IASCA Holds its Fifth International Professional Conference Abu-Ghazaleh: Accountancy is an economic decision making tool

ABU DHABI - March 11, 2015: Under the patronage and presence of HE Sheikh Nahyan bin Mubarak Al Nahyan, UAE's Minister of Culture, Youth and Social Development and the presence of a number of international and Arab organizations, the International Arab Society of Certified Accountants (IASCA) in cooperation with the UAE Accountants and Auditors Association held the fifth international professional conference entitled “Accountancy as an Economic Decision Making Tool”.

HE Sheikh Nahyan delivered the opening speech expressing his appreciation of what the conference represents, in all of its themes, topics and speakers, of solemn commitment to continuously and permanently improve accountancy profession in the region.

HE Sheikh Nahyan addressed the importance of accounting profession in enabling the community to deal with all rapid variables and developments in our world and the importance of professional integrity, transparency, and independence through adherence to codes of ethics and conducts. In his address, HE Sheikh Nahyan considered IASCA's initiative to unite and bring accounting and auditing profession practice conditions closer in the Arab world as significant and important step toward achieving the cooperation required in business and financial sector in the region.   

In his speech, HE Dr. Talal Abu-Ghazaleh, Chairman and founder of IASCA and Talal Abu-Ghazaleh Organization (TAG-Org), thanked HE Sheikh Nahyan for his gracious patronage of the conference, which reflects his proactive role in supporting the accounting profession in the Arab world.

HE Dr. Abu-Ghazaleh shed the light on a number of important issues related to accounting profession and its impact on global economy. Most importantly is his request since 1988 to change the definition of accounting from "preparation of financial results for the period and financial position at the end of it" to become an "economic decision making tool". Moreover, Dr. Abu-Ghazaleh talked about his chairmanship of the committee of developing professional education standard material for accountants and the committee of environmental accounting standards formulation.

Moreover, Abu-Ghazaleh also discussed the role of IASCA in improving the performance of Arab accountants by its exclusive translation of international standards books into Arabic as well as the provision of professional programs through cooperation agreements signed by IASCA with many universities.

He concluded his speech by emphasizing on the need for Arab states to adopt accounting standards in public sector due to its positive impact on the national economy, appreciating in the meantime Jordanian Government's decision to adopt accounting standards application in the public sector starting from the year 2015.

After welcoming HE Sheikh Nahyan, His Excellency Mr. Saif bin Abed Al Muhairi, Chairman of UAE Accountants and Auditors Association, appreciated the cooperation with IASCA with a view to serving accounting profession and talked about the importance of accounting profession in influencing global economy.

IASCA’s conference discussed a number of topics with regard to licensing requirements in the Arab world and the possibility to unite and bring them closer, accounting qualifications, training and continued education. Many international organizations took part in submitting working papers, such as the International Federation of Accountants (IFAC), World Bank, Gulf Cooperation Council Accounting and Auditing Organization and the Arab Federation of Accountants and Auditors.