned that if the profession did not realize the importance of this revolution, it will find itself out of date as the digital revolution tsunami will eliminate the role of the accountant in the event he did not become aware of his digital duties.

According to Abu-Ghazaleh, knowledge companies and products constitute a new kind of trade that is entirely different from trade in goods and services, and that the circulation of this trade is outside the traditional known as reality in comparison with the virtual world. Therefore, there must be established accounting standards for the virtual world trade, which is not governed by laws, has no boundaries between the States and has no ruling of any authority.

During his participation in the World Trade Organization Public Forum in Geneva last week, Dr. Abu-Ghazaleh also spoke about the importance of transforming the World Trade Organization to become a knowledge organization.

Dr. Abu Ghazaleh clarified that the definition of the accounting profession in the World Trade Organization means trading in accounting services. That is, trade services subject to the General Agreement on Trade in Services (GATS). Thus, professional organizations and professional accountants must keep pace with trade negotiations in services because they will govern their future.

It should be noted that the Talal Abu-Ghazaleh Organization signed a cooperation agreement with Russell Bedford International Audit Group that aims to strengthen the provision of services in all major markets in the world.