The new Egyptian accounting standards were approved when the Minister of Investment, Dr. Mahmoud Mohieldin issued Decree # 243/2006. The new standards are in compliance with international standards and will help international investors to consider companies in Egypt for investment. In turn, corporate governance principles will be boosted, companies' efficiency will increase and the capital market and economy will perform better. Disclosure and transparency will be supported by the new accounting standards and companies will have better financial statements that investors, donors and regulators will be able to analyze more easily.
The decree was issued after the 3rd meeting of the committee including members of the Capital Market Authority, the Egyptian Accountants and Auditors Association (EAAA) and the Central Auditing Organization.
The new standards include 39 new rules. The old standards have been in effect for 10 years and require upgrading. Accountants and auditors can now refer to the Egyptian version of the standards.
This meeting was attended by the chairman of the Egyptian Accountants and Auditors Institute and the former prime minister, Dr. Abdel Aziz Hegazi; CMA chairman, Dr. Hani Seri; EAAA chairman, Mr. Hazem Hassan; chairman of accounting practitioners section, Mr. Hafez Mostafa; senior advisor to the minister, Mr. Abdel Hamid Ibrahim; advisor to the minister, Dr. Atef Al Nokali; advisor to the chairman of EAAA and Mr. Mohammed Hasib, representative of the General Authority for Investment and Free Zones.
