Accounting standards and practices of financial institutions in GCC countries
- 1 October 2002
- journal article
- review article
- Published by Emerald in Managerial Auditing Journal
- Vol. 17 (7), 350-362
- https://doi.org/10.1108/02686900210437453
Abstract
In recent years, there has been a growing tendency to establish closer ties among the Gulf Cooperation Council (GCC) countries (Bahrain, Saudi Arabia, Oman, Qatar, and United Arab Emirates) in economies and financial institutions. As a result, there is an increasing need for the harmonization of accounting regulations in order to improve cooperation and enhance the efficiency of the financial institutions among GCC countries. This study is an investigation of the accounting standards followed by the financial institutions in five GCC countries with some policy prescriptions for harmonization of the accounting regulations in GCC countries. This paper deals with accounting policies and practices, including loans and provisions, assets, investments, taxation, liabilities, foreign exchange, revenue recognization, and consolidation of GCC countries’ banking and other financial institutions.Keywords
This publication has 2 references indexed in Scilit:
- Implications of Grameen banking system in Europe: prospects and prosperityEuropean Business Review, 2001
- Environmental factors influencing the development of accounting objectives, standards and practices in Peru**This article is reprinted, with permission, from The International Journal of Accounting: Education and Research (Fall 1975) pp 39–56Published by Elsevier BV ,1983