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Promoting Adoption of IPSAS in PALESTINE

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Publicado el

Jamal Milhem
Board Member / PACPA
Board member/ IASCA
Executive Director/ TAGI Palestine
January 21st 2017

Publicado en: Empresariales
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Promoting Adoption of IPSAS in PALESTINE

  1. 1. Promoting adoption of IPSAS in PALESTINE Jamal Milhem Board Member / PACPA Board member/ IASCA Executive Director/ TAGI Palestine January 21st 2017 Palestinian Association of Certified Public Accountants (PACPA) Associate Member of IFAC, Member of the Arab federation of Accountants and Auditors 1
  2. 2. Palestinian Association of Certified Public Accountants (PACPA)  PACPA is an independent entity, was established in 1995 and was reformed according to the Auditing practice law No. (9) for the year 2004  The current members : 255  Managed by 11 board members, 8 functional committees and 3 permanent staff  PACAP jurisdictions are to renew the annual license to practice, perform and monitor the members CPEs, quality control and compliance with code of ethics  An associate Member of IFAC and Member of the Arab Federation of Accountants and Auditors 2
  3. 3. PACPA’s main functional committees - Continuous Education committee - Research and bulletins committee. - Public Relations Committee. - Professional conduct committee. - Membership committee. - Disciplinary Committee. - Quality Assurance Committee. 3
  4. 4. Board of Professional Auditing (BPA), Consists of 7 members representing government, regulatory bodies, universities and PACPA. BPA jurisdictions: Examinations Issuing of licenses 4
  5. 5. Adoption of IFRS and other standards  All Listed companies and insurance companies: The laws and regulations of the Palestine Capital Market Authority require all insurance companies and listed companies to use IFRS for maintaining their accounts and in preparing their financial statements.  Banks and other financial institutions: The banking law and the regulations of Palestine Monitory Authority require all banks and financial institutions to use IFRS Standards.  Private companies mostly use the IFRS (but without strict mentoring on the FS ( the new draft law has specified adoption the IFRS – the law is not effective yet)  IFRS for SMEs are encouraged by PACPA to use the IFRS for SMEs for the non public interest companies.  The Audit standard used the ISAs issued by IAASB- unless required for other users requirements 5
  6. 6. Promoting IPSAS, through 1. Academic Education – universities 2. Coordination with the decision makers in the government 3. CPE: Training programs to our members and to the expected users of the IPSAS in the government 4. Making the IPSAS Arabic translation available 5. Exchanging knowledge and information with other organization mainly the International Arab society of Certified Public Accountants, IASCA 6
  7. 7. 1-Academic Education  Communicating with most of the universities to promote using the international standards as bases in accounting education e.g., IFRS, ISA and IPSAS most of them have revised their programs and some already introduced the IPSAS in the curriculum e.g. , Palestine Technical University and Alquds University  Work shops and awareness lectures were organized for the accounting program students in the campuses  MOUs were signed between PACPA and many universities to achieve this object 7
  8. 8. 2-Government  Communicating with the governmental entities explaining the advantages of the adoption of IPSAS in developing financial statements e.g.  As a result The Ministry of Education and High Education has issued its FS based on IPSAS for four years  Providing the main entities with the support of IASCA with the Arabic version of IPSAS 8
  9. 9. 3-CPE  Including in the IPSAS training in the CPE required hours from PACPA members  Designing training for the members and others expected users 9
  10. 10. 4- Arabic translation materials  With the support of IASCA the Arabic translation of IPSAS are made available in PACPA, government entities and universities … 10
  11. 11. 5- Exchange knowledge with other organizations  Participation in regional conferences and workshops organized by other organizations related to the adoption of the standards  Obtaining some information related to any technical assistance, incase required 11
  12. 12. What is Next  We will continue to work on promotion to get an official adoption of IPSAS in the government entities.  Letters are drafted to the, President, PM and minister of finance recommending the adoption for improving the governmental financial reporting  We think we are still in the beginning and more need to be done 12
  13. 13. Thank you 13