BBA RESM202: Benefits and Challenges of IFRS Adoption in UAE
VerifiedAdded on  2022/08/26
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Report
AI Summary
This report delves into the benefits and challenges associated with the adoption of International Financial Reporting Standards (IFRS) in the United Arab Emirates (UAE). It begins with an introduction highlighting the global trend towards IFRS harmonization and its importance in enhancing the quality and transparency of financial reporting. The research problem focuses on the potential advantages and disadvantages of IFRS adoption for the UAE's economic growth, considering the diversity in environmental and cultural aspects. The report presents a hypothesis addressing whether the benefits outweigh the challenges. The research plan outlines the use of secondary data sources, including journal articles, books, and internet sources, to analyze the experiences of other emerging economies. The conclusion emphasizes that while IFRS adoption can improve financial reporting quality and disclosure levels, its effectiveness is influenced by factors such as the strength of enforcement bodies, user education, and the presence of strong lobbying from regulators and preparers. Despite these challenges, the report concludes that the benefits of IFRS adoption in the UAE outweigh the associated costs, leading to improved decision-making and a reduction in accounting fraud and manipulation. The report also references the use of fair value measurements and the importance of a strong regulatory framework and skilled professionals.
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