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Volume :5 Issue : 1 1997      Add To Cart                                                                    Download

The Relevance of International Accounting Standards to the Evaluation of Fixed Assets in Kuwaiti Corporations

Auther : Ali M. Abdel-Rahim
Ali M. Hewaidy
Ghaleb N. Mostafa

The object of this paper is to test the relevance of International Accounting Standards (IASs) to the evaluation of fixed assets in Kuwaiti Corporations, the degree of application of IAS in Kuwaiti corporations and the degree of harmonization between different Kuwaiti corporations in evaluating fixed assets. The data was gathered through a questionnaire and interviews with financial managers and accountants. Twenty two corporations responded, which represents 51% of corporations listed in the Kuwaiti Stock Exchange. The results showed significant differences for internally constructed assets and exchange of fixed assets. Also, it showed significant differences in the banking and insurance sector. The results stressed that IAS are relevant to the evaluation of fixed assets in Kuwaiti corporations. The study stressed the importance of further training of accountants responsible for applying international accounting standards in Kuwaiti corporations, and the revival of the role of the permanent technical committee in the analysis, explanation and interpretation of international accounting standards in accordance with the Kuwaiti environment through empirical evidence.

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