Title: MENA Financial Development: On IFRS and IASB

Authors: Jamal Ibrahim Haidar

Addresses: American University of Beirut, Lebanon

Abstract: This essay presents the case of representing the Middle East and North Africa (MENA) region on the International Accounting Standards Board (IASB). This representation can play a key role in MENA|s financial development. It can give MENA countries the chance to participate in setting up International Financial Reporting Standards that go along with their economic environments rather than just apply what other world regions agree on. This essay starts by explaining the current MENA-IASB relationship. Then, it points to various cultural factors and economic reasons that can be enumerated by the MENA financial experts in case they would like to discuss, with key IASB officials, their demand to be represented. At the end, the essay describes some of the MENA key interests at stake and the positive and negative effects, on the IASB|s aims and IFRSs| sustainability, of appointing a MENA or a non-MENA representative on the IASB.

Keywords: IFRS; IASB; MENA; financial development; Middle East and North Africa region; International Accounting Standards Board; International Financial Reporting Standards; cultural factors; economic factors.

DOI: 10.1504/IJTGM.2007.015575

International Journal of Trade and Global Markets, 2007 Vol.1 No.1, pp.44 - 52

Published online: 31 Oct 2007 *

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