Opposition to the adoption of IFRS in UAE has been quite limited (Khaleej Times, 2005a)
in comparison with other countries around the world, attributable no doubt to its desire to
participate in FDI. One challenge for the UAE is likely to be the culture of secrecy,
common in countries that have not previously been required to report financial information
to a regulatory body
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, but this could be alleviated by the ease with which expertise can be
imported, particularly given the UAE’s tax incentives. Lack of regulation, linked to th