UAE working on aspects of financial reporting

DUBAI - UAE is working on many aspects of its financial reporting procedures and these include working with the International Monetary Fund (IMF) on statistical reporting and disclosure, said Mohammed Ali Bin Zayed, Deputy Governor, Central Bank, U.A.E

By Sandhya D'mello

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Published: Sat 4 Dec 2004, 12:16 PM

Last updated: Thu 2 Apr 2015, 11:46 AM

In a presentation made at Deloitte International Financial Reporting Standards (IFRS) Conference, the Central Bank officials opined that at present the Central Bank is totally committed to develop further the financial monitoring and reporting systems adopted across all areas of economic activity.

Bin Zayed, said: " After the Enron and the World Com debacles, it has become obvious that accounting is now more important than ever. In these times of financial instability, new and ever changing legislation is constantly redefining the corporate landscape.In a stable and fast growing economy such as the one we have here in the UAE, accountants contribute in significant measure to our overall success. We realise the accounting profession is the backbone of the economy.

Thus our Government has tremendous respect and admiration for the accounting profession.

The Government continually strives to ensure high standards of financial reporting and many UAE-based companies commendably observe the rubric of International Accounting Standards (IAS), or International Financial Reporting Standards (IFRS) as they are referred to now." In a well-balanced financial system, the role of the accounting profession is of paramount importance. In a world where financial transactions are increasingly governed by high-speed and complexity, adopting best practices of monitoring and reporting is critical to market efficiency. To fulfill these ambitions, undoubtedly a key ingredient is the ability of professional accountants.

The United Arab Emirates Central Bank's circular to banks to adopt IAS/IFRS way back in 1999 was an indeed a forward-looking move. Due to this direction to the UAE banks have fully adopted IAS/IFRS.

At present bankers can ensure that IAS or IFRS is used by them properly in preparing their financial statements. This will help even the lending banks in ensuring that the information that they receive from their clients is in accordance with the international standards.

The IAS 39 is a standard that has caused a great deal of debate around the world, opined Zayed.

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