This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

AAOIFI issues new accounting standard

  • Islamic accounting Image

30 Dec 2014

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a new accounting standard on investment accounts.

The new standard – Financial Accounting Standard No. 27 (FAS 27) Investment Accounts – updates and replaces two earlier standards (FAS 5 and FAS 6). It applies to investment accounts based on certain mudaraba contracts but does not apply to own equity instruments, wakala contracts, reverse murabaha, musharaka or sukuk. The new standard will be included in the next publication of AAOIFI standards scheduled for early 2015.

Please click for access to the corresponding press relase on the AAOIFI website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.