ASCA Chairman: Jordan is Special in the Structural Composition of Accounting Offices
26 Jan 1993AMMAN – The Chairman of the Arab Society of Certified Accountants (ASCA), Mr. Talal Abu-Ghazaleh, requested that a new union of Arab accountants be established under the auspices of the League of Arab States.
He added in a talk with the “Alalam Alyoum” magazine that developing the accounting profession requires certain elements as with other professions. Yet in light of the current economic transformation in the Arab region, adherence to the policies of market liberalization and the creation of various companies and Western institutions working in numerous aspects of the economy, the accounting profession has become more significant and vital in making commercial and economic decisions, according to Abu-Ghazaleh. He elaborated that it is no longer just a tool for the historical record of a company’s activity.
Mr. Abu-Ghazaleh stated that the some of the most important elements for developing the profession are probably an appropriate accounting education, a unique system for exams and accounting qualification and recognized accounting and auditing standards, in addition to creating appropriate legislation and an oversight apparatus to supervise commitment (to this legislation).
He added that Jordan is unique in its structural composition for accounting offices, the expansion of an expertise base, the maturity of the economic foundation and strict governmental oversight. This is what makes it special among the countries of the Middle East especially if one realizes that there are nations that are still in the phase of recomposing their accounting systems and bodies, according to the ASCA Chairman.
Mr. Abu-Ghazaleh pointed out that his election as a member on the board of directors for the International Federation of Accountants (IFAC) –the most prominent entity in the world concerned with the accounting profession- indicates that Jordan and the Arab world occupy an important international position and have a positive effect that must be invested in, in order to develop the vocational level in the Arab world.
Abu-Ghazaleh clarified that the field study conducted by ASCA a couple of years ago showed there are half a million Arabs working in the accounting discipline, and that the percentage of those qualified to practice as certified accountants doesn’t surpass 1%.