Accounting in Syria
- Accounting Standards
- Syria is a member of the IASB (International Accounting Standards Board).
- Accounting Regulation Bodies
The Syrian Ministry of Economy provides information on the Syrian Certified Accountants Association.
- Accounting Law
- The Commercial Code of 1949;
- The law on private banks of 2001:
- The Fiscal Code of 2003.
- Difference Between National and International Standards (IAS/IFRS)
The Association of Syrian Certified Accountants is member of the IASB (International Accounting Standards Board).
The use of International Financial Reporting Standards (IFRSs) is not permitted for domestic listed companies in the Syrian Arab Republic. Syria is not listed as a member on the International Federation of Accountants website.
- Tax Year
- The fiscal year begins on January 1st and ends on December 31 of the same year.
- Accounting Reports
The accounting structure comprises of audit report, Profit and Loss, balance sheet, income statement and cash flow statement.
For additional information you can consult the EStandards Forum website.
- Publication Requirements
- Financial statement must be filled annually.
- After some delay, Syria enacted a new law to regulate the accounting and auditing profession in December. Law No. 33 of 2009 introduces statutory requirements for the auditing profession and a public oversight system for regulating and supervising auditors and audit firms, clarifying their duties in line with international practices. Oversight of the profession has been entrusted to the newly-established Accountancy and Auditing Board (AAB), chaired by the minister of finance and made up of academics and representatives from the government, business sector and the Syrian Association of Certified Public Accountants. For additional information please access the Website in English of SYRIANDAYS.
- Professional Accountancy Bodies
SYRECON, Syrian Certified Accountants Association.
- Member of the International Federation of Accountants (IFAC)
- Syria is not a member of IFAC.
- Member of Other Federation of Accountants
- The ACPA (Arab Society of Certified Accoutants) is accredited in Syria.
- Audit Bodies
According to the law No. 20 of 1991 and the income tax law No. 24 of 2003, all the persons that are subject to pay taxes on their net earnings are required to proceed to a revision of their accounts and to obtain a certification of their fiscal declaration by a legal accountant.
You can contact an external auditor: Deloitte, Damascus; KPMG Mejjani, Damascus.
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