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The International Accounting Standards Board (IASB) has offered the U.S.
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 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.
Deloitte, PricewaterhouseCoopers, KPMG and Ernst and Young, collectively known as the Big Four firms, may be forced by the European Union to break up into smaller companies, leaving them vulnerable to future takeovers, according to Reuters.
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.