Background

Established in 2009, Egyptian Financial Regulatory Authority (FRA) is responsible for supervising and regulating non-banking financial markets and instruments. The FRA Chairman also presides over the Standard-Setting Committee, whose objective is to develop and review accounting and auditing standards adopted in Egypt, to issue explanations, disclosures and providing technical opinion for other authorities related to Egyptian Accounting Standards and to present its recommendations to the Minister of Investment to issue the relevant standards.

Accounting Standards

Egypt has not adopted IFRS Accounting Standards. Egypt applies Egyptian Accounting Standards, issued in July 2015 and amended in 2019 and 2023. The standards are close to IFRS Accounting Standards but not identical or as comprehensive. However, Egypt recognises that some transactions and economic events may not be addressed by Egyptian Accounting Standards and requires adopters to use guidance from IFRS Accounting Standards.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.