YMN In cooperation with Yemen Association for Certified Public Accountants organized a workshop that gathered stakeholders from the different economic and financial organizations in the country to discuss the exchange rate fluctuations and its influence of the macroeconomic and financial indicators of difference sectors in the economy.
At the workshop the President of YACPA Mr. Ahmed Alshaibani addressed the importance of organizing such workshops especially in the exceptional circumstances that the country faces. Among the participants in the workshop were representatives from the Central bank of Yemen, Commercial Banks, Telecommunication companies, and audit firms as well as MFIs members of YMN.
The long discussions resulting in the following recommendations:
- Adherence to IAS 21
- End of year evaluation exchange rate in each sector should follow the Central Bank rate when issuing their balance sheets and financial indicators.
- YACPA will establish a working group/ committee that will work on developing methods to amend all figures and data that are affected by the exchange rate fluctuations.
Finally the workshop participants discussed different international and regional examples and experiences of several similar cases related to the exchange rate fluctuations.