Saturday 31 October 2020 - 6:33:40 am

UAE Accountants & Auditors Association forms task-team to study COVID-19 economic, financial challenges


ABU DHABI, 22nd September, 2020 (WAM) -- The UAE Accountants and Auditors Association, AAA, has established task-team to study the economic and financial impact of the coronavirus, COVID-19, pandemic.

The initiative, sponsored by the UAE Ministry of Economy and the Securities & Commodities Authority, SCA, is aimed at streamlining the rules in the sector, as international financial and accounting standards do not contain specific provisions or rules to address the current unprecedented scenario, which will result in each entity, accountant and auditor applying their interpretation of international standards.

The initiative is important in creating and developing the most appropriate and best practices to address these challenges in the UAE and standardize the interpretation of financial and accounting standards to achieve economic stability and reflect the reality of the financial position of each entity, the UAE Accountants & Auditors Association said.

AAA started working on the initiative in April 2020 by establishing task-team headed by Riyad Al Mubarak, the Honorary President of the Association, the Founder and Managing Partner of RAI firm, and representatives from the UAE Ministry of Economy, the SCA, Central Bank of the UAE, and the big accounting and auditing firms in the UAE, where the team prepared a detailed guide on "COVID-19 Financial and Accounting implications" to address the financial and accounting challenges posed by the pandemic.

The guide covers several financial and accounting matters for the main activities and businesses affected by COVID-19 and methods of dealing with them in line with the International financial and accounting standards adopted in the UAE where investors, boards of directors, departments, lenders and other stakeholders need high-quality financial information and reports now more than ever.

Also, this guide illustrates additional key accounting considerations for several vital business economic sectors that have a significant contribution to the UAE’s GDP including industries spanning as far as energy industry (oil & gas and utilities), banks and financial services, insurance, retail, construction, real estate and manufacturing.

The guide is available in English and Arabic languages on AAA website www.uaeaaa.ae On this occasion, Riyad Al Mubarak said, "I would like to take this opportunity to thank UAE’s Leadership for their wise ongoing efforts to combat this pandemic and to thank our nation’s first line of defence, the healthcare practitioners, for putting society’s safety before their own and for their service and sacrifice."

Al Mubarak also stressed the need for the community of accounting and auditing profession in the UAE to contribute by providing the necessary support and expertise to the business community in the UAE and the relevant stakeholders to help in such times of unclear and unprecedented uncertainty.

 

WAM/MOHD AAMIR/Tariq alfaham