The challenges of implementing International Financial Reporting Standards in the Gulf region and the business benefits which will arise if they are successfully adopted were discussed at a conference organized by ACCA (the Association of Chartered Certified Accountants), the global body for professional accountants. More than 70 major employers and ACCA members were in the audience at the Dubai Knowledge Village on Wednesday to hear experts discuss the issues. Anthony O'Sullivan, partner at Ernst & Young Dubai, who spoke at the event, called on the region's professionals to ensure their views were heard on the future course of global standards, saying: “International Financial Reporting Standards have become globally accepted but there is still a lot of debate as to where those standards should go conceptually. As the Middle East is becoming an increasing important part of the global economy it is important that the local accounting profession makes its voice heard in this debate.” Aziz Tayyebi, financial reporting officer with ACCA, emphasized the importance of early implementation. “While some countries continue to debate and consider the opportunities that international financial reporting standards can offer businesses and their economies as a whole, many jurisdictions have seized the opportunity. Many Middle Eastern countries already provide a shining example of how economies as a whole can benefit from global standards. The early utilization of International accounting standards is likely to have assisted the access to investment and capital flows for the region - a crucial factor in the rapid growth within the region,” he said. Deepak Chainani, ACCA's country manager - UAE & Qatar, who organized the event, said: “ACCA has been an enthusiastic and vocal advocate of international standards - not least because of the pivotal role they play in enhancing the global mobility of our students and members. Through forums such as this, key stakeholders have the opportunity to debate on whether International Financial Reporting Standards actually bring benefit to businesses, in particular the small and medium-sized enterprises.” The conference was part of a series of worldwide events organized by ACCA under the theme Global Standards: The business benefits. Through its global series of events, research and insights, ACCA is leading the debate on whether global standards actually bring benefits to business. ACCA's program addresses the key global and local issues being raised by business and individual finance professionals alike by bringing together the views of business leaders, regulators and professional experts from around the world. __
