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As of 2019, the Financial Supervisory Authority has requested all listed and unlisted companies to begin applying the standards of the International Financial Reporting Standards approved in Egypt. “Approved” standards are the International Financial Reporting Standards issued by the International Accounting Standards Board in addition to the requirements and disclosures added to some of the standards by the FRA. The change comes as a step in the transition from generally accepted accounting principles in Egypt to international financial reporting standards with the challenges facing companies, practitioners, and regulatory agencies alike. Some of the main challenges are the pool of reliable and limited resources, in addition to unique Egyptian practices. All regular financial statements prepared in accordance with the generally accepted accounting principles in Egypt are required to be submitted to the competent authority in the Arabic language. This requirement is expected to continue to transition to IFRSs. Careful planning and preparation by companies, practitioners, and regulatory bodies over the next year or two will determine the success of implementing international financial reporting standards in Egypt or otherwise. Stakeholders should provide adequate resources to support the sustainable implementation of International Financial Reporting Standards. This includes creating advisory groups to be ready to respond quickly to the challenges users face. We can help you implement the IFRS What are the International Financial Reporting Standards? - It is a set of International Accounting Standards that explain how to disclose certain types of transactions and events in the financial statements - These standards are issued by the International Accounting Standards Board, and they define precisely how accountants, companies and organizations maintain their accounts and the methods for recording and classifying them. - International standards were established in order to obtain a unified accounting language, so that business and accounting can be understood from company to company and from country to country - Helping companies and bodies to hedge, exercise caution in their financial information and reports