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June 20, 2006

Gulf urged to harmonise financial standards

By Shakir Husain, Staff Reporter, Gulf News:

Dubai: Cross-border investment in the Gulf will soar if members of the Gulf Cooperation Council (GCC) harmonise accounting, auditing and financial reporting standards, a top econ-omist said yesterday.

Chief economist of Dubai International Financial Centre, Nasser Saidi, said International Financial Reporting Standards (IFRS) must be made mandatory for publicly listed firms.

"The GCC is moving towards market integration and countries must harmonise accounting standards. It will boost investor confidence and encourage cross-border investment," he told Gulf News.

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Posted by Becky at June 20, 2006 1:13 PM Posted to Accounting | Business News | Investments/Finance