Dr. Mahmoud Mohey El-Din issued the ministerial decree no. 243 regarding the amendment to the Egyptian Accounting Standards. In October 2008, International Accounting Standards Board amended some of the international accounting standards as the measurement standard and disclosure of financial instruments. This amendment is issued to address the effects of the current financial crisis.

Accounting and Auditing Standards Committee was held, headed by DR. Mahmoud Mohy Eldeen – the minister of investment to discuss the amendments to standards no. (25), (26) prepared by Egyptian Society of Accountants & Auditors and the CMA to comply with the international standards.

Accordingly, the minister of investment issued a decision concerning the amendments to the standards no. (25), (26) of the Egyptian Accounting Standards, these which include rules that shall offer new facilities for the companies.

These amendments allowing those companies that wish to transfer from portfolio of financial instruments for the purpose of trading into any of the financial instruments held to maturity, or any financial instruments available for sale, all in accordance with the regulations and requirements and timing stated in the amendments set to counter the effects of the international financial crisis. According to the amendments the companies could hold this conversion by choosing the closing price of one of the days between July 1, 2008 until November 1, 2008, and therefore the financial statements prepared in September 30, 2008 could reflect this amendment.

To view the related decision (Click Here -Only Available in Arabic)