IFRS Suitability to Emerging Markets: Empirical Evidence from Qatar

Most of the countries in GCC region (except Saudi Arabia) have adapted IFRS in 1990s except Oman who was the first to adopt in 1986. Therefore, it can be concluded that, Qatar is one of the countries which adopted IFRS since long time ago. However, no serious discussion was there so far to see whether IFRS adoption in emerging economy country like Qatar is feasible or it has been taken as granted. The adoption of IFRS at country level has sparked two contrasting, but not mutually exclusive viewpoints. One view, which favors IFRS adoption, is that IFRS produces better financial reporting since it is superior accounting standards in comparison to domestic accounting standards (Barth 2008). Additionally, convergence to a singular accounting standard ensures greater comparability that helps investors to make their investment decisions. It results improvement of information environment in a country and hence contribute towards lowering the cost of capital (Barth 2008). The opposite view is that, the accounting quality is shaped by political and economic forces (Ball 2006) and therefore Accounting standard solely will not translate into higher quality reporting. The main objective of the study is to assess the suitability of' International Financial Reporting Standards (IFRS) for emerging market such as Qatar; specifically, the current research explore advantages and disadvantages of IFRS implementation in Qatar. From the prior studies perspective, we found that IFRS is suitable for Qatar for many reasons. First of all, most of the companies in Qatar are characterized by insider dominated ownership structure. Therefore, majority of the shares are owned by the family owners. Also, the influences of institutional investors are in a greater margin in Qatari Stock Market. Moreover, the code of corporate governance in Qatar was just implemented three years back in 2009. As discussed earlier, the law system in Qatar is also very weak in regard to financial reporting. In these circumstances, IFRS can play a big role in Qatar since it is an advanced reporting standard developed and it could ensure that all the information are there for the shareholders and no asymmetric information situation could happen and ensures the rights of individual shareholders. Since Qatar is undergoing major development for the World Cup 2022 and National Vision 2030, it is important for Qatar to attract foreign investors for capital market. IFRS implementation will help Qatar to ensure foreign investors in gaining confidence in Qatari capital market. Furthermore, Qatar has adopted IFRS in 1995 and before that no specific requirement was that which is more established and strictly adopted by the companies. Therefore, Qatar didn't face a lot of issues while the adoption process. However, countries like Australia, Spain who were having their own developed standard faced a lot of issue since they were having their own standard practiced for a period of time. Thus, the current study concluded that IFRS implementation is suitable for the economy of Qatar considering its benefits, Qatari corporate ownership structure and commercial law of Qatar. Although, Qatar is following IFRS without any amendments by considering their own culture, economic environment and corporate governance, however, their implementation was very strong with the existence of big four international audit firm and regulation from Qatar Central Bank and Qatar Financial Market Authority. Furthermore, many of the Qatari companies such as QTEL, QNB are listed in internationally in various stock exchanges because they are following IFRS for their financial report. Finally, we conclude saying that, despite come short coming are there, it is beneficial to adopt IFRS for an emerging country like Qatar.qscienc

Convalescent plasma for hospitalized patients with COVID-19: an open-label, randomized controlled trial

AbstractThe efficacy of convalescent plasma for coronavirus disease 2019 (COVID-19) is unclear. Although most randomized controlled trials have shown negative results, uncontrolled studies have suggested that the antibody content could influence patient outcomes. We conducted an open-label, randomized controlled trial of convalescent plasma for adults with COVID-19 receiving oxygen within 12 d of respiratory symptom onset (NCT04348656). Patients were allocated 2:1 to 500 ml of convalescent plasma or standard of care. The composite primary outcome was intubation or death by 30 d. Exploratory analyses of the effect of convalescent plasma antibodies on the primary outcome was assessed by logistic regression. The trial was terminated at 78% of planned enrollment after meeting stopping criteria for futility. In total, 940 patients were randomized, and 921 patients were included in the intention-to-treat analysis. Intubation or death occurred in 199/614 (32.4%) patients in the convalescent plasma arm and 86/307 (28.0%) patients in the standard of care arm—relative risk (RR) = 1.16 (95% confidence interval (CI) 0.94–1.43,P = 0.18). Patients in the convalescent plasma arm had more serious adverse events (33.4% versus 26.4%; RR = 1.27, 95% CI 1.02–1.57,P = 0.034). The antibody content significantly modulated the therapeutic effect of convalescent plasma. In multivariate analysis, each standardized log increase in neutralization or antibody-dependent cellular cytotoxicity independently reduced the potential harmful effect of plasma (odds ratio (OR) = 0.74, 95% CI 0.57–0.95 and OR = 0.66, 95% CI 0.50–0.87, respectively), whereas IgG against the full transmembrane spike protein increased it (OR = 1.53, 95% CI 1.14–2.05). Convalescent plasma did not reduce the risk of intubation or death at 30 d in hospitalized patients with COVID-19. Transfusion of convalescent plasma with unfavorable antibody profiles could be associated with worse clinical outcomes compared to standard care.</jats:p

