Since the accounting practices in particular countries reflect their unique culture and beliefs
. it would be foolish to assume one single regulatory framework is
appropriate for the financial reporting needs of all countries . As developing countries and emerging economies have embraced IFRS, insufficient attention has been paid to issues of national culture and regulatory infrastructure, which
result in difficulties in implementation. Studies on Fiji and Papua New Guinea and Bangladesh reinforce the difficulty of
imposing western-style systems of regulation on developing countries. Even though they
have greater wealth, emerging economies often face implementation difficulties also as
they struggle to adjust their existing systems to cope with changing forms of accountability
and regulation. This is certainly the case in the UAE.