Accounting in Israel

Overview by

Accounting System

Accounting Standards
Accounting in Israel started with the help of the "The American Institute of Certified Public Accountants "(AICPA). The accounting practices in these countries are similar to American practices. IFRS are extensively used.
Accounting Regulation Bodies
IASB, Israeli Accounting Standards Council
Accounting Law
The tax reform of 2003 is animportant part of the Israelian tax framework.
Difference Between National and International Standards (IAS/IFRS)
After its creation, the Israeli Accounting Standards Council has adopted different standards IAS/IFRS.
Accounting News
EIN Middle East accounting news.

Accounting Practices

Tax Year
The financial year starts from 1 January and ends on 31 December of the same year.
Accounting Reports
The financial accounts include a balance sheet, an income statement, a cash flow account and an owner's equity account.
Publication Requirements
Accounts have to be published annually.

Accountancy Profession

Certified public accountants and tax accountants are specialists providing accounting and tax support to companies operating in the country. For more information, consult ICPAS Website.
Professional Accountancy Bodies
ICPA, Institute of Certified Public accountants in Israel
IFAC, International Federation of Accountants.
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
Member of the The Federation of European Accountants (FEE) and Federation of Mediterranean Accountants (FCM).
Audit Bodies
Audit is carried out by external auditors in the company. KPMG, Pricewaterhouse Coopers, Deloitte. Ernst and Young :

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