AOSSG survey on Islamic accounting

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10 Jan, 2012

The Islamic Finance Working Group of the Asian-Oceanian Standard Setters Group (AOSSG) has issued a survey on Islamic accounting.

The purpose of the survey is to highlight the importance of current Islamic accounting and the need to have the IASB consider Islamic financial transactions when discussing ongoing and future projects.

The survey was run between 1 July and 15 October 2011. The survey was sent to national standard-setters in Asia-Oceania and the National Standards Setters (NSS) members. Responses from 24 participating standard-setters were used in developing this report.

Several main conclusions from the survey are:

  • entities using Islamic accounting are not subject to a common set of accounting standards.
  • ’Islamic accounting standards‘does not imply there is a consistent set of standards used globally. Instead, the term implies that there are different sets of religiously-influenced standards, the different regulations can treat similar transactions with significantly different results.
  • an overwhelming majority of respondents believed there should not be a separate Islamic accounting standards because it was likely it would be incompatible with IFRS convergence.

Based off the survey results, AOSSG Islamic Finance Working Group may need to expand its work to jurisdictions without their own identifiable accounting standard-setters and continue their efforts to promote consistent reporting in jurisdictions with a significant Islamic finance presence.

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