The Dubai International Financial Centre (DIFC) hosted a seminar today (March 12) where delegates discussed key issues facing the accounting profession, including fair value accounting, ethics, corporate governance, and the importance of international convergence.

Entitled “New Developments in International Auditing and Ethics Standards”, the seminar was organised by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) - independent standard-setting bodies of the International Federation of Accountants (IFAC), the leading global organisation for the accountancy profession.

Officials from the DIFC, the World Bank, World Federation of Exchanges, CFA Institute and Dubai Financial Services Authority (DFSA), spoke at the event.

Members of the IAASB and IESBA also updated participants on their recent standard-setting activities.

“The organisation of the CAG meetings of the IAASB and IESBA in DIFC reflects Dubai’s rising profile as a leading global financial hub,” said Nasser Al Shaali, CEO of the DIFC Authority.

“DIFC supports the global accountancy community’s efforts to promote high standards of financial reporting and auditing, which are a critical part of effective corporate governance.

“Over the past few years, we have launched several initiatives to develop corporate governance in the Middle East and North Africa and as part of this, we are keen to work with organisations like IFAC to build accounting and auditing systems in the region.”

David Damant, chair of the IAASB CAG, remarked: “A fundamental principle of both the CAGs and the Boards is broad geographic representation and stakeholder participation.

“We are, therefore, pleased to not only hold these meetings in Dubai, but also reach out to our stakeholders in the region through the seminar. The Dubai International Financial Centre has been a valuable resource in supporting IFAC’s efforts in this regard,” he added. – TradeArabia News Service