During the fixed assets evaluation conference at the Faculty of Management.. The Egyptian Russian University signs a cooperation agreement with the Institute of Management Accounting “IMA”.

During the fixed assets evaluation conference at the Faculty of Management..
The Egyptian Russian University signs a cooperation agreement with the Institute of Management Accounting “IMA”..

Dr. Sherif Fakhry Mohamed Abdel Naby, President of the Egyptian Russian University, announced that a joint cooperation agreement was signed between the University’s “Faculty of Management, Economics and Business Technology” and the “Institute of Management Accountants (IMA)” during the activities of the conference “Valuing Fixed Assets in Light of Flotation Processes between Requirements.” Professionalism and academic foundations.” Pointing out that the conference activities and joint cooperation with the “Institute of Management Accountants” were held with the support of Dr. Mohamed Kamal Al-Sayed Mustafa, Chairman of the University’s Board of Trustees.

The President of the Egyptian Russian University indicated that the university’s strategy of establishing such cooperation with specialized academic institutions is to provide good preparation for students of the university’s faculties and provide optimal vocational guidance and counselling. To be closest to the needs of the labor market… Wishing all attendees success and success, and making the most of the opinions of the experts participating in the work of the conference, whose decisions and recommendations we hope will reflect the magnitude of the great responsibility placed on all of us as an academic community. In order to bring about change and development in society, to ensure the provision of a decent life filled with prosperity and well-being for our beloved Egypt, he thanked those in charge of organizing the conference’s activities.

For her part, Dr. Al-Tahira Al-Sayed Hamiya, Dean of the Faculty of Management, Economics and Business Technology at the Egyptian Russian University and President of the Conference, explained that the conference witnessed the presence of: “Dr. Mohamed Wahdan, Professor of Accounting and Dean of the Faculty of Commerce at Menoufia University, Dr. Tariq Abdeen, Professor of Business Administration and Dean of the Faculty of Management and Technology.” Maritime Academy Cairo Chapter, Dr. Reem Badir, Georgia Program Coordinator at the Faculty of Commerce, Cairo University, Dr. Mohamed Awadallah, Member of the Board of Directors of IMA- Cairo Chapter..

The Dean of the Faculty of Management, Economics and Business Technology at the Egyptian Russian University stated that the conference activities witnessed a presentation of the opinions of experts from professionals and academics on the repercussions of local currency floating operations on fixed assets… noting that there is a confusion of concepts among many regarding the concepts of currency value and floating mechanisms, and the conference reviewed crises Local currencies in many developing countries in Latin America and Africa, and the implications for the Egyptian Stock Exchange and the financial stability of non-banking financial institutions.

In a related context, Dr. Mohamed Farouk, teacher of accounting at the Faculty of Management, Economics and Business Technology at the Egyptian Russian University and secretary of the conference, stressed the importance of these meetings that take place between university students with experts from professionals and academics to transfer experiences and knowledge between generations… adding that the conference witnessed a dialogue Among students, faculty members and specialists, it included implications on the Egyptian Stock Exchange and the financial stability of non-banking financial institutions.

For his part, Dr. Osama Wagdy, Head of the Department of Business Administration at the Faculty of Management, Economics and Business Technology at the Egyptian Russian University and rapporteur of the conference, said that the recommendations came as follows:

(1)- From the womb of the crisis, an opportunity is born; Despite the challenges that the current foreign exchange crisis has imposed on Egypt and its people, it holds an opportunity to bridge the internal savings gap through foreign investment flows (FDI). A development strategy must be adopted in Egypt that depends on deepening local manufacturing in addition to the export of services. In light of benefiting from successful international experiences in this regard.

(2)- Professional and regulatory authorities must work to achieve greater compatibility between Egyptian accounting standards and international accounting standards. Which supports foreign direct investment opportunities.

(3)- Floatation is not considered a crisis in itself; The problem is not the decline in the value of the local currency, but the fluctuation of that value.

(4)- The recent amendments to Egyptian accounting standards may allow a greater scope for earnings management operations.

(5) – There is a major role for accountants and financial managers in business organizations towards maximizing the opportunities of those organizations from currency floatation operations by redrawing their strategy instead of opening new markets, especially in light of the reliance on price competition for products in international and emerging markets.

(6) – Public offerings and the state’s exit from many business organizations must take into account the true value of the assets of those companies, by not relying on historical cost as a basis for recognizing, measuring and disclosing their fixed assets.

(7)- Economic crises cannot be resolved without the participation of both academics and professionals.