Abu-Ghazaleh: We seek through IFAC Conference to participate in establishing a strong alliance, enhance accounting profession

KUALA LUMPUR - The International Arab Society of Certified Accountants (IASCA) participated in International Federation of Accountants (IFAC) Conference and professional events conducted in collaboration with Malaysian Institute of Accountants, Confederation of Asian and Pacific Accountants (CAPA), World Bank Group, Asian Development Fund, the Global Fund and partners from other professional institutions. 

During the 4-day conference held in Kuala Lumpur, representative of IASCA chairman HE Dr. Talal Abu-Ghazaleh, the IASCA Board member, Mr. Jamal Milhem participated in the gathering. 

Dr. Abu-Ghazaleh commented on the conference which convened under the title: ‘Developing Accounting Capacities in Emerging Economies’, saying that ‘it establishes a strong alliance to promote the accounting profession and the use of International Public Sector Accounting Standards (IPSAS) in developing countries to submit recommendations for relevant institutions and stakeholders. 

Furthermore, Dr. Abu-Ghazaleh praised efforts exerted by IFAC, affirming IASCA’s continuous support to the profession globally and in the Arab region in particular by providing technical assistance, qualifying professional institutions and promoting implementation of international standards; by translating them and making them available to academic and professional institutions, along with providing the necessary guidelines for their application. 

During the Conference, Milhem delivered a number of presentations including a comprehensive presentation on the status of accounting profession in the Middle East and North Africa (MENA) region. He also presented a success story indicating the development of the accounting and auditing profession in Palestine.  

Milhem also underlined the importance of IASCA’s participation in the conference. He also shared other success stories with the participants from all over the world which assist IASCA in effectively contributing to developing the professions in the Arab countries, identifying challenges and finding solutions. 

Additionally, other relevant topics including developing accountancy capacity in emerging economies and countries affected by conflicts, general financial management, the future of accounting profession and technologic effects and corporate governance were discussed. 

Representatives from the World Bank Group and a number of global institutions concerned with development of accounting worldwide in addition to government and professional institution representatives from more than 40 countries from Asia and the Middle East were in attendance. 

It is worth  mentioning that Milhem was selected by IFAC as a chair of MENA working group to develop the profession in the MENA region in addition to his membership in IFAC, PAO Development Committee; the committee dealing with the global development of the profession in different countries. 

The committee’s report on the status of the profession in the Middle East and North Africa along with recommendations will be submitted to IFAC to overcome professional challenges and find appropriate mechanisms to help offer technical assistance by the Federation to professional organizations in the region.

International Federation of Accountants (IFAC)

International Federation of Accountants (IFAC) is a global organization for the accounting profession. It focuses on developing auditing and accounting professions globally to contribute to economic development, comprising more than 185 members and associate organizations from 130 countries and jurisdictions.

The International Arab Society of Certified Accountants (IASCA)

The International Arab Society of Certified Accountants (IASCA) was established on January 12, 1984 as a non-profit professional accounting association in London, UK. It operates in all Middle East countries and its regional headquarters in Jordan. As a member of IFAC, the Society aims at upgrading the profession of accounting, auditing profession in the Arab countries. IASCA also aims at maintaining the professional independence of Arab accountants and ensuring their protection, as well as the enforcement of professional supervisory standards.