Global Economic Crisis Didn’t End - Abu-Ghazaleh Warns

23 Dec 2009

BEIRUT - The Arab Financial and Accounting Forum: The G20 resolutions: Their financial, economic and accounting implications opened its doors on Tuesday at the Movenpick Hotel in Beirut, according to ag-IP-news Agency. The two-day Forum is organized by the Arab Society for Certified Accountants (ASCA) and Talal Abu-Ghazaleh and Co. International (TAGI), in cooperation with Banque Du Liban, Union of Arab Banks, the Lebanese Association of Certified Public Accountants (LACPA), and World Union of Arab Bankers (WUAB). According to ASCA’s Chairman Talal Abu-Ghazaleh, “Recent G20 Summits have emphasized the need for strengthening transparency and accountability and focused essentially on the development of accounting standards, risk management practices, disclosure of risk exposures, and off-balance sheet activities by all institutions.” “At the Pittsburgh Summit September 24-25, 2009 leaders called on “international accounting bodies to redouble their efforts to achieve a single set of high quality global accounting standards within the context of their independent standard setting process, and complete their convergences project by June 2011. The International Accounting Standards Board’s (IASB) institutional framework should further enhance the involvement of various stakeholders,” he said. “They also designated the G-20 as the premier forum for our international economic cooperation. They also have asked the accounting profession to report back at the next meeting with recommendations on how to maximize the effectiveness of cooperation. They agreed to have a G-20 Summit in Canada in June 2010 and in Korea in November 2010. They expect to meet annually thereafter, and will meet in France in 2011,” he added. Abu-Ghazaleh also tackled the global economic crisis saying that it did not end but “was put on hold.” “There is a rumor that the world will end in 2012 and some people are genuinely concerned that the world may end in 2012. As for me, I am not worried at all, because I know the world already ended in 2008 and an incipient world is rising from that terminus,” he said. “Analysts have on many occasions declared that the crisis will only last for a month or two but I have always believed and I am saying it one more time: The crisis will be with us throughout the next decade” he added. Abu-Ghazaleh stressed on the need to take advantage of this crisis. “The objective of this conference is to offer to the financial, business, accounting and regulatory authorities tools for pre-empting crisis to our businesses,” he said.


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