The International Financial Reporting Standards Foundation and the International Accounting Standards Board are reaching out to Islamic countries to elicit their support for IFRS, with a working group dedicated to making sure the standards don’t conflict with Sharia law.

On Tuesday, IFRS Foundation chairman Michel Prada delivered a speech at the 8th Annual Forum of the Gulf Cooperation Council Accounting and Auditing Organization in Riyadh, Saudi Arabia, in which he described the effort.

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