UAE’s dependence in the oil sector leads to instability in its economy. To counter this instability, AED is pegged to the US dollar to avoid stark fluctuations in the exchange rate, which directly affects UAE’s economy.

US GAAP:
Generally Accepted Accounting Principles, also called GAAP or US GAAP, are the set of accounting standards or principles adopted by the U.S. Securities and Exchange Commission.

As much as the history of Dubai’s economy has been engrossed in its dependence on oil, Dubai currently is less dependent on oil than many may think.

Oil, a fossil fuel, has been an integral part of UAE’s economy.

International Financial Reporting Standards(IFRS) are a set of accounting standards developed by the International Accounting Standards Board(IASB). IFRS were established in order to have a common accounting language