"IFRS and MENA YEARIFRS in MENA area: A casestudy of Middle East and NorthAfrica Region.Prepared by:ID:Section:Submitted to:Date: 1 IFRS and MENA YEARTable of contentsChapter one ................................................................................................. 3Introduction.................................................................................................................... 3Research Objective: ........................................................................................................ 5Research Problem and questions: ................................................................................... 5Research Source of data: ................................................................................................. 6Scope and limitations: ..................................................................................................... 6Significance of the study:................................................................................................ 6Definition of terms .......................................................................................................... 7Chapter two ................................................................................................ 7Literature Reviews: ......................................................................................................... 7Chapter three ............................................................................................ 15Research Design............................................................................................................ 16Sources of Data ............................................................................................................. 16Purpose and research questions or null hypothesis ....................................................... 16Sample Size:.................................................................................................................. 16Scope and limitations .................................................................................................... 17Questionnaire: ............................................................................................................... 182 IFRS and MENA YEARI ChapterIntroductions & significance Chapter oneIntroductionThe Middle East / North Africa (“MENA”) region is one exemplified by inherentdiversity. Like variation is broadly demonstrated in the array of culture, language,geography and economics. Stretching from Morocco to Iran, each country has its owndistinct natural resources and global outlook. As an inevitable result, political andeconomic events of recent decades have affected the representative nations indramatically different ways. Certain countries have enjoyed the benefits of significantnatural resources (e.g., substantial oil reserves) while others have undergone politicalchanges that have seen their respective stocks rise and fall on the world stage. Theseconditions have been magnified by the global financial crisis. Most recently, Dubai hasgripped headlines with doubts over its liquidity.Today the world has become a small village, dominated by the Multinationalorganizations which spread their area of functions in many countries. Also the people inthe west are looking for an investment place so as to multiply their extra money. Whilethe people in the Africa and other under developing nations are in high need ofinvestment.3 IFRS and MENA YEARThrough proper and concise depiction of the company?s financial report a multinationalcan buy a company in the new country and starts it operation. An investor of thedeveloped nation can invest in a company in the under developed nation. This way aftertaking the correct decision of investing through IFRS system there will be lesser chanceof fraudster and money will flow to the right place.MENA or Middle East and North Africa are the nations which are developing at a highpace. Earlier due to non compliance with the IFRS the investments of the companies inthis region was hindered. But now with the spread of education and development oftolerance there has been a great development in all fields seen in the last few decades.The companies in the wake to become multinational are accepting the laws under IFRSso that their business can develop and prosper in other countries also.This diversity has further evidenced itself in the respective approaches to foreigninvestment, regulation and taxation. Many countries remain less restrictive with respectto foreign investment while others have limited such influx of capital through ownershiprestriction (e.g., UAE, Qatar). Whilst many parties continue to debate removing suchrestrictions or are pursuing it actively, others such as Algeria have recently instituted lawscontrolling foreign investment. As recent examples and effective in 2010, both Oman andQatar recently lowered the statutory tax rates on most activity (to 12 and 10 percent,respectively) in an effort to diversify their economies and conform to the region at large.Both have, however, retained relatively high rates of tax on income realized from the oil& gas sector. Such shifts in focus signify new approaches to the region?s larger goals andpresence in the larger economic world.4 "