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Egypt Eas

In: Business and Management

Submitted By kelfakhrani
Words 3670
Pages 15
Egypt 's Accounting and Auditing Standards and the adoption of International Accounting Standards
Brief history of accounting in Egypt
Historically, Egyptian accounting was not capital-market oriented but rather followed the principles of macro-accounting with huge government intervention aimed at tightly controlling the economy -- and was closely connected with accounting for tax purposes. Economic liberalisation began in the mid 1990s – with aspirations aimed at creating a guided free market economy – this involved the reactivation of the stock exchange market in 1995 and a privatisation programme. The transition posed challenges for the Government, private sector institutions and accountants alike. Increasing the role of the private sector required changes to and reforms of accounting systems in order to support better decision-making, attract investments, stimulate economic development, and enhance foreign investors’ confidence in the market.
Egyptian accounting and auditing standards (1997–2002)
As part of the reform process, the Government of Egypt pursued a policy of harmonising (EAS- Egyptian Accounting Standards) with IAS, while ensuring that specific characteristics of the Egyptian operating environment were taken into account. As a result of Ministerial Decision No. 503, in October 1997 Egypt established the Permanent Committee for Accounting and Auditing Standards to issue EAS that were to be based on IAS, yet modified to suit the local arena. Although official responsibility for setting accounting and auditing standards rests with the permanent committee, the Egyptian Society of Accountants and Auditors practically assumes the main responsibility for drafting accounting and auditing standards. The society’s standard-setting committee selects international accounting and auditing standards that are applicable to the Egyptian framework. Once the

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