Accounting Standards and Practices of the Gulf Countries

Wagdy M. Abdallah

Chapter 4 in Accounting, Finance, and Taxation in the Gulf Countries, 2008, pp 75-93 from Palgrave Macmillan

Abstract: Abstract This chapter examines differences and similarities in accounting between Accounting Standards of the Gulf countries and International Accounting Standards (IASs). First, several economic and financial factors that are unique to Gulf countries are discussed. Second, several key accounting issues such as inventory, investment, asset valuation, consolidation, and foreign currency translation, and transactions are analyzed in terms of the similarities and discrepancies between the Local Accounting Standards (LASs) with the International Accounting Standards (IASs). Third, general guidelines and recommendations on the accounting quality of accounting systems and practices of the Gulf countries, to help investors and creditors in making their investing and financing decisions in the Gulf countries, are presented.

Keywords: Saudi Arabia; United Arab Emirate; Foreign Currency; Account Standard; International Financial Reporting Standard (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-61454-3_4

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DOI: 10.1057/9780230614543_4

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