Accounting in Egypt

Overview by

Accounting System

Accounting Standards
The accounting obligations result from the Companies Act no. 159 of 1981 and Financial Market and Money Market Act no. 95 of 1992. The Accounting Plan (the Egyptian accounting standards) is close to international accounting standards.
Accounting Regulation Bodies
EFSA, Egyptian Financial Supervisory Authority
Accounting Law
All companies have to present an audit report, an assessment, income statement and a profit and loss account to their shareholders each year.  After having been quoted on the stock market, a company should present a detailed activity status every three months. Every year, or more or less at the end of every fiscal year, it should give a report of its activities and accounts to the Egyptian Financial Supervisory Authority
Difference Between National and International Standards (IAS/IFRS)
The Egyptian accounting system is close to the international accounting standards. for additional information, access the Egyptian Financial Supervisory authority (EFSA) website.
Accounting News
Economics and Accounting News website

Accounting Practices

Tax Year
The fiscal year starts on January 1st and ends on December 31st the same year.
Accounting Reports
According to the law, all companies must present to the shareholders during their annual meeting an audit report, a balance sheet, an income statement and cash flow statement.
Publication Requirements
After its initial public offering, the company must present every three months a detailed report of its business (business progress and results).
Each year, a progress report and a report of the accounts (before certification) must be sent to the Capital Market Authority one month after the fiscal year end at the latest.
The certified accounts cited on the Official Schedule 1 must be published in two reference journals of which at least one must be in the Arabic language.

Accountancy Profession

There are 7,000 to 8,000 auditors registered in Egypt.
Professional Accountancy Bodies
Egyptian Society of Accountants and Auditors (ESAASC), on IFAC website.
Member of the International Federation of Accountants (IFAC)
The Egyptian Society of Accountants and Auditors is a member of the International Federation of Accountants.
Member of Other Federation of Accountants
Member of the ACCA (Gobal Body for Professional Accoutants).
Audit Bodies
All the accounts and reports are likely to be verified by government authorities such as the Tax Department (Internal Revenue) or the corporate department of the Department of Economy and Industry.

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