The application of international accounting standards in the world

The application of international accounting standards in the world







In most European countries and through professional bodies working there, and through efforts made by the Commission on international standards recommended by the International Organization for guarantees (ISOCO) in Europe that are using international accounting standards as recommended by the Advisory Group for the European Financial Reporting (EFRAG) after in-depth studies and negotiations acceptance of international accounting standards and indicated that these standards do not contradict with the standards used in Europe. It was the recommendation of the International Organization for guarantees (ISOCO) and the Consultative Group of the European Financial Reporting (EFRAG) a significant impact in supporting the international accounting standards and their application in Europe.





In the Arab world, we find the following:



In the Arab Republic of Egypt is an Egyptian version of accounting standards keep pace with developments in the Egyptian economy and in accordance with international accounting standards, where the Standing Committee of the Accounting and Auditing Standards to prepare the Egyptian Accounting Standards and has been issued Ministerial Decree No. / 503 / for the year 1997. Despite the naming of these standards on behalf of the Egyptian Accounting Standards, it is a translation as we have almost entirely to international accounting standards. And the dedication to apply international standards indirectly.



And in Saudi Arabia, the Saudi Organization for Certified Public Accountants develop accounting standards are derived from private international accounting standards translated into Arabic, where the standards were adopted for the application by the operating companies.



As for Lebanon, has been the adoption of international accounting standards as a basis for accounting entries and to prepare the data, and financial reporting by institutions and various bodies and companies and has been issued Ministerial Decree No. / 673 / Date June 14, 2001 as the union has an expert accountants certified in Lebanon, the translation of accounting standards International English into Arabic.



In the Hashemite Kingdom of Jordan has been translated international accounting standards by professional bodies to seek to apply to the companies and by those working in the audit and accounts.



In Syria, will be the adoption of international accounting standards in companies that will be recorded in the Damascus Stock Exchange is also now working to amend the uniform accounting system in line with the standards the basic premises of the International Accounting Standards


Accrual basis: financial statements are prepared on the basis of

Entitlement and not a cash basis.

Continuity: The accounting statements are prepared on the assumption that the project is continuing in the foreseeable future, that are disclosed in cases contrary

To that assumption.