Pancreatic surgery outcomes: multicentre prospective snapshot study in 67 countries

Background: Pancreatic surgery remains associated with high morbidity rates. Although postoperative mortality appears to have improved with specialization, the outcomes reported in the literature reflect the activity of highly specialized centres. The aim of this study was to evaluate the outcomes following pancreatic surgery worldwide. Methods: This was an international, prospective, multicentre, cross-sectional snapshot study of consecutive patients undergoing pancreatic operations worldwide in a 3-month interval in 2021. The primary outcome was postoperative mortality within 90 days of surgery. Multivariable logistic regression was used to explore relationships with Human Development Index (HDI) and other parameters. Results: A total of 4223 patients from 67 countries were analysed. A complication of any severity was detected in 68.7 per cent of patients (2901 of 4223). Major complication rates (Clavien–Dindo grade at least IIIa) were 24, 18, and 27 per cent, and mortality rates were 10, 5, and 5 per cent in low-to-middle-, high-, and very high-HDI countries respectively. The 90-day postoperative mortality rate was 5.4 per cent (229 of 4223) overall, but was significantly higher in the low-to-middle-HDI group (adjusted OR 2.88, 95 per cent c.i. 1.80 to 4.48). The overall failure-to-rescue rate was 21 per cent; however, it was 41 per cent in low-to-middle- compared with 19 per cent in very high-HDI countries. Conclusion: Excess mortality in low-to-middle-HDI countries could be attributable to failure to rescue of patients from severe complications. The authors call for a collaborative response from international and regional associations of pancreatic surgeons to address management related to death from postoperative complications to tackle the global disparities in the outcomes of pancreatic surgery (NCT04652271; ISRCTN95140761)

Pancreatic surgery outcomes: multicentre prospective snapshot study in 67 countries

Background: Pancreatic surgery remains associated with high morbidity rates. Although postoperative mortality appears to have improved with specialization, the outcomes reported in the literature reflect the activity of highly specialized centres. The aim of this study was to evaluate the outcomes following pancreatic surgery worldwide.Methods: This was an international, prospective, multicentre, cross-sectional snapshot study of consecutive patients undergoing pancreatic operations worldwide in a 3-month interval in 2021. The primary outcome was postoperative mortality within 90 days of surgery. Multivariable logistic regression was used to explore relationships with Human Development Index (HDI) and other parameters.Results: A total of 4223 patients from 67 countries were analysed. A complication of any severity was detected in 68.7 percent of patients (2901 of 4223). Major complication rates (Clavien-Dindo grade at least IIIa) were 24, 18, and 27 percent, and mortality rates were 10, 5, and 5 per cent in low-to-middle-, high-, and very high-HDI countries respectively. The 90-day postoperative mortality rate was 5.4 per cent (229 of 4223) overall, but was significantly higher in the low-to-middle-HDI group (adjusted OR 2.88, 95 per cent c.i. 1.80 to 4.48). The overall failure-to-rescue rate was 21 percent; however, it was 41 per cent in low-to-middle-compared with 19 per cent in very high-HDI countries.Conclusion: Excess mortality in low-to-middle-HDI countries could be attributable to failure to rescue of patients from severe complications. The authors call for a collaborative response from international and regional associations of pancreatic surgeons to address management related to death from postoperative complications to tackle the global disparities in the outcomes of pancreatic surgery (NCT04652271; ISRCTN95140761)