• Register
Return to: Home > News > Standards > Outdated legal frameworks and lack of translation challenges for IFRS implementation in the MENA region

Outdated legal frameworks and lack of translation challenges for IFRS implementation in the MENA region

Greater regional collaboration between professional accountancy organisations in the Middle East and North Africa is the key to address challenges in implementing international accounting standards in the region, delegates from 27 organisations from the MENA regions concluded at a regional workshop organised by IFAC.

The workshop held in cooperation with the Jordanian Association of Certified Public Accountants and the World Bank’s global governance practice was attended by 55 delegated and 20 professional accountancy organisations were represented.

Delegates concluded that cross-border exchange of experiences, ideas, and solutions, and regional cooperation were essential to address the implementation challenges. The main challenges identified were:

  • fragmented and outdated legal frameworks;
  • a need to define small- and medium-sized entities and implement suitable standards;
  • keeping adopted international standards up to date;
  • a lack of unified and timely translations;
  • insufficient technical and financial resources; and
  • inadequate resources for independent quality assurance and investigation and discipline systems.

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.