Al Hourani: Capital Institutions are keen to implement international standards and the latest global practices

Mr. Muhammad Saleh Al-Hourani, Chairman of the Board of Commissioners of the Jordan Securities Commission, stressed the keenness of capital institutions that all budgets of public shareholding companies in Jordan apply international standards and the latest global practices because this would serve the national economy, protect the investor and it  work to form a sound and secure investment environment. It creates and maintains a reputation and mental image for investment in Jordan, which is undoubtedly one of the most important higher strategic goals that we seek to achieve.
 This came during the inauguration of the training seminar organized by the JSC this afternoon at its headquarters in cooperation with the Jordanian Association of Certified Public Accountants under the title “The New International Financial Reporting Standard No. (16) related to rents” in the presence of senior officials of capital market institutions and a number of specialized employees, with the participation of 108 Specialized in preparing the budget for public shareholding companies in order to inform participants of the most prominent changes that have occurred in the methods of financial treatment of rents when preparing, reviewing and auditing budgets.
 In his welcoming speech, Al-Hourani said that the authority has been cooperating with the Association of Certified Public Accountants for years in all areas related to preparing the budgets of public joint stock companies, which is witnessing continuous development that the association is following with high professionalism, indicating that cooperation will continue with the association to reflect positively on the quality of the performance of participants and joint stock companies. in general. The Chairman of the Board of Commissioners of the Commission praised the abundance of information enjoyed by the main lecturer in the symposium, Mr. Hatem Al-Qawasmi, President of the Association of Certified Public Accountants, which made him a reference in this field.
 In turn, Qawasmi presented the most prominent changes and developments that occurred in the new standard and the circumstances that led to the emergence of this standard and related to the global financial crisis that occurred in 2008 in order to spare companies from causing potential financial crises, stressing that the application of the standard will be obligatory as of 1/1 2019 However, early application is a good and permissible thing, provided that the new standard (15) related to revenues is applied, indicating that the new standard deals comprehensively with leases and requires entering operating leases in the books of the lessee and financial statements (budgets) within the financial obligations of the lessee and not within the assets .
 It is noteworthy that the training symposium comes as part of the Authority’s endeavor towards fulfilling its commitment to social responsibility  towards the local community, its strategic partners and stakeholders from various parties to create more awareness through early access to all modern global developments and practices in various fields related to the work of the Authority and the investment and legislative environment regulating its work shareholding companies.