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Accounting

What accounting requirements are there in Egypt?

Under the Corporate Law No. 159 of 1981 and the Capital Market Authority Law No. 95 of 1992, all companies in Egypt (listed and unlisted) must prepare financial statements in accordance with Egyptian Accounting Standards. These financial statements must be audited by a Certified Public Accountant according to the Egyptian Auditing Standards. Joint audits are required for banks and other financial institutions.

The Standards Committee of the Egyptian Society of Accountants and Auditors (ESAA) takes the responsibility for accounting standards in Egypt. The current version of the Egyptian Accounting Standards (EASs) is effective for financial years beginning after January 1st, 2007 and applied on all Egyptian entities regardless of their legal form and regardless of whether or not they are listed in the Egyptian Stock Market.

The EASs comply with the International Financial Reporting Standards (IFRS) except in certain areas where the differences are significant due to Egyptian laws and regulations. The ESAA is drafting accounting standards for SME’s based on the IFRS for SME’s.

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