The Arab Federation of Accountants and Auditors (AFAA) recommended the application of international standards to encourage investment, increase transparency, and disclosure, stressing that the application of these international standards in the Arab world helps attract international companies to invest in it.
This came at the conclusion of the fifth scientific day organised by the AFAA on Saturday, under the title of the challenges of adherence to the application of international standards for financial reporting and information technology in the profession of accounting and auditing.
At the end of the day, the AFAA recommended organising another scientific day in October 2018 to discuss internal control systems, governance, and anti-corruption.
According to Farid Fawzy, vice chairperson of the AFAA, the aim of this scientific day is to develop professional knowledge and skills, expand the use of IT mechanisms in the accounting and auditing profession, exchange experiences and knowledge, as well as enhance professional relations between accountants and Arab auditors, to contribute to meeting development requirements, economic development, and investment promotion in the Arab world.
He added that the AFAA also discussed during this day the International Financial Reporting Standard IFRS 9 and IFRS 16 and their applications in banks, financial institutions, and companies, as well as information technology and cybersecurity, including its applications in banks, financial institutions, and companies.