Knowledge is the Foundation of Development Dr. Talal Abu-Ghazaleh: ASCA-Jordan Launches Specialized Training on IFRS 18
AMMAN – As part of its ongoing commitment to keeping pace with the latest developments in accounting and financial reporting and enhancing professional knowledge of international standards, the Arab Society of Certified Accountants (ASCA-Jordan) held a specialized training course on International Financial Reporting Standard 18 (IFRS 18), Presentation and Disclosure in Financial Statements, with the participation of a group of professionals and specialists in the financial and accounting fields.
HE Dr. Talal Abu-Ghazaleh, chair of ASCA-Jordan, emphasized that the Society’s early launch of specialized training programs on the Standard reflects its proactive approach to anticipating international developments in the accounting profession and preparing for their implementation. He noted that these programs aim to enable professionals and other interested stakeholders to understand the requirements of the Standard and the changes it will bring to current practices.
The training course covered the key requirements of IFRS 18 and the updates it introduces in the presentation and disclosure of financial statements, as well as its expected implications for the preparation and reporting of financial information. This enables participants to prepare early for the implementation of its requirements and gain a practical understanding of its implications.
The importance of the Standard stems primarily from its focus on enhancing comparability and transparency in the presentation of financial performance, particularly in the statement of profit or loss. It introduces a clearer structure for presenting income and expenses, helping investors, analysts, and other stakeholders gain a more consistent and comparable understanding of an entity’s financial performance across reporting periods and between different entities.
The Standard also introduces new requirements relating to the presentation of certain subtotals of financial performance, most notably operating profit or loss, while providing users with clearer information about the sources of an entity’s financial performance.
The significance of the Standard extends beyond the financial statements themselves to the accounting systems and processes within entities. Its implementation may require entities to review their methods for classifying and presenting income and expenses, reconsider their financial data collection processes and reporting systems, and update relevant internal policies and procedures.
It is worth noting that the ASCA-Jordan remains committed to advancing the fields of accounting and management, as well as related and derivative principles applicable to all or some professional services. It also seeks to raise the levels of professional competence, and promote the highest standards of practice through its close attention to accounting publications and its continuous monitoring of the latest developments and updates in the accounting and auditing professions.