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ACCA conference debates the challenges and benefits of IFRS adoption

18 Nov 2008

More than 70 major employers and ACCA members attended a conference in Dubai's Knowledge Village to hear experts discuss the challenges of implementing International Financial Reporting Standards in the Gulf region, and the business benefits that will occur if they are successfully adopted.

The conference, the latest in a series of events organised by ACCA under the theme of Global standards: the business benefits, saw Anthony O'Sullivan, partner at Ernst & Young Dubai, call on the region's professionals to ensure their views are heard on the future course of global standards.

'International Financial Reporting Standards have become globally accepted, but there is still a lot of debate as to where those standards should go conceptually,' he said. 'As the Middle East is becoming an increasingly important part of the global economy it is important that the local accounting profession makes its voice heard in this debate.'

Aziz Tayyebi, ACCA's financial reporting officer, emphasised the importance of early implementation: 'While some countries continue to debate and consider the opportunities that International Financial Reporting Standards can offer businesses and their economies as a whole, many jurisdictions have seized the opportunity. Many Middle Eastern countries already provide a shining example of how economies as a whole can benefit from global standards. The early utilisation of international accounting standards is likely to have assisted the access to investment and capital flows for the region - a crucial factor in the rapid growth within the region.'

'ACCA has been an enthusiastic and vocal advocate of international standards - not least because of the pivotal role they play in enhancing the global mobility of our students and members,' said Deepak Chainani, ACCA's country manager - UAE & Qatar, who organised the event. 'Through forums such as this, key stakeholders have the opportunity to debate on whether International Financial Reporting Standards actually bring benefit to businesses, in particular the small and medium-sized enterprises.'