|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||IFRS Standards required for listed companies and financial institutions.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Accounting Standard is required or permitted||Permitted.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 16 June 2016
Palestinian Association of Certified Public Accountants (PACPA)
Palestine Capital Market Authority (PCMA)
Palestine Monetary Authority (PMA)
Palestine Board of Professional Auditing (BOPA)
The PACPA was founded in 1995, under a license issued by the Ministry of Interior (No. 5026). Its mission is to ‘develop the members’ professional capacity, ensuring the compliance with professional code of conduct, encouraging the implementation of the International professional standards and playing an active role in presenting Palestine regionally and internationally’. The role of PACPA was enhanced by the Law of Audit Practice No 9, adopted in 2004, which gave PACPA responsibilities related to practice and membership management and development.
The Palestine Capital Market Authority has statutory responsibility for prescribing the accounting standards for public interest companies – listed companies and insurance companies.
The Palestine Monetary Authority has statutory responsibility for prescribing the accounting standards for banks, micro-finance institutions, and other financial institutions.
The Palestine Board of Professional Auditing has statutory responsibility for prescribing the accounting and auditing standards to be used by companies that are not public-interest companies.
By having adopted IFRS Standards under the law for all listed companies, insurance companies, banks, and other financial institutions, Palestine has publicly stated its support for global accounting standards.
By having adopted IFRS Standards under the law for all listed companies, insurance companies, banks, and other financial institutions, Palestine has publicly stated its support for IFRS as the single set of global accounting standards.
Listed companies and insurance companies: The laws and regulations of the Palestine Capital Market Authority require all insurance companies and listed companies to use IFRS Standards both in maintaining their accounts and in preparing their financial statements.
Banks and other financial institutions: The banking law and the regulations of Palestine Monitory Authority require all banks and financial institutions to use IFRS Standards.
Links to the above laws and regulations requiring IFRS Standards are as follows (English unless otherwise noted):
For insurance companies, see article 3, point 2 of: http://www.pcma.ps/portal/english/IA/Decisions/Interim_and_Final_Financial_Data.pdf
For lease financing companies, see article 45 of ‘Instructions no. 1 for the year 2016 for licensing and supervising financial leasing companies’:
For banks accounts (Arabic), see article 46 and 47 of ‘Instructions no. 1 for the year 2016 for licensing and supervising financial leasing companies’:
For central bank accounts, see article 2 point 3 (Arabic) of:
For securities companies, see point 1 (Arabic) of: http://www.pcma.ps/securitiesSector/Circulars_Docs/Sec_BrokersAccSystem_Law.pdf
For listed companies, see the Securities Law Articles 26: http://www.pcma.ps/portal/english/Securities/Securities_Law/Securities_Law_No_12_of_2004.pdf
and also see PCMA Securities Issuance Instructions, Article 9: http://www.pcma.ps/portal/english/Securities/Instructions/Securities_Issuance_Instructions.pdf