Is there need for an International Financial Reporting Standard on Accounting for Islamic Finance transactions?

In that time of globalization, every transaction across borders needs to be harmonized for better reporting issues. Better reporting will help in investing decision especially for banking, comparison and consolidation. Islamic Finance across borders is subject to these concepts.

Already an internationally accredited Islamic standards association is working and Islamic standards are accepted in almost all Arab countries. But in order to bridge the gap between IFRS and IFAS, IASB is looking forward to harmonize the Islamic reporting all over the world and most probably a new IFRS might be issued to harmonize the accounting over the globe.