Int’l Financial Reporting Standards (IFRS) Training Provided

Half day training on International Financial Reporting Standards (IFRS) was provided to heads of finance coming from various organizations. The goal behind Financial Reporting Standards is to achieve uniformity globally. Addis Chamber organized the training at Harmony Hotel, on April 12, 2016.

The system makes accounting system simple and provides guide as to what to include and not to include in the financial statement.  More than 100 nations have implemented it and gradually all countries are expected to adopt IFRS. It believed that US companies may be required to subscribe to it.

Ethiopia put in place the financial reporting proclamation 847/2014 and has established accounting and auditing board of Ethiopia (AABE).

The effective date of the proclamation is December 5, 2014 and it may not exceed five years. It is possible to design a local version of the system but it cannot be called IFRS.

Nations have their own respective financial reporting system, and this has been one of the challenges faced by International Financial Reporting System, the trainer indicated.


Validation Workshop on Land Lease Law Takes Place

Land was declared a critical factor for private sector investment and yet access to it has been faced with enduring problems, it was reiterated at a validation workshop on “Land Lease Law”. The study focuses on provisions of the 2004 proclamation and makes also occasional references to the two others before it. The event took place at Harmony Hotel on April 13, 2016.

The enduring problem in accessing land despite the legal provisions, the astronomic cost that kept steadily growing, the insurmountable bureaucracy and corruption in acquiring it, are some issues raised on the day. A handful of investors have managed to monopolize the land and the participation of the rest in bids has become a mere formality in view of the huge financial capacity between them.

Some 57% of companies surveyed claim they were unable to have land and hence were forced to rent offices, which has its own adverse impact on their business performance. They also said that although the government organized discussion with the private sector before the law came into effect, it failed to incorporate the comments and suggests of the private sector even though the officials declared they have accepted almost all of the ideas forwarded.


Consultative meeting held with foreign member companies

AACCSA conducted a consultative meeting with foreign owned member companies at Hilton Addis on April 14, 2016.  The Chamber, led by the board of directors, discussed on the possibilities of enhancing member companies’ engagement in chamber’s activities and obtained valuable feedback from members as regarding to the improvement of existing services and introduction of new ones.

Consultative meeting was held with the aim of gauging the satisfaction of its services, the Chamber organizes different platforms to consult with member companies and receive inputs on how to improve its services to better serve its members moving forward


Chamber Organizes Discussion on Joint Venture Possibilities

The absence of a comprehensive legal framework in Ethiopia made it difficult for joint venture partnerships to mushroom. There are a few instances of joint venture operations in Ethiopia. However, the references to joint venture in the Ethiopian commercial code proclamation is unlike the one expressed in the discussion or the practice in other countries. The discussion took place at Hilton Addis on July 4, 2016.

Addis Ababa Chamber of Commerce and Sectoral Associations organized the discussion to look into how much the legal framework allows operation in joint venture and the potential in joint venture for Ethiopia. There was a presentation titled prospects and challenges of pursuing business on joint venture arrangement with foreign partners.

The lack of sufficient legal protection for the partners of joint venture as well as the secrecy and limitations in legal recognition prevented joint venture from being a tool of business and an instrument of attraction business, it was indicated.


ሁለተኛው የመድኃኒት አቀርቦት እሴት ሰንሰለት የፓናል ውይይት ተካሄደ

የአዲስ አበባ ንግድና የዘርፍ ማህበራት ም/ቤት ያዘጋጀው ሁለተኛው የመድኃኒት አቀርቦት እሴት ሰንሰለት ላይ ያተኮረ የፓናል ውይይት ተካሄደ ፡፡ በፓናሉ ላይ መድሃኒት አምራቾች ፣ አሰመጭ እና አከፋፋዬች እንዲሁም በሽያጭ ላይ የተሰማሩ የዘርፉ አንቀሳቃሾች አሉ ያሉትን ችግሮች ለመንግስት አካላት አቅርበው ሰፊ ውይይት ተደርጎበታል ፡፡ መንግሰት ያሉ ችግሮችን ለመፍታት እየሰራ ነው ያሉት የመንግስት ተወካዬች በተለይም ይህንን ዘርፍ ለማሳደግ እንዲቻል የ10 ዓመት ስትራቴጂክ እቅድ መነደፉን በመድረኩ ላይ የተገለፀው ፡፡