A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd.

VOL 15, Issue 02 April 2013

The other report that caught my eye was that of a “Happiness Index” and the UAE being ranked 17 and a conference being held in Ajman ahead of International Happiness Day. A very difficult thing to measure but I understand is based on perceived levels of corruption, life expectancy, a sense of community or support, freedom of choice, etc. A country’s wealth is not built upon GDP per capita alone but also upon these “softer” items that presumably promote productivity. Happiness of course can be relative, making it all the harder to rank but could this become a significant contributor to a country’s overall ranking?

We are very pleased to feature an interview with Mr. Ramesh Ramakrishnan, Chairman, Transworld Group of Companies in this issue.

This issue also features a new standard, IFRS 13: Fair Value Measurement that is effective prospectively, for annual periods beginning on or after 1 January 2013. We also have updates relating to the proposed real estate investor protection law – Tanweer and on the Sultanate of Oman’s budget for 2013.

Please feel free to write to update@pkfuae.com if you would like to express an opinion on any matter inside.

GRAHAM MARTINS