"IFRS and MENA YEARResearch Objective:The objective of the study is to identify and assess the recognition and measurementrequirements set out in International Financial Reporting Standards (IFRSs) in the theMENA region. The IFRSs of MENA region include Standards as issued by theInternational Accounting Standards Board (IASB), Interpretations issued by the IFRSInterpretations Committee (formerly known as the „IFRIC?), International AccountingStandards (IASs) and Standing Interpretations Committee (SIC) Interpretations.Research Problem and questions:The research problem is to find out what are the factors that are affecting the IFRS lawsin MENA countries. Thus how the present day scenario of the business in MENA regionis affected by the decision making of government, investors, suppliers and other peopleinterested in the organizations in these areas. Also how the company is answerable andresponsible in delivering quality and standardized reporting under IFRS regulations.The research question includes the followings.1. Are the laws under IFRS being enforced while making books of accounts?2. To what degree are the countries under MENA accepting the IFRS compliances?3. What are the difficulties faced by the companies to develop IFRS system in theircompany?5 IFRS and MENA YEAR4. Are there are laws contradicting with IFRS compliance in Mena region?Research Source of data:The data will collected from primary sources via questionnaire and secondary sourceslike previous studies and researches, book and magazines, and online resources. Scope and limitations:The scope of this research is only to the extent of the organizations in the MENA regionand how is IFRS rules and obligations being followed in this area.The main variablesthat the researchers will look into are: a. Government Regulations, b. Financial statements.c. IFRS rules and regulations.Significance of the study:This study will come in handy to serve other manufacturing companies and any relatedparties in the MENA region. Thus; it will be significant for the government, otherindustry organizations general public, the related banks', customers, investors, and maybe useful for researchers also. The study is to measure the IFRS compliances bycompanies in MENA. Thus it will be significant for the following groups:1) Investors2) Business students6 IFRS and MENA YEAR3) Other researcherDefinition of termsIFRS or International Financial Reporting standards are the accounting standards set bythe International community so that the true picture about the financial health, futuregoals, human resource relations in the company and much other information.II ChapterLiterature & Related Studies Chapter twoLiterature Reviews:Since 2001, IFRS has become accepted or been adopted for public reporting purposes inover 100 countries, including the 27 member-states of the European Union. Othersscheduled to follow in the next few years include Argentina, Brazil, Canada, Chile, India,Korea, Singapore and Mexico. In addition, in June 2009, Japan approved a roadmap for the adoption of IFRS whichincludes an election for Japanese companies to begin voluntarily.As more and more countries adopt IFRS, robust conversation has begun aboutwhether the United States should take this step or otherwise participate in a process thatleads to the acceptance of more uniform global accounting standards for use in the U.S. 7 IFRS and MENA YEARAs part of that effort, since 2002, the IASB and the FASB, which sets accountingstandards in the United States, have been engaged in a process aimed at“converging” IFRS and US GAAP.The globalization of economy and markets leads companies to become world globalplayers. So, the comparison between firms is essential for investors and agents of thefinancial market.The common tool used to compare groups is accounting. But inEurope, accounting?s methods are heterogeneous and it is impossible to comparecompanies from different countries. In order to harmonize the European financial area,the European Commission has enforced the application of international accountingstandards for the consolidated statement of listed companies in the European Union. Since the 1st January 2005, European firms must apply the IAS/IFRS standards. BERTONI and DEROSA (2005) define continental accounting as generally perceived astax driven, law based, creditor oriented and focused on the determination of thedistributable income by preventing firms from reporting unrealized revenues in theirincome. The literature shows that European countries -like France, Germany, and Italy-are representative of a conservative accounting (GINER and REES (2001), BERTONIand DEROSA (2005), JINDRICHOVSKA and MCLEAY (2005)). Thereby the adoptionof IAS/IFRS and more accurately, the introduction of fair value for valuating certainassets and liabilities, means a radical change of perspectives for preparers and users(BERTONI and DEROSA (2005)). 8 "