IFRS Standards adoption in Yemen
24 November 2016
Licence agreement signed with the IFRS Foundation as a first step to incorporate IFRS Standards into the legal framework in Yemen.
Yemen’s licence gives the Yemen Association of Certified Public Accountants (YACPA) the right to publish the official Arabic translation of both IFRS Standards and IFRS for SMEs Standard. YACPA is the recognised association representing the accounting profession in Yemen. Banks and some listed companies are required to use IFRS Standards.
The Audit and Review of Accounts Law No. 26 of 1999 regulates the audit and accounting profession in Yemen. The law empowers a special body ‘The Higher Council of Accounting’ to adopt the accounting rules, audit standards, and a code of ethics for professional conduct for the accounting and auditing profession.
Please click here for further information on IASB’s website.