Task team formed by the Accountants & Auditors Association (AAA) of the UAE to examine COVID-19 Financial and Economic challenges
The Accountants and Auditors Association (AAA) of UAE, has made a team which will be examining and studying the financial and economic impact that the pandemic has had.
This initiative was funded by the SCA, the Securities & Commodities Authority, and the Ministry of Economy and aims to streamline the regulations in the district. This is because there is no standard in accounting which specifies rules or addresses to the current situation of COVID-19.
The Accountants & Auditors Association (AAA) of the UAE says that the initiative will help in developing and creating the best and most appropriate practices to confront the problems within the UAE. Moreover, the initiative will standardize the explanation of accounting and financial standards which will then help in achieving economic stability. Hence, the financial situation of every business in the UAE will be highlighted.
The Accountants & Auditors Association (AAA) started to develop the initiative back in April, by forming a task team which will be headed by the Association’s President, Managing partner and Founder of RAI, and representatives of the SCA, UAE’s Central Bank, the UAE Ministry of Economy, and the biggest auditing and accounting companies in the United Arab Emirates. The team will then create a guide on the implications of accounting and finances during COVID-19, in order to confront and resolve all problems due to the pandemic.
Furthermore, the guide will cover several accounting and financial matters for all the big corporations and activities that suffered due to the pandemic. The methods to deal with these changes will also be covered that will cover reports and financial information that will be required by the board of directors, investors, stakeholders, lenders, and departments.
Besides this, the guide displays extra accounting considerations as well, for the business sectors that contribute a significant amount in the UAE’s Gross Domestic Profit. This includes gas and oil industries, insurance, banks, construction, manufacturing, retail, and real estate. It has been released in both Arabic and English languages.
The Association shows their gratitude towards the United Arab Emirates’ leadership for the efforts and support provided to fight against the pandemic and its harsh effects on the economy.
They further stressed on the requirement of the society of auditing and accounting to contribute any support needed in the business sector.