Accounting in Lebanon

Overview by Globlatrade.net:

Accounting System

Accounting Standards
Lebanon has tried to reorganize its economy after 16 years of civil war, and part of this has been establishing accounting standards. They are close to those of the IASB (International Accounting Standards Board).
Accounting Regulation Bodies
BDL, Bank of Lebanon website
Lebanese Ministry of Finance
Accounting Law
Lebanese Trading Law.
Difference Between National and International Standards (IAS/IFRS)
The Lebanese accounting standards agree with the international accounting standards.
Accounting News
Review of the Lebanese Association of Certified Public Accountants
 

Accounting Practices

Tax Year
The fiscal year begins on 1 January and ends on 31 December of the same year.
Accounting Reports
Lebanon has introduced obligations regarding accounting and financial matters through decrees. Annual financial reports must be realized in accordance with the standards in force. They must therefore include:
- a balance sheet
- a profit and loss account
- notes to the accounts
- a cash flow statement.
Publication Requirements
All financial intermediation institutions must publish their financial statements periodically, their balance sheets linked to their operations and their accounts which must reflect their real financial situation. Access the Eforum on Lebanon for additional information.
 

Accountancy Profession

Accountants
Accountants, chartered accountants and auditors are available in Lebanon. Access the website of the Lebanese association of certified public accountants.
Professional Accountancy Bodies
LACPA, Lebanese Association of Certified Public Accountants
Directory of Lebanese accountants
Middle East Society of Associated Accountants
Member of the International Federation of Accountants (IFAC)
Lebanon is a member of the International Federation of Accountants (IFAC).
Member of Other Federation of Accountants
Arab Society of Certified Accountants
Audit Bodies
The control of accounts is compulsory and must be made by an auditor independent of the company. This independent auditor must be registered by the Lebanese Association of Certified Public Accountants and the Middle East Society of Associated Accountants or be a member of the IASC.

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