Dubai-The United Nations Conference of Trade and Development (UNCTAD) and the World Trade Organisation (WTO) recently approved a plan to recognise the Arab World’s accounting certificates. The plan was forwarded to the UNCTAD meeting in Geneva last October by Talal Abu-Ghazaleh, head of the international accounting experts team to the UN meeting, a board member of the International Accounting Committee and chairman of the Arab Society of Certified Public Accountants.
Abu-Ghazaleh, on a visit to the UAE, said yesterday the plan entails setting up unified international accounting guidelines covering education examination, licensing and qualifying worldwide accountants. “The work plan on the new unified system which I expect to take five years, will be reviewed in Geneva in February by the committee of international experts to the UN and the WTO,” said Abu-Ghazaleh.
The UN committee in Geneva reviewed the project which was based on papers and studies prepared by the Arab Society of Certified Public Accountants. It also formed five sub-committees to develop the comprehensive work plan that will be reviewed in February.
“Our objective is to globalise the profession as many countries — including the U.S. and the UK — do not recognise the professional qualifications of many other states’ accountants.” he said. Abu-Ghazaleh said the committee debated accountancy standards in the developing world and one delegation suggested two separate standards for the developed and developing worlds.
“I argued against this approach because we do not want anything less than the standards of the developed world and those designed by the International Accounting Committee,” he said.
But Abu Ghazaleh feels the Arab world has a shortage of accountants, with less than 5,000. On a pro rata basis with the U.S. there should be more than half a million.
“But what satisfies us is that the Arab Society of Certified Public Accountants is training 1000 students and the number is growing rapidly,” he said.