• Subject : ASCA (Jordan) Issues the Arabic Translated Version of International Financial Reporting Standards 2011
  • Date : 25-Sep-2011
  • Text :  

    The Arab Society of Certified Accountants (ASCA- Jordan) issued the latest Arabic translated version of the International Financial Reporting Standards (IFRS) after the amendments approved by the International Accounting Standards Board (IASB), namely:-
    • Adding IFRS 9 “Financial Instruments” (2010) which was issued in November 2009 as a first phase in the project to replace IAS 39 “Financial Instruments: Recognition and Measurement,” which tackles classification and measurement of financial assets.
    • Amendments to IFRSs issued as separate documents.
    • Amendments to IFRSs issued in the third annual improvements project.
    • Amendments to other IFRSs resulting from amended standards.

    The IASB also completed the first stage of its project to develop a new conceptual framework. The conceptual framework for financial reporting includes chapters addressing the objectives and qualitative characteristics of financial reports. It is immediately effective. This framework incorporates the sections related to the framework of financial statements preparation and presentation.

    In addition, the IASB issued a practice pronouncement for IFRSs entitled “Management Commentary- a framework for presentation,” and updated the due process handbook of IASB and IFRIC.
    It is worth mentioning that ASCA-Jordan continuously seeks to develop accounting and management sciences, as well as all related principles applicable to professional services. ASCA-Jordan also strives to improve competence and practice and strengthen the code of ethics in accordance with the highest professional standards through the issuance of accounting publications and following up on the recent developments in accounting and auditing.