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Accounting in Israel

The generally accepted principles regarding accounting in Israel are based on the accounting standards developed by the Israeli Accounting Standards Board, the Institute of Certified Public Accountants in Israel and set of regulations published by the Israel Securities Authority. 

At present, the accounting standards are developed only by the Israel Accounting Standards Board (IsASB) which was formed in April 1997 following an agreement between the Israel Securities Authority and the Institute of Certified Public Accountants in Israel, who agreed not to engage in setting accounting standard after the formation of IsASB.
According to the decision of the IsASB, as of the year 2008, IFRS would be fully adopted in Israel. At this point in time, adoption is obligatory for public companies and optional for all other entities. Entities, that are not obliged or do not chose to adopt IFRS, will continue to apply Israeli GAAP. 
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