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International Accounting and Reporting Issues

2008 Review

image of International Accounting and Reporting Issues

Since the middle of 2007, world financial markets have been experiencing extreme turbulence. The centrality of reliable and comparable information for financial stability and for the ability of investors to assess risk and allocate resources to different investment opportunities has been painfully demonstrated by recent events. In marking UNCTAD’s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR)’s twenty-fifth anniversary, the UNCTAD secretariat organized a high-level segment that featured prominent speakers, including ministers, discussing the positive contribution of international accounting and reporting standards and codes to financial stability and economic growth. This publication contains ISAR’s deliberations at its twenty-fifth session, and it will provide policymakers, regulators, standard-setters, boards of directors, researchers and other readers with insights into some of the timely issues on corporate reporting.

English

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Review of practical implementation issues relating to International Financial Reporting Standards: Case study of Egypt

Egypt has greatly benefited from reforms to open up and liberalize its economy in recent years, and has quickly become a dynamic market economy led by the private sector and well integrated in the global economy. It has achieved excellent GDP growth rates of 7.1 per cent in 2006/07 (up from 4.6 per cent in 2004/05) and 6.9 per cent in 2005/06,2 and a rate of about 7 per cent has been predicted by the International Monetary Fund (IMF) for the next few years. This performance was accompanied by record foreign direct investment (FDI) of more than $6 billion in 2006. There have been improvements in most economic and social indicators. Private investment increased from an average of 8 per cent of gross domestic product (GDP) in fiscal years between 2001 and 2004, to 13.1 per cent in 2007. Moreover, FDI increased from an average of 0.6 per cent of GDP between 2001 and 2004, to 8.6 per cent in 2007.

English

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