April 27, 2009
U.S. Uniform CPA for the first time in the UAE Registration begins in May and International Administration set for August 2011
During the past several years, the move toward a single set of high quality, globally accepted accounting standards has gained momentum. For example, in 2005 the European Union began requiring companies incorporated in its member states whose securities are listed on an EU-regulated stock exchange to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). In 2007, the U.S. Securities and Exchange Commission (SEC) agreed to accept from foreign private issuers financial statements prepared in accordance with IFRS without reconciliation to U.S. Generally Accepted Accounting Principles (GAAP). In September 2008, the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) updated and reaffirmed their “Memorandum of Understanding” to converge all major accounting standards (such as revenue recognition and leasing) by 2011 in light of a possible move to IFRS.
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