An expert on the International Financial Reporting Standards has urged global regulators and rulemakers to take account of differing business cultures in the Middle East and other emerging economies when drafting global accounting rules.
In an article in AME Info, Abbas Ali Mirza, Partner, Deloitte Middle East, points out that existing international accounting standards have been drafted primarily to cater for firms operating in the western economies, and have failed to take account of the differing economic systems prevalent in the Middle East and elsewhere.
"According to regional experts, the total market capitalisation of all listed companies in the world has crossed several trillions of dollars, and listed companies in the GCC account for a significant portion of that," explained Mirza, who will chair the World Accounting Summit in Dubai from May 29 to June 1, 2005.
He continued:
"It is imperative that standard setters from the emerging markets, such as the GCC countries, are represented on the International Accounting Standards Board (IASB) so that their inputs are taken into consideration while formulating the IFRS.
"If the IASB is talking of global convergence of accounting standards, they need to understand that there are vibrant and evolving markets in other parts of the world, other than Europe and North America, that have special features which need to be addressed."
Abbas Ali Mirza is a respected authority on International Accounting and Financial Reporting Standards having authored several books on the subject over the past ten years. He has also addressed and chaired several global events on these issues.
Currently, he is the chairman of the Intergovernmental Working Group of Experts on International Accounting and Reporting (ISAR) to which he was elected at the United Nations Conference on Trade and Development (UNCTAD) in Geneva by member states from 191 countries.
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