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Outdated legal frameworks and lack of translation challenges for IFRS implementation in the MENA region

Greater regional collaboration between professional accountancy organisations in the Middle East and North Africa is the key to address challenges in implementing international accounting standards in the region, delegates from 27 organisations from the MENA regions concluded at a regional workshop organised by IFAC.

The workshop held in cooperation with the Jordanian Association of Certified Public Accountants and the World Bank’s global governance practice was attended by 55 delegated and 20 professional accountancy organisations were represented.

Delegates concluded that cross-border exchange of experiences, ideas, and solutions, and regional cooperation were essential to address the implementation challenges. The main challenges identified were:

  • fragmented and outdated legal frameworks;
  • a need to define small- and medium-sized entities and implement suitable standards;
  • keeping adopted international standards up to date;
  • a lack of unified and timely translations;
  • insufficient technical and financial resources; and
  • inadequate resources for independent quality assurance and investigation and discipline systems.

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