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Washington DC
Middle East and North Africa | Jordan
2013-07-25T14:50:04Z | 2013-07-25T14:50:04Z | 2004-06-10

Jordan is committed to aligning its national corporate financial reporting requirements with the International Accounting Standards and International Standards on Auditing, and it has achieved significant improvements, including issuance of a new Accountancy Profession Law. Although this law is a significant step toward regulating the profession, the Report on the Observance of Standards and Codes (ROSC) team discussions with professionals and various other stakeholders in Jordan helped point out a need to revisit some articles of the law and their content. Also, considerable steps have been taken to narrow the "compliance gap" in both accounting and auditing practices; however closing the gap completely will be challenging and demanding. Educating new auditors and reeducating practitioners and regulators requires focusing on a different style and philosophy of accounting requirements. In addition, to fully implement International Accounting Standards, a culture shift is required to reduce the influence of tax accounting on general-purpose financial statements. The risk exists for undetected accounting manipulation, misrepresentation of financial statements, and departures from established accounting and auditing procedures. The ROSC report draws upon recent international experience in developed economies, and success stories in the Middle East and North Africa Region, and, provides policy recommendations specifically focused on strengthening enforcement mechanisms for ensuring compliance with established accounting and auditing requirements.


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