Accounting standards should have a regional flavour

The prime objective of the accounting profession should be to protect the national economies and provide professional opportunities for the local people . We need to harmonize the practice of the accounting profession in compliance with local practices and adapt it to the requirements of the region's economies,” Al Rashed said.

Strongly criticising the hurry of regional accounting bodies and authorities in adopting different accounting standards from around the world, Al Rashed said, the people who practice the profession should have a deep understanding of the standards on which they base their practice, therefore it is important to integrate whatever standards adopted to suit the local business requirements. In an earlier presentation, Talal Abu-Ghazaleh, President of the Arab Society of Certified Accountants (ASCA) had called for early adoption of International Accounting Standards in the whole of GCC region. Calling on the accounting and auditing firms in the region join with ASCA in persuading the governments to adopt international standards, Abu-Ghazaleh said such a move will enhance the confidence of the rest of the world in the practice of the profession in the Arab world.