"IFRS and MENA YEARThe sample size is of 30 respondents. These are among the chartered accountants who areselected in such a way that each level of hierarchy is covered. Thus managers from eachmultinational which has its area of operation in MENA region and has to follow IFRS infinancial accounting has been contacted. The personal interviews followed byquestionnaire filling are done from these sample size.Scope and limitationsThe scope of this research is only to the extent of the MENA countries.The differentchallenges faced by these countries to enforce IFRS compliances in their countries. Thedrawbacks and the suggestions are gathered to reflect the root cause of problem and howit can solved. Thus the study will cover all the reason why the IFRS compliances are notfollowed in some organizations while it is followed by the majority of the multinationalsin the same area.Validity and reliabilityThe validity of this report is for all those people who are interested in seeing the use ofIFRS rules and regulations in the financial report. These include the investors,government officials, public etc. The reliability of the report is unquestioned as thesample survey is made on the officials of the Multinationals. Thus we are able to analyzethe fact about their personal thoughts on the IFRS which indirectly depicts the workculture in the multinational and acceptance of IFRS norms by them.17 IFRS and MENA YEARQuestionnaire:1. Is your organization complying with IFRS norms? ?Strongly do?To some extent?Do no?Do not know2. Do you believe that following IFRS norms is beneficial to your organization??Strongly do?To some extent?Do no?Do not know3. How would you rate the IFRS compliances in your organization??Excellent.?Satisfied.?Average.?Less Satisfied.?Not Satisfied.4. Do you believe that the amount spent on IFRS in financial reporting needs to beincreased or decreased? ?Very low need to be increased?Very high need to be decreased?Enough or barely enough?Do not know5. How would you rate the already administered IFRS compliances andarrangements in your organization??Sufficient.?Average.?Below Average.?Not sufficient.6. Have your organization being showing the IFRS norms and procedures infinancial reports?o Yes.o No.7. Do you think there is the need of IFRS principles in reporting?o Yes.o No.18 IFRS and MENA YEAR8. Do you agree on the government?s role in asking to generate financial reports tothe companies who are complying as per IFRS norms fair?o Yes.o No.9. Is the IFRS norms and thereby financial reports made are helpful in makingdecision making process?o Yes.o No.10. Who are benefitted by following IFRS norms?o Investor?s.o Clients.o Government.o General public.11. How would you rate your organization?s IFRS compliances in reporting system?o Excellent.o Fair.o Average.o Not Fair.o Bad.12. What are you personal views on the IFRS reporting system to be used in MENAand should it continue in future?o Good, should continue.o Good, but should not continue.o Not good, but should continue.o Not good, should not continue.13. Do you have any suggestions to improve the compliances of IFRS in yourorganization?……………………………………………………………………………………… ……………………………………………………………………………………… ………………………………………………………………………………………Thank you!19 IFRS and MENA YEARReferences:BERTONI, M. and DEROSA, B. (2005), Comprehensive income, fair value andconservatism: a conceptual framework for reporting financial performance, 5thInternational conference on european integrations, competition and cooperation, Lovran.DUMONTIER, P. and RAFFOURNIER, B. (1998). "Why firms comply voluntarily with IAS: an empirical analysis with Swiss data." Journal of international financialmanagement and accounting, Vol. 9, n°3, p.216-245.RAFFOURNIER, B. (1990). "La théorie "positive" de la comptabilité: une revue de la littérature." Economie et sociétés, Vol., n°16, p.137-166. RICHARD, J. and COLETTE, C. (2005), Système comptable français et normes IFRS, Dunod.WATTS, R. (2003a). "Conservatism in accounting: part 1 explanations and implications."Accounting horizons, Vol. 17, n°3, p.207-221. WATTS, R. (2003b). "Conservatism in accounting: part 2 evidence and research opportunities." Accounting horizons, Vol. 17, n°4, p.2876301. WATTS, R. and ZIMMERMAN, J. (1978). "Towards a positive theory of thedetermination of accounting standards." The accounting review, Vol. LIII, n°1, p.112 - 134. WATTS, R. and ZIMMERMAN, J. (1990). "Positive accounting theory: a ten year perspective." The accounting review, Vol. 65, n°1, p.131-15620 "