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IASCA: Accounting done right

Filed on August 24, 2020 | Last updated on August 24, 2020 at 01.09 pm

The International Arab Society of Certified Accountants advances the profession of accounting, auditing and other related disciplines in the countries of the Arab League

Khaleej Times spoke to Talal Abu-Ghazaleh, Founder and Chairman, Talal Abu-Ghazaleh Global (TAG.Global) and IASCA, on overcoming skillset challenges across the globe.

Role of IASCA
IASCA has always placed its members' professional development as a priority through having a well-developed curriculum using international qualification standards and best practices; regular translations of international standards into Arabic e.g. ISAs IPSAS, IFRS; providing comprehensive professional training to members; and working in partnerships with other professional organisations worldwide.
 
Enhancing the participation of members in the industry
IASCA has always been a pioneer in various aspects related to the enhancement of the skills of its members, this aspect is an ongoing process with many areas, and fields that we can explore and share with our members, below are some of the initiatives we took or are developing:

- Partnerships with global universities to improve the education system related to accounting.
- Partnerships with national and international professional organisations.
- Provide a discounted fee to allow more members to join and benefit.
- Using online examinations and training through the adoption of the latest technology.
 
Challenges for organisations while transforming finance functions
There are many challenges facing companies of various sizes in the Middle East but we believe that each phase has its own uniqueness, features and challenges to either adopt or overcome and the latest measures regarding the Covid-19 impact proved many things.

- Sustainability and the ability to survive due to lockdowns, changes in the business environment and individual's behaviour.
- Companies have to perform quick strategic plans to survive in the new environment.
 
Insights on IFRS and its purposes
IFRS provides guidance to accountants and management on how the companies can record, reflect and represent their economic operations and assist in having a common language between the preparer and the user of the financial statements in addition to bridging gaps among the national standards used in each country separately.

VAT reshaping the economic landscape
There has been a diversification in government's revenues. VAT has helped create a new business structure related to adaption, process, process control and implementation.
 
Importance of technology in managing finance functions
Technology has become a necessity more than a luxury in this field.  TAG.Global is developing AI solutions to perform audit and accounting functions with less human interference paving the way for a great future.  

IASCA is the first and the only Arabic professional dictionary specialised in Accounting and Auditing.


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