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The two leaders reviewed various aspects of the longstanding bilateral ties, particularly in the fields of trade and investment
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Financial Reports to be in English as Well
ABU DHABI - The corporate firms will prepare and publish their financial performance reports not only in Arabic language but also in English to further improve corporate governance, transparency and disclosures.
The corporate watchdog, Stocks and Commodities Authority (SCA), adopted on Sunday, two amendments, which would improve corporate disclosures and transparency, by incorporating international best practices. The amendments were approved during a meeting of the board of SCA on Sunday, which was held under the chairmanship of Engr. Sultan bin Saeed Al Mansouri, UAE Minister of Economy, who is also chairman of SCA. The move is part of efforts to implement SCA’s strategic and operational plan for 2009 which features a review and update of the regulations governing the local stock markets, improvement of standards concerning quality and disclosure of financial statements of listed companies in line with the best international accounting practices and International Financial Reporting Standards. Dr Qaisar Anis, senior partner at Alliott Hadi Shahid & Co, chartered accountants told Khaleej Times that financial reports in English will help expatriate share investors, who have become a significant stakeholder on the equity markets. haseebhaider@khaleejtimes.com
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