Corporate Financial Reporting


President de l’Ordre des Experts

Comptables de Tunisie (OECT)

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Promoting Transparency, Accountability and Participation (TAP): The role of check and balance institutions

Francesca Recanatini 
Senior Economist, Governance Global Practice, MENA, The World Bank


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Harvard Business School

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CPAs: Expanding Opportunities in the Global Marketplace

Yasmine EL-RAMLY

CPA/CITP, American Institute of Certified Public Accountants (AICPA)


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The Foundation for the Development of Islamic Finance

Islamic finance is a way of conducting financial transactions that complies with Shari’ah (Islamic law). Shari’ah forbids all forms of interest; thus, the Islamic financial model works on the basis of risk sharing—that is, the customer and the bank share the risk of any investment on agreed terms, and divide any profits. 

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Strenghthening the Education of CFR Professionals

The Corporate Financial Reporting (CFR) work-stream within the Middle East and North Africa Financial Management (MNAFM) Unit focuses on several levels to strengthen CFR education so that it may be of the best quality possible for the region. MNAFM is working on several projects to enhance the quality of CFR education and accountancy more narrowly. These projects include education in universities, examination, continuing professional development, and compliance with education regulations.

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It would be an understatement to say that the International Federation of Accountants (IFAC) had an exceptional 2013 year. Under the leadership of new Chief Executive Officer (CEO) Mr. Fayez Choudhury, IFAC achieved many successes. Some examples relevant to the MENA region include a successful Small and Medium Practices (SMP) Forum in Uganda, recommendations on accountability, sustainability and growth to the G-20 Leaders’ Summit in St.

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Sahar:  One of the main constraints to MSMEs’ access to credit is the lack of audited financial statements: almost 70 percent of banks cite lack of transparency as an important obstacle to SMEs’ access to credit.  Thus MSMEs with well prepared and audited financial statements are better able to communicate their financial position and access finance. Additionally, their owners have better information on which to base business expansion and development decisions.

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