Aggregated News From Investment Management Regulators

The new Egyptian Accounting Standards postponed until the beginning of 2021

Report/Flag

Please complete the required fields.



FRA announced that the new Egyptian Accounting Standards postponed until 1 January 2021, according to the Ministerial Decree No. 1871 – recently issued – to postpone applying the Egyptian Accounting Standards no. (47), (48) (49) due to the economic impact of COVID-19 pandemic.

Dr. Mohammed Omran – FRA’s Chairman said that the Authority asked the Supreme Committee “to review the Egyptian accounting standards and Egyptian standards on Auditing Review and other Assurance Services” to study the impacts of applying the amendments to EAS 47 related to financial instruments,  EAS 48 (which addresses revenue sharing contracts) and EAS 49 (which governs leasing contracts in implementation of Law no. 176 no. 2018 issued in August 2018).

FRA’s Chairman noted that the amendments made to the Egyptian Accounting Standards came with the aim of setting the principles that companies must adhere to these new amendments to provide appropriate information to users of financial statements. In addition, these standards enhance integrity and accuracy of financial statements through standardizing the accounting policies and treatments for companies to provide more disclosure and transparency to users of the financial statements and enabling them to take the economic and financial decisions. These amendments also represent a step to overcome a major obstacle hindering the competitiveness of the Egyptian market in attracting foreign investments and preparing the Egyptian economy to enter the scope of work of major companies.

It is worth noting that the Supreme Committee “to review the Egyptian accounting standards and Egyptian standards on Auditing Review and other Assurance Services” ” is formed by Ministerial Decree no. (909) of 2011. The committee is headed by FRA’s Chairman and the membership of the Executive Director of GAFI or whoever he delegates, a representative of the Central Auditing Agency (CAA), Head of the Egyptian Society of Accountants & Auditors (ESAA) and an accounting expert.

Source link

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

Recent Articles

CVM warns of irregular performance by KOI Global LLC, Ventura Group and Orotrader as securities brokers

This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content...

Willers Consulting Group

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Stanley Associates LLC

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Adjudication order in respect of GKS Reality Private Limited in the matter of Illiquid Stock Options at BSE

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Adjudication Order in respect of Nikhil Jalan and Sons HUF in the matter of Illiquid Stock Options at BSE

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Get the latest from Regulatory.News in your inbox!

×