![]() Nevertheless, the principles of Islamic finance, such as the prohibition of riba and gharar as well as the link to the real economy emphasize transparency in Islamic banking transactions. Hence, AAOIFI advocates high transparency. Besides the conventional disclosure, there is a disclosure on the basis of the distribution of revenues, the determination of selling prices and the statement of the illegitimate part of bank activity. Furthermore, by considering a sample of AAOIFI accounting standards 2 related Murabaha, to the Purchase Order and comparing it to conventional loans, we have concluded that financial transparency is more enforced in Islamic banking than in conventional one. Transparency protected the Islamic banking transactions from falling into the subprimes crisis. The study focuses on the recent adoption status of International Financial Reporting Standards (IFRS) in a developing economy like Bangladesh. The objectives of this paper are to identify the development of the accounting profession in Bangladesh, the legal and regulatory framework of accounting, IFRS adoption process, benefits and challenges of adopting IFRS in Bangladesh. The study is purely based on the information from prior works of literature and secondary data sources. IFRS adoption promises a lot of benefits like decreased cost of capital, improved financial reporting quality, increased ability to secure borders-listing, better Access to Global Capital Markets and attraction of foreign direct investment, etc. Some challenges also exist like the development of a legal and regulatory framework, low audit fees, awareness campaign and training of personnel etc. which must be overcome for successful adoption of IAS/IFRS. The paper also argues that the Financial Reporting Council (FRC), as proposed Financial Reporting Act 2015 (FRA) should not be handled by non-experts body. Thus, the economy suffered a decline in output growth and investment levels.This paper strongly recommends that the ICAB council may be reformed consisting of Three Board-(i) Accounting Standard Board, (ii) Auditing Standard Board and (iii) Financial Reports Review Board to ensure compliance of international standard and effective implementation.All applications are assessed by Wereldkinderen. Higher oiI prices further fanned the fire of inflation resulting in macroeconomic imbalances. The shrinkage of export markets due to international uncertainties and the loss of the Middle East market led to the deterioration in the exchange rate. A higher government deficit arising from the unexpected allocation of funds to alleviate the impact of these shocks and the faster implementation of development projects due to streamlined project implementation procedures contributed to the upsurge of inflation and interest rates. Their adverse impact was manifested in the deterioration of the economic environment. These shocks include the severe natural calamities such as the earthquake and the drought, power shortages and the turmoil in the Middle East. The series of internal and external shocks experienced by the country in 1990 upset the macroeconomic balance which past stabilization efforts have intended to achieve to put the economy on sustainable growth path. The year 1990 marked the beginning of a decade with a call for a broader scope and deeper intensity of policy reforms. FACING THE CHALLENGES OF A NEW DECADE | 1990 ANNUAL REPORT
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