FROM ROSC_AA TO REFORMJORDAN

THE SHOWCASE OF JACPA PROJECT FINANCED BY WORLD BANK

Presented by Mr. Hatem Kawasmy - JACPA Chairman June 2013

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World Bank relation with Jordan

The World Bank financed more than 10,000 projects in Jordan in key sectors such as transportation, education , energy and mining, water, health. from 1947 to the present.

Jordan : Lending By Volume (Millions Of US Dollars)

Jordan Datasheet -Source : worldbank.org

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(ROSC – AA) Jordan initiative

Regulating Accounting and Auditing profession Interim Regulatory Law of Chartered

Accounting Profession 73/2003. Narrowing the “compliance gap” in both

accounting and auditing international standards.

Educating new auditors and reeducating practitioners and regulators

A culture shift is required to reduce the influence of tax accounting on general-purpose financial statements

Jordan ROSC-AA -Source : worldbank.org

Interim Regulatory Law of Chartered Accounting Profession 73/2003

Establishment of “Higher Committee of the profession”

Creation of Jordanian Association of Certified Public Accountants (JACPA).

the Law focuses primarily and in great depth on JACPA regulations and bylaws, Areas of improvements Define “practicing professional” Auditors’ independence Monitoring and enforcement mechanisms Compliance with the applicable auditing

standards and code of ethics, not only in appearance but

also in substance.

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50% of SMEs fall below the JD 5,000 income bracket, per year.

SME’s DEVELOPMENT IN JORDAN

Jordan SME development Source : Jordan Human Development Report 2011– MOP- UNDP

SMEs in Jordan engage in various economic activities, including trade, services, manufacturing, and agriculture. Trade and services are the most dominant activities with 85% of SMEs activities in 2006.

The trading sector is almost entirely composed of SMEs, employing almost 92.7% of the employees.

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Local Demand for Accounting and Financial Outsourcing

Jordan Local Demand - Source :JACPA strategy report

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Future Demand for Accounting and Financial Outsourcing

Jordan Local Demand - Source :JACPA strategy report

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Accounting and Financial Outsourcing Demand and Qualifications

Jordan Local Demand - Source :JACPA strategy report

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Decision Drivers for Accounting and Financial Outsourcing Providers

Jordan Local Demand - Source :JACPA strategy report

JACPA IDF Project - Objective

To strengthen the capacity of Jordanian Association of Certified Public Accountants and its members to provide outsourcing services in the area of accounting and financial reporting to the local and regional market. Assess current professional capacity &

academic program; establish master trainers program on

subjects on demand; contribute to uniform academic curricula; And conduct training courses / workshops for

SME’s, SMP’s and JACPA members

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JACPA Project meets National Agenda and International country guidelines

Jordan

National

Agenda

National

Executive

Plan

WB

Strategy

progra

ms i.e

ROSC

AA

IFAC

-

SMO’s

Employment – Job Creation

Education - Uniform Curricula

Trai

ni

ng

–

master

trai

ners

Progra

m

Adopt International Standards ISA, IPSAS & IFRS

JACPA IDF Project

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JACPA IDF Project - Objective

Inquiries and answers