Abu-Ghazaleh inaugurates training session on IFRS SMEs standards

The training session was organized by the Foreign Trade and Export Support Division of the Abu Dhabi Department of Economic Development (ADDED) in cooperation with the of ASCA and the International Accounting Standards Board (IASB).

In his keynote speech, HE Dr. Abu-Ghazaleh, stressed on the need to abide by the international standards throughout all business fields in public and private sectors and urged for allocating more attention to SMEs as they constitute the larger portion in the economic sectors in the Arab countries and compose an essential element of the income and economy.

He said, "SMEs employ around 80% of the labor market compared to other big companies, produces 80% of the GDP and comprises 99% of the registered companies in any country."

Abu-Ghazaleh stated, "The purpose of these standards is to facilitate compliance with international standards by small and medium enterprises."

He also said, "International accounting standards need to be developed in the knowledge age as the focus should be directed to the brand as a wealth citing examples from the real world of beverage industry which 97% of its value comes from its trade name while it is true value according to international accounting standards is only 3%."

"The accounting profession needs to develop all the time and should look into the future during the knowledge era and become knowledge centers due to the fact that most of the international accounting standards are pre knowledge era and I have called several times on changes through my chairmanship on boards of several entities," he said.

ASCA took part in organizing this course in response to the request of the Economic Development Department in Abu Dhabi and the International Accounting Standards Board (IASB) following the success and the significant results achieved in the course held in cooperation with the Society last year.

The course hosted Mr. Paul Pacter, Director of Standards for Small and Medium-sized Entities (SMEs) at the International Accounting Standards Board (IASB); and Mr. Michael Wells: Director, IFRS Education Initiative.

The course was held in conjunction with ASCA Annual Meeting (Board and General Assembly) which took place on November 26 in Dubai and discussed several key issues including the development of the Society's curriculum, a new strategy for professional training programmes and issuance of new publications in addition to ASCA's cooperation with the Talal Abu-Ghazaleh University (TAGIUNI) along with a number of administrative and financial issues.