Development of accounting standards in selected Middle Eastern countries in comparison to the United States of America

Purpose – The purpose of this paper is to compare the development of accounting standards in five diverse Middle Eastern countries with those of the USA. Design/methodology/approach – A comparative analysis of each country with what is obtained in the USA. Findings – While there are some similarities that influence the development of accounting standards in each country, there also exist a variety of differences, particularly in the areas of taxation, use of International Financial Reporting Standards (IFRS), religion, population and so on. Research limitations/implications – The findings are limited to the five countries analyzed. Future research may want to expand the number of Middle Eastern countries included in the population studied. Originality/value – The study is original particularly due to the diversity of the countries selected. While the USA is an economically and technologically developed country, almost all of the other countries could be classified as developing. Additionally, the USA is the only country with its own uniquely developed standards, which are universally respected, but different from the single set of high-quality standards commonly referred to as the IFRS, which more than 100 countries have adopted.