Workshop: Practical Applications in Egyptian Accounting Standards
Workshop..
Practical Applications in Egyptian Accounting Standards — the Transition to the Fair Value Model, and Special Cases in the Revenue and Leasing Standards
The Egyptian Society of Accountants & Auditors (ESAA) organized a workshop..
Practical Applications in Egyptian Accounting Standards — the Transition to the Fair Value Model, and Special Cases in the Revenue and Leasing Standards
which was held at the Marriott Zamalek Hotel — Aida Hall — on Sunday, 5 November 2023
The workshop opened with a speech by Mr. Mohamed Yahya, Vice-Chairman of the Society's Board of Directors, on the recent changes in the Egyptian Accounting Standards and the requirements of the Financial Regulatory Authority, and he noted the imminent issuance of the new Egyptian Auditing Standards.
Mr. Mohamed El-Moataz, Board member and Chairman of the Society's Standards Committee, gave a brief presentation on fair value applications in the Egyptian Accounting Standards, as well as the most important considerations for companies that apply the treatments for currency differences arising from the devaluation of the exchange rate, and also on the recent changes in International Standard No. (21) concerning the case where no exchange rate is available between two currencies for a non-temporary period.
Then Mr. Tamer Abdel-Tawab, a Fellow of the Society and member of its Standards Committee, gave a presentation on the rules for measuring and disclosing fair value in accordance with the Egyptian Accounting Standards.
Mr. Wael Saqr, a Fellow of the Society, took part in presenting the most important considerations for auditing fair value.
Mr. Mohamed Hassan, a Fellow of the Society, also presented special cases in applying Egyptian Standard No. (49) on leasing, in light of practices and leasing contracts in the Egyptian market.
Finally, Mr. Ahmed Awad, a Fellow of the Society and member of its Standards Committee, presented cases that have arisen in the local market concerning the application of Egyptian Accounting Standard No. (48) on revenue.
The meeting concluded with an open discussion to address the attendees' questions.