Publication Details

This conference paper was oroginally published as Irvine, H and Lucas, N, The globalization of accounting standards: the case of the United Arab Emirates, in Proceedings of the 3rd International Conference on Contemporary Business, Leura, New South Wales, 21-22 September 2006, Charles Sturt University, Australia.


International Financial Reporting Standards (IFRS) are a manifestation of globalization, with financial reports prepared under IFRS presenting an image consistent with that of multinational corporations and developed countries. Developing countries and emerging economies, in pursuing the global economic benefits offered by the adoption of IFRS, face challenges in adapting their regulatory infrastructure and culture to western-oriented accounting standards. Based on data gathered primarily from archival sources, this paper suggests that the UAE, in embracing globalization and adopting IFRS, will need to develop appropriate regulatory systems to overcome cultural issues relating to secrecy and fraud.