- Advertising Agencies
- Architects

- Banks

- Car Dealers
- Car Rental
- Casinos
- Commerce
- Consulting
- Cosmetology
- Craft

- Data Processing &
Computer Systems
- Decoration &

- Editing
- Elementary Schools
- Engineering &
- Environment / Waste
Management Services
- Express Delivery

- Fashion
- Financial Services
- Food & Beverage
- Furnished Apartments

- Health / Beauty
- Higher & Vocational
- Home Appliances
- Hotels 3
- Hotels 4(A)
- Hotels 4(B)
- Hotels 5
- Hotel & Restaurant

- Industry
- Insurance
- Interior Design /
- Internet

- Jewelleries

- Lighting
- Luxury

- Media
- Music

- Office Equipment /
- Oriental Carpets
- Outside Decoration

- Printing
- Promotional Materials

- Real Estate
- Recruitment
- Restaurants

- Sanitary Wares
- Security
- Services
- Sweets

- Taxi
- Telecommunication &
Mobile Phones
- Transport
- Travel Agencies
- Technical Studies

- Watches
- Water Treatment



Back to archives Back to news
French Version

Hariri stresses importance of transparency - Premier attends accounting conference (Daily Star)

Prime Minister Rafik Hariri considers sound accounting practices and transparency to be of the utmost importance on the eve of the Lebanese government’s privatization drive for some of its productive sectors.

“We are still suffering from the aftershocks of the fall of Enron and other world giants,” said Hariri, during the opening ceremony of the Association of Arab Accountants 12th conference in Beirut on Wednesday.

“A wave of worldwide reforms have been implemented to set new standards and regain investor confidence,” he added.

Hariri highlighted the fact that Lebanon was chosen by a World Bank study to be a role model in the examination of its accounting and auditing standards, as well as the extent of the application of those standards.
“The Central Bank prides itself in being at the forefront of financial globalization practices,” said Haroutiun Samuelian, vice-governor of the Central Bank. “Lebanese banks and financial institutions already apply most of the international banking practices,” he added.

According to Samuelian, Third World countries registered $170 billion in investments in 2002, a significant increase from the average of the annual $10 billion in the mid 70s.
“Economic development in the age of globalization goes beyond the geographical boundaries and natural resources of a country to focus on the investment climate,” explained Samuelian. “Skilled labor and the ability of industrialists to quickly respond to world market trends become pivotal,” he added.
“The downturn is that, most of the time, financial policies are subject to world financial currents,” he continued.

Hariri called on Arab governments to stay abreast of financial developments to avoid any future negative impact and participate in international developments from a position of strength instead of always lagging behind.
“Arabs should follow the example of the Japanese model where collective gains override those of personal interests,” said Mouwaffaq Yafi, head of the Certified Public Accountants in Lebanon. “The absence of a collective working spirit leads to a relative weakness of institutions in the face of globalization,” he added.

According to Yafi, the emphasis on the individual and the family in the Arab world leads to a lack of transparency in financial statements, including the absence of internal controls in operations.

Yafi considered objectivity, measurability, timeliness, and validity as the major pillars for any future financial standards and practices. Hariri called for the implementation of world accounting and auditing standards in the Arab world, the merger of small audit houses to create national giants capable of competing with world players, and the creation of a unified code for the Arab world in accordance with international standards.
“Our openness to the world should be in the form of a ‘Total Arab Vision’ for the benefit of each and every Arab country,” concluded Hariri.

Beirut 28-04-2003
Ara Alain Arzoumanian
The Daily Star

Business News
Business Forum
Business Opportunities
Fairs & Exhibitions
Useful Addresses
Currency Exchange Rates
Some Marks
To see in Lebanon
Media of 1stlebanon
Impact of 1stlebanon
Add your company
Press Book
Flowers delivery Lebanon
Flowers delivery Dubai
Oriental food specialty
Lebanese wine
Real estate agency Beirut
Hotel Hamra-Beirut
Car rental
Rent a car lebanon
Reservation for your travel in Lebanon
Association des français de l'étranger
-section Liban
Diamond jewelry Lebanon
Jewelry manufacturer Lebanon
Jewelry watches-Swiss made watches
Diamond Swiss watches
Modern and comtemporary jewelry
Byzantine & Phoenician jewelry
Jewelry creation
Oriental, classical and traditional decoration
Hand made furniture
Construction management Lebanon
Projects development
Shoes manufacturer and distributor Lebanon
Sole agent of Philips & Whirlpool in Lebanon
Web development
Web marketing
Printing press services
Paper products
Insurance company Lebanon
Insurance Lebanon
Rent villas France
Hotels all over Syria
Hotel management company
University Lebanon
Arab Media News