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Outreach event with international Islamic finance industry

  • Islamic accounting Image

16 Mar 2015

On 9 April 2015, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) together with the International Accounting Standards Board (IASB) invites to an outreach meeting to discuss issues that Islamic financial institutions may need to address in applying IFRS 9 'Financial Instruments' for their financial reporting.

The Secretary General of AAOIFI stated that the AAOIFI hopes "that collaboration with the IASB will lead to greater uniformity and transparency of financial reporting by Islamic financial institutions across the world". Only recently, a survey of the Asian-Oceanian Standard-Setters Group (AOSSG) had revealed that comparability of Islamic financial institutions' financial statements needs to be improved.

Please click for more information on the outreach event, which will take place in Manama, Kingdom of Bahrain, on the AAOIFI website.

Note (added 13 April 2015): After the event, the AAOIFI published a press release on its website saying that “the meeting was extremely helpful in strenghthening cooperation between AAOIFI and the IASB towards better understanding of issues relating to accounting standards for the Islamic finance industry”.

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