Palestine Monetary Authority Holds Training Course on International Financial Reporting Standards

Ramallah – Dr. Riyad Abu Shehadah, the Deputy Governor of Palestine Monetary Authority, opens a training course for the employees of Palestine Monetary Authority on “International Financial Reporting Standards (IFRS).” The training course is held in Ramallah and the training is delivered by specialized training team from KPMG International. 

Dr. Abu Shehadah said organizing the training was part of the strategy of Palestine Monetary Authority to regularly build and develop the capacities of its employees in areas of international standards of accounting and financial reporting and to be up-to-date with international developments in these areas. 

Dr. Abu Shehadah also said that Palestine Monetary Authority had given great consideration to the standards throughout the years after they were published and had taken several procedures including contacting banks and coordinating with them and coordinating with external auditors and directed the banks that operated in Palestine towards taking necessary adjustments to their policies and systems and operations to ensure the best application of the standards’ requirements.  

Mr. Hazim Abu Gharbiyeh from KPMG International pointed out to the importance of the training course that enhanced the competencies of the employees of the Supervision and Inspection Department at Palestine Monetary Authority and introduced them to recent international developments in international financial reporting standards. 

The two-day training course focuses on the most recent adjustments to the International Financial Reporting Standards; especially International Financial Reporting Standard (IFRS) 9, which replaced International Accounting Standard (IAS) 39: Financial Instruments.

The training course also includes IFRS 15 Revenue from Contracts with Customers, IRFS 16 Leases; in addition to important relevant standards such as IAS 8 Accounting Policies, IAS 12 Income Tax, IFRS 10 Consolidated Financial Statements, and IFRS 3 Business Combinations.