Read the latest news in Economy, Trade, Banking, and Energy in the most recent Country Risk Weekly Bulletin 391 prepared and published by Byblos Bank SAL

Did you know that the Lebanese Association of Certified Public Accountants now has an application that you can download on iTunes or on Google Play

According to its description, it should contribute to:
– Preserving and promoting the interests of CPAs and the profession itself.
– Serving to improve the transparency of the industry and to maintain the profession’s integrity
– Providing better products for the CPAs, Professionals and the public.
– Ensuring the well-being of LACPA’s members, while upholding the public interest. We believe that this can be assured by:
– Enhancing the services’ quality based on professional competence, integrity, and objectivity.
– Serving as an advocate for, and promoting the public image of, its members.
– Articulating positions on professional and public issues when the expertise of CPAs is relevant.
– Providing the necessary resources for members to thrive in a dynamic, rapidly changing environment.
– Ensuring that LACPA becomes globally recognized by the financial community as a respected institution influencing the concepts and ethical practices of accounting and auditing.
– Providing members with a personal and professional development opportunities in accounting and auditing through education and in association with business professionals and certification.

BKR International is the leading global association of independent accounting and business advisory firms representing the expertise of 160 member firms in over 350 offices and 75 countries around the world.

In this bulletin’s issue:
Chairman’s Letter
2015 Regional MeetingAgendas
Member Profile: Doshi, Chatterjee, Bagri & Co.(Kolkata)
Emerging India: Unleashing Boundaries
BKR Membership Update
Howard Rosen (St. Louis) and Stephen Roger (Sydney) Promote BKR in India
BKR in the Press
Niche News
Member News and Notes
Meeting/Telemeeting Schedule

Download the BKR Worldwide Bulletin March/April 2015

Five common judgment biases have the potential to influence financial statement preparers and auditors in their work. Learning how to spot and short-circuit these biases can help CPAs maintain their objectivity.

Decisions can be influenced by:
(1)relying on information that is most readily accessible (availability);
(2)focusing on a preliminary amount and making an adjustment (anchoring and adjustment);
(3)overestimating abilities (overconfidence);
(4)making interpretations that support preexisting beliefs (confirmation);
and (5)failing to consider all available data (rush to solve).

Using a professional judgment framework can help CPAs prevent biases from creeping into their work. Decisions also can be improved by “considering the opposite” or explaining why an initial assessment may be incorrect.

Read more about decision making and judgment bias that can affect accounting and auditing decisions in this featured article in The Journal of Accountancy

It is always pleasing to receive accolades and two awards were granted this year; one being the Acquisition International award for “Accounting Association of the Year – EMEA Region” and the other from the International Accounting Bulletin as runner-up for “Association of the Year 2014”

Abou Nasr and Associates is excited and delighted to join the BKR INTERNATIONAL EMEA Regional Meeting in Stockholm, Sweden, May 16-18.

Find out more about BRK International in the 2015 BKR Annual Report

“Lebanon came in 10th in the region and 94th worldwide in Natixis Asset Management’s retirement index for the year 2015, with a score of 50% in the index. In details, Lebanon scored 34% in the quality of life sub-index, the worse score in the region, while achieving a score of 69% in the health sub-index, the second highest score in the region.”

Find out more in the attached Credit Libanais Market Watch – Feb 9 2015 – Feb 13 2015

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