Writing Resources
Early 1990's Egypt had been reflected as a non capital market however within time this was changed as there was a massive gap in the private sector which needed to be focused on for example an amendment of their accounting systems The accounting systems are there to help Egypt with recording its transactions and being able to understand the ingoing and outgoing costs It also gives individuals an insight of understanding the business better which leads to better decision making and opportunities This led to attracting foreign traders and boost their level of confidence to invest in the Egyptian capital market Therefore a Egyptian law was put in place corporate law 1981 Capital market authority 1992 In accordance to this law it is stated that all companies in Egypt whether that is listed or unlisted need to prepare financial statements in accordance with the Egyptian accounting standards Moreover these statements are then audited by a certified public accountant according to the Egyptian auditing standard Deloitte 2017 The Egyptian standards are developed by the very own standards committee of the Egyptian society of accountants and auditors The head of committee which is the minister of investment is responsible of reviewing and approving as well as issuing the standards However as this is an accounting rule based system where standards have rules which need to be followed and these rules are seen to be influenced by the Egyptian Law Therefore obeying by the rules would result in accuracy in reporting and reduce the aggressiveness in reporting Over the years Egypt has developed into one of the largest economies in the Middle East which had attracted many foreign trades and organisations In the years between 1997 2002 there were stages where
