International Financial Reporting Standards (IFRS) are a manifestation of globalization, with financial reports
prepared under IFRS presenting an image consistent with that of multinational corporations and developed
countries. Developing countries and emerging economies, in pursuing the global economic benefits offered by
the adoption of IFRS, face challenges in adapting their regulatory infrastructure and culture to westernoriented
accounting standards. Based on data gathered primarily from archival sources, this paper suggests
that the UAE, in embracing globalization and adopting IFRS, will need to develop appropriate regulatory
systems to overcome cultural issues relating to secrecy and fraud.