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DFSA calls for convergence of accounting standards

DUBAI - Convergence between national standards and International Financial Reporting Standards (IFRS) is the only way to evolve effective accounting standards world wide, said David King, acting Chief Executive, DFSA, Dubai International Financial Center (DIFC).

King, the keynote speaker at Deloitte IFRS Conference further said:" DIFC's vision is to be a universally recognised hub for institutional financial services and regional gateway for capital and investment and offer a world class commercial and legal environment. The DIFC, will be the ‘venue of choice’ for financial services institutions, corporations, issuers, and investors and ensure successful development of a world class financial district. The institution is also aiming to fund future growth and development in the region."

The DFSA's approach is to make mandatory for all authorised firms and Authorised Market Institutions (AMI) Branches can only use home country accounting standards subject to seeking a waiver from the rules. Companies seeking a listing on an AMI may use an alternative to IFRS which is acceptable to DFSA . At present, proposal for listed companies is currently open for consultation in our draft Offered Securities Rules and we will endeavour to be flexible if appropriate, added King.