AMMAN - As part of its ongoing efforts to promote
professional knowledge and disseminate the latest international accounting
practices and standards, the Arab Society of Certified Accountants (ASCA-Jordan)
has continued its cooperation with Libya’s National Oil Corporation (NOC) by
graduating a group of the Corporation’s employees who successfully completed a
specialized training program covering key developments and updates to
international accounting standards and their impact on the preparation,
presentation, and disclosure of financial information.
In this context, HE Dr. Talal Abu-Ghazaleh, chairman of ASCA-Jordan
Board of Directors, reaffirmed, while presenting certificates to the
participants, his full support for the National Oil Corporation’s commitment to
continued professional development and to keeping pace with the rapidly
evolving landscape of international accounting standards. He emphasized the
importance of applying these standards in enhancing the credibility,
transparency, and reliability of financial information, while contributing to
improved financial and institutional performance.
Dr. Abu-Ghazaleh noted that the cooperation with the Corporation
reflects IASCA’s keenness to support Arab institutions and enable their
professionals to acquire the knowledge and tools required to implement
international standards comprehensively. This, in turn, contributes to
enhancing the quality of financial reporting, strengthening governance and
transparency, and ultimately positioning Arab institutions and companies among
the leading entities adopting international standards in accordance with best
practices and through an integrated approach.
This cooperation is an extension of an ongoing professional
partnership between the National Oil Corporation and IASCA, which has spanned
more than five years. During this period, the two organizations have
implemented a number of initiatives and training programs aimed at developing
financial and accounting competencies and enhancing their readiness to address
the continuous developments in international standards and practices.
The National Oil Corporation (NOC) is the entity responsible
for managing and developing Libya’s oil sector. It plays a pivotal role in the
exploration, production, and marketing of oil and gas, in addition to
overseeing a number of subsidiaries and companies operating in the sector. The
Corporation seeks to enhance the efficiency of its operations, develop its
workforce, and strengthen governance and transparency in line with
international developments and standards, thereby supporting the sustainability
of the oil sector as one of the key pillars of the Libyan economy.