IFRS

The world of Islamic finance, a parallel economic world encompassing more than $1.3 trillion assets, is under increasing pressure by investors to join the mainstream accounting community by adopting International Financial Reporting Standards (IFRS), but the nature of this alternate system, developed to accommodate religious prohibitions on certain economic activities, makes such a conversion a tall order to regulators, according to Reuters.

The U.S. Senate has entered the debate over whether there should be a separate standards setting body to oversee Generally Accepted Accounting Principles (GAAP) with modifications and exceptions for private companies, with a letter signed by Sen. Carl Levin, (D-Mich.) coming out squarely against the idea.

The trustees of the IFRS Foundation have announced the appointment of Michel Prada as chairman of the trustees. In its announcement, the IFRS described him as "an outspoken advocate for investor protection and global standards." 

Hans Hoogervorst, chair of the International Accounting Standards Board (IASB), provided an optimistic view about the future of International Financial Reporting Standards (IFRS) before the European Committee on Economic and Monetary Affairs on Monday, stating that numerous countries have already implemented a wholesale adoption of the international standards while many others -- including the U.S -- are seriously considering doing so.

Credit-rating agency Standard and Poors has warned that, should the United States, through the Financial Standards Accounting Board (FASB) adopt a proposed standard on balance sheet offsetting as part of its convergence project with the International Accounting Standards Board (IASB), U.S.

The International Accounting Standards Board (IASB) expressed concern that some European companies are booking Greek debt at much higher values than they probably should, according to a letter sent from the board to the European Securities and Market Authority earlier this month.

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced that they are going to re-expose their revised lease accounting standards proposal due to the large number of changes they made to the original draft that had been released last August. The revised draft has yet to be released.

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The International Financial Reporting Standards (IFRS) Foundation, the parent organization of the International Accounting Standards Board (IASB), released its annual report for 2010 on July 8.

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