When is Accounting Day celebrated in Egypt
There is no specific date in Egypt which is widely accepted by the community and is designated as National Accounting Day or similar professional holiday for accountants.
Thus we recommend to celebrate International Accounting Day on November10th.
At the same time some organizations and communities are trying to fill the gap and appoint a dedicated celebration days for accountants in Egypt – to acknowledge the unique contribution accountants have made to businesses, the community and the Egyptian economy.
Brief facts about accounting profession in Egypt
There are around 25,000 accountants who have registered at the Ministry of Finance. No exams are required for registration but it is necessary to have a relevant academic degree.The Syndicate of Accountants and Auditors did not make a comeback and a draft code organizing the practice of accounting has been in the making for the past ten years, leaving the 1951 code as the only applicable code. In November 1983, and with support from the USAID, the Egyptian Institute for Accountants and Auditors was established (EIAA) to promote the profession and the skills of its members. After a good start – providing computer skills and conducting seminars in contemporary accounting issues – the impact of the EIAA has been quite limited.
The Egyptian Society for Accountants and Auditors (ESAA) emerged again in 1977 and continued the mission of the former Royal Society. At the end of 2007, the total membership of ESAA reached 1372 of which 482 are nonpracticing. The ESAA is drafting a new code of conduct to be issued by the Ministry of Finance. Egypt adopted the International Auditing Standards, after translation, as of September 1, 2008. Training programs in international accounting and auditing standards are being conducted by ESAA for its members and non-members. ESAA is the only representative of Egypt in IFAC.
International accounting firms formed partnerships with the small number of leading Egyptian firms making this a difficult market for new, small, domestic firms to enter or survive. In an effort to increase the supply of qualified accountants, ESAA and ACCA have agreed to facilitate the process for ESAA members to become members of ACCA after passing the required exams. The British ACCA and the American CPA are the two foreign qualifications some Egyptian accountants try to obtain. There is a general belief that such qualifications are more valuable than the domestic one as it opens career possibilities abroad and with international accounting firms.