Accounting standards and practices of financial institutions in GCC countries

Mostaque Hussain, Mazhar M. Islam, A. Gunasekaran, Kooros Maskooki

Research output: Contribution to journalReview articlepeer-review

27 Scopus citations


In recent years, there has been a growing tendency to establish closer ties among the Gulf Cooperation Council (GCC) countries (Bahrain, Saudi Arabia, Oman, Qatar, and United Arab Emirates) in economies and financial institutions. As a result, there is an increasing need for the harmonization of accounting regulations in order to improve cooperation and enhance the efficiency of the financial institutions among GCC countries. This study is an investigation of the accounting standards followed by the financial institutions in five GCC countries with some policy prescriptions for harmonization of the accounting regulations in GCC countries. This paper deals with accounting policies and practices, including loans and provisions, assets, investments, taxation, liabilities, foreign exchange, revenue recognization, and consolidation of GCC countries’ banking and other financial institutions.

Original languageEnglish (US)
Pages (from-to)350-362
Number of pages13
JournalManagerial Auditing Journal
Issue number7
StatePublished - Oct 1 2002

All Science Journal Classification (ASJC) codes

  • Accounting
  • General Business, Management and Accounting
  • Economics, Econometrics and Finance(all)


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