'International norms must be followed'

DUBAI — Companies licensed by Dubai International Financial Centre will have to implement international financial reporting standards (IFRS) irrespective of their parental origin, the chairman of DFSA said.

By (Wam)

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Published: Tue 31 May 2005, 10:22 AM

Last updated: Thu 2 Apr 2015, 5:12 PM

Addressing the four-day world accounting summit being held in Dubai under the patronage of United Nations Conference on Trade and Development (UNCTAD), Dr Habib Al Mulla, the chairman of Dubai Financial Services Authority (DFSA), said the advantages of requiring difc-regulated companies to implement IFRS were quite clear.

“These include our need for all companies to report via a single set of high quality accounts underpinned by accounting standards,’ he added. The regulator will also require the companies offering securities in DIFC to report using IFRS. Al Mulla said it is DFSA’s expectation that the companies listing on the exchange to have accounts that comply with IFRS.

“We believe that this will act as a powerful incentive for firms wishing to access the capital markets to ensure that they prepare high quality accounts and also be equally attractive to potential investors and users of those accounts, and our decision to implement ifrs may well be a catalyst for change in the region,’ he added.

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