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A comparative study of accounting standards of financial institutions in GCC countries

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  • Mostaque Hussain, Mazhar M. Islam, A. Gunasekaran, Kooros Maskooki

Abstract

There has been a growing tendency for cooperation among Gulf Cooperation Council (GCC) countries in the development of economic and financial institutions. This has led to an increasing need for the standardisation of accounting regulations in order to improve cooperation and enhance the efficiency of the financial institutions amongst these. In this paper, an attempt has been made to investigate the accounting standards followed by the financial institutions in five selected GCC countries (Bahrain, Saudi Arabia, Oman, Qatar and the United Arab Emirates) with some policy prescriptions for harmonisation of the accounting regulations. This paper provides a comparative analysis of various accounting policies and practices, including loans and provisions, assets, investments, taxation, liabilities, foreign exchange, revenue recognition, and consolidation of each GCC countries banking and other financial institutions.

Suggested Citation

  • Mostaque Hussain, Mazhar M. Islam, A. Gunasekaran, Kooros Maskooki, 2002. "A comparative study of accounting standards of financial institutions in GCC countries," International Journal of Management and Decision Making, Inderscience Enterprises Ltd, vol. 3(3/4), pages 243-255.
    • Handle: RePEc:ids:ijmdma:v:3:y:2002:i:3/4:p:243-255
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    Cited by:

    1. Al-Shamali, Ahmed & Irani, Zahir & Haffar, Mohamed & Al-Shamali, Sarah & Al-Shamali, Fahad, 2021. "The influence of Islamic Work Ethic on employees’ responses to change in Kuwaiti Islamic banks," International Business Review, Elsevier, vol. 30(5).

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