Abu-Ghazaleh: IASCA Participates in the World Standard Setters Conference

LONDON - The International Arab Society of Certified Accountants (IASCA) took part in the annual conference of the World Standards Setters (WSS) convened by the International Financial Reporting Standards (IFRS) Foundation.

IASCA Chairman, HE Dr. Talal Abu-Ghazaleh said that participation in the Conference comes in line with the vision of the Society on the importance of exchanging experiences in the area of international standards, and to keep abreast of any new developments in this field, so that the Society performs its duties in accordance with the best practices as well as updating the training and qualifying approaches of the Certified Accountants according to the latest version of 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 Standards Setters in providing opinions,  proposals, and  information considered to be  vital to the development of the International Financial Reporting Standards.

The conference shed light on a number of topics, including the implementation strategy of the new International Financial Reporting Standards, namely: the International Financial Reporting Standard 9 “Financial Instruments”, the International Financial Reporting Standard 15 “revenues generated from contracts concluded with clients”, the International Financial Reporting Standard 16 “Leasing Contracts”, and the International Financial Reporting Standard 17 “Insurance Contracts”. Goodwill and depreciation of assets, financial instruments, risk management, and inter-bank exchange rate were also discussed.
Also during the conference, a number of sessions were organized to discuss the conceptual framework of the International Financial Reporting Standards, their nature, goals, and the need to apply them.