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Abu-Ghazaleh Highlights the Importance of Jordan’s Application of the International Public Sector Accounting Standards

Al-Barari: The Seminar contributes to the improvement and development of the financial control and ASCA has made significant and great contributions


AMMAN ---October 2, 2011 --- Jordan Audit Bureau has recently hosted a seminar on "International Public Sector Accounting Standards" held in cooperation with the Arab Society of Certified Accountants (ASCA) at the Bureau’s headquarters.

HE Dr. Talal Abu-Ghazaleh, Chairman of the Society and Mr. Mustafa Barari, Chairman of the Audit Bureau delivered a speech at the opening session.

In his speech, HE Abu-Ghazaleh said that these standards are applied by 107 countries, including eight Arab countries, excluding Jordan, and he expressed the wish that the seminar would present a recommendation to the government explaining the importance of applying these international standards in the Kingdom, pointing out that Jordan deserves to be among the States applying such standards as the private sector has already done so. He expressed the readiness of the Arab Society to hold free workshops on the application of these standards to the government sector, guided by commitment for the protection of the national economy.

Abu-Ghazaleh affirmed that these workshops will contribute to raising awareness in government institutions, especially among officials and lawmakers since the adoption of these standards provides one constant reference for accounting and provides a form for financial disclosure that is easy to understand, read and deal with, and also serves as a good basis for monitoring the accountability of officials in successive governments.

He explained that the International Accounting Standards in the Public Sector are guidelines for accounting disclosure and accounting ethics, developed specifically to provide clarifications on the preparation of financial reports by financial officials in the public sector. These standards were developed and issued by the International Accounting Standards Board (IASB) in the public sector, and this specialized and independent board is part of the International Federation of Accountants, based in New York.



These standards cover the accounts of ministries and departments, government institutions and state affiliate companies, and also cover the calculation of the deficit in the fiscal budget; according to Abu-Ghazaleh the most important two problems faced by any country are budget deficit and public debt.

Abu-Ghazaleh pointed out his participation in international bodies concerned with the preparation of international accounting standards, and underlined that the ASCA has been responsible -since twenty years-for translating, publishing and distributing all of the standards each year and for the preparation of the standards in Arabic through exclusive commissioning and accreditation by the IASB and the other international accounting organizations. The Society, since its establishment, is member of the IFAC, and the Arabic profession has been represented on the Board of Directors of the IASB and IFAC as well as other international bodies.

On his part, Chairman of the Audit Bureau Al-Barari stressed that this seminar was important and that the Arab Society of Public Accountants has made significant and great contributions and it deserves the recognition in developing the accounting profession in Jordan and in the Arab world adding that “we are proud that Dr. Talal Abu-Ghazaleh, represented the Arab profession in international bodies, which is consi