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AFAF: Formulating Arab perspective.

By Muna AwwadAlthough the economic crisis has affected the whole world and not only a particular region, the situation in each area however has been responding differently to the consequences of the crisis based on its specifics and its abilities; and whilst the world giants reviewed their situations at the G20 summit held on September 24-25, which also affect the globe, the Arab region opted to study and evaluate the nature of its special economic status.This is why the Arab Financial and Accounting Forum (AFAF) was held in the Lebanese capital Beirut on December 22 Au 23, to formulate an Arab perspective after the G20 summit resolutions, based on their financial, economic, and accounting implications.The forum was organized by Talal Abu Ghazaleh and Co. International (TAGI) and the Arab Society of Certified Accountants (ASCA), in cooperation with Banque du Liban, Union of Arab Banks, Lebanese Association of Certified Public Accountants (LACPA), and World Union of Arab Bankers (WUAB).AoThis conference was organized in response to the G-20 Summit resolutions, and to achieve substantial change in the International Accounting and Auditing Standards so that they reflect more accurately the economic events, and consequently provide protection to the state economies from financial crises. As part of its professional duties and commitments towards its clients, the business sectors and banks in the Arab region, tried to developed a customized programs within a comprehensive guide containing accounting solutions based on international accounting principles aimed at finding rapid solutions to the G-20 summit concerns, and the recommendations of the US Treasury Department; the main goal of the forum was to present the developed programs in front of relevant institutions and sectors for public benefit,Ao Steve Karadsheh, executive director at TAGI Amman office said.The main economic-specialized topics of the conference, which were covered by detailed explanations of the mentioned developed programs, included the following programs: Governance testing, stress testing, fair value measurement, provision and contingencies, cash flow testing, securities testing, investment testing, derivatives testing, transparency testing, forensic accounting, and classification and measurement of financial assets.The forum initiated its works by holding three sessions during which Khaled Sewiti, manager of the valuation services in TAGI Amman office, presented the fair value measurement program detailing the theoretical and practical procedures of the program. He said Aothis topic is old and new at the same time; there are two standards of the fair value measurement: the American standard, which was implemented in 2007 and 2008, and the international standard which is still a draft that is not yet issued; so this program is the only one that currently tackles the method of measuring the fair value.AoFor his part, Nader Adawiya, executive director at TAGI Doha Office, made a presentation on forensic accounting pointing out that Aoforensic accountants must be able to deliver financial information in a brief and clear way; forensic accounting is the practice of utilizing accounting, auditing, and investigative skills to assist in legal matters. After analyzing and discussing a group of critical economic programs that would help the relevant parties in operating their works and experiences, the summit came out with five major recommendations, which were listed by Waref Qumeiha, executive director of TAGI: Taking financial and accounting preventive measurements to protect the national institutions and the social and economic security of the Arab World since the financial crisis has transferred to a monetary crisis and therefore into an economic crisis that is expected to live with us during the whole next decade; setting 11 accounting programs by ASCA to test all financial and commercial corporations; suggesting programs according to the abilities of the governmental bodies in order for them to resume and develop their performances and duties towards citizens.Ao In addition to that, Abu Ghazaleh mentioned that the Islamic Funding System has proved its ability to encounter all crises; therefore, ASCA, TAGI, and the British Chartered Institute of management accountants have prepared a vocational program to develop workersAAE abilities in the field of Islamic Funding, as a recommendation. Finally, the participants in the forum have recommended the organizer of the conference, Confex International, to hold this conference every year in order to follow up the decisions of the G20 summit and deal with them Aodue to the importance of such a follow up on the Arab economic security,Ao concluded Qumeiha

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Publication:The Star (Amman, Jordan)
Date:Dec 28, 2009
Words:739
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