Non - Banking Financial

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  • The new Egyptian Accounting Standards were issued as per the decree of the Minister of Investment, Dr. Mahmoud Mohi El Din no.243/2006 to replace current ones issued under the two ministerial decrees no. 503/1997 and 345/2002.
  • The 35 Egyptian accounting standards were prepared according to international standards of preparing financial statements issued by the International Federation of Accountants except the adjustments referred to at the Adjustment Annex.
  • The new standards include a preface that is an integral part of the EAAS. The preface includes the following:
  • Issues that were not addressed at the EAAS are subject to international standards of financial reporting until new Egyptian standards are issued.
  • The establishment administration is responsible for preparing its authorized and published financial statements; observing EAAS of adjustments and disclosure.
  • The establishment administration may need to prepare financial statements or data for the purpose of analysis, evaluation or decision taking. In that case, the statements and data can be considered internal and it would not be necessary to meet adjusting and disclosure standards stipulated in EAAS. When submitting those statements, the establishment should be so keen to rule out any misunderstanding that the user may have about their authenticity.
  • Each standard contains a number of paragraphs covering its subject; some stating the standard wording, are typed in a bold underlined font and the others are elaboration. At all cases, standards should be read as one unit.
  • Some standards contain paragraphs labeled as cancelled rather than deleting them and adjusting the numbers of the next paragraphs. This method was used to keep the serial number of the paragraphs without having to change the number of paragraphs when referring to them in other standards.
  • The standards should be applied on the most important items and observe them as guidelines in relatively less important ones. The importance of the item can be measured through its effect on the regular user of the financial statements in the light of its weight and relation to the volume of the establishment as well as the surrounding circumstances.
The framework of preparing and presenting financial statements Preparation and Presentation of Financial Statements
ESA 1 Presentation of Financial Statements
ESA 2 Inventories
ESA 4 Statement of Cash Flows
ESA 5 Accounting Policies, Changes in Accounting Estimates and Errors
ESA7 Events after the Reporting Period
ESA 8 Construction contracts
ESA 10 Fixed assets and its depreciation
ESA 11 Revenue
ESA 12 Government Grants and Disclosure of Government Assistance
ESA 13 The Effects of Changes in Foreign Exchange Rates
ESA 14 Borrowing Costs
ESA 15 Related Party Disclosures
ESA 17 Consolidated and Separate Financial Statements
ESA 18 Investments in Associates
ESA 19 Disclosure of the financial statements of banks and other related financial institutions
ESA 20 Accounting rules and standards related to Financial Leasing
ESA 21 Accounting and Reports on Retirement Benefits Systems
ESA 22 Earnings per Share
ESA 23 Intangible Assets
ESA 24 Income taxes
ESA 25 Financial instruments: Disclosure and Presentation
ESA 26 Financial Instruments: Recognition and Measurement
ESA 27 Interests in Joint Ventures
ESA 28 Allocations, Assets and liabilities
ESA 29 Business Combinations
ESA 30 Periodical Financial Statements
ESA 31 Impairment of Assets
ESA 32 Non-current Assets Held for Sale and Discontinued Operations
ESA 33 Sectoral Reports
ESA 34 Real Estate Investment
ESA 35 Agriculture
ESA 36 Exploration for and Evaluation of Mineral Assets
ESA 37 Insurance Contract
ESA 38 Employee Benefits
ESA 39 Share-based Payment
List of definitions List of definitions Stated in the Egyptian Accounting Standard
Accounting treatments Glossary Accounting treatments excluded from application of the International Financial Reporting Standards