EGX Organized A Training Program For Its Employees About The Amended Egyptian Accounting Standards

As part of the Egyptian Exchange (EGX)’ efforts to increase its staff efficiency and capabilities, EGX organized a training program about the amended Egyptian accounting standards, held by The Egyptian Society of Accountants & Auditors for EGX employees and senior managers from listed companies, disclosure, membership, market surveillance, auditing and finance sectors during the period from 23 November to 15 December 2015.
 
The program was presented by a featured group of members of The Egyptian Society of Accountants & Auditors led by Mr. Mohammad Yahia, Vice President of the Society, Mr. Amr Hosny, Ms. Eman Mira, Mr. Fares Amer and Mr. Ahmed Awad. Dr. Mohammad Omran, EGX chairman and Mr. Mohammad Yahia, Vice President of the Society distributed the program completion certificates.
 Trainees praised the scientific benefits of this program that included the new concepts of the Egyptian accounting standards to present financial statements, inventory, revenue, construction contracts, periodic financial statements, accounting policies, the subsequent events, fixed assets, independent financial statements, sister companies, consolidated financial statements, joint arrangements, quotas in other facilities, business assembly, equity-based payments, earnings per share, financial leasing, operational sectors, financial instruments, agriculture, the fair value and the workers’ benefits.  The last day included open discussions about the concepts of the default financial statements in case of mergers and divisions, the types of auditors reports and their specifications with clarifying the auditors’ primary role.
 In this context, Dr. Omran said that the successive developments in accounting standards require to  work continuously to keep EGX’ employees in track with the latest concepts and always to inform them of what’s new in this field, specially as the accounting standards to prepare financial statements are of critical importance in the financial disclosure for investors in the stock market. Omran pointed that the training program is an excellent example of cooperation with specialized associations to develop the employees’ capabilities. He appreciated the outstanding efforts of the Egyptian Society of Accountants and Auditors and promised to repeat this program and to offer a variety of programs for employees as part of EGX’ plan to develop them and to raise their efficiency to meet the new challenges.