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2019

Board member of the ASBJ elected next IFASS Chair

02 Jan 2019

The International Forum of Accounting Standard Setters (IFASS) has elected Mr Yasunobu Kawanishi, Board member of the Accounting Standards Board of Japan (ASBJ), as Chair-designate.

Mr Kawanishi became Director of International Activities at the ASBJ in 2013. From 2013-2016 he was Visiting Fellow at the IASB. In 2016 he became a full-time Board member of the ASBJ.

Mr Kawanishi follows Ms Liesel Knorr, former President of the German standard-setter ASCG, who was elected IFASS Chair in 2016 and who will hand over responsibilities to her successor in March 2019.

The ASCG and the ASBJ have issued press releases announcing the upcoming change in IFASS chairmanship.

New developments at AAOIFI and IFSB

01 Jan 2019

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued four new exposure drafts and the Islamic Financial Services Board (IFSB) has adopted three new standards.

The AAOIFI exposure drafts are the following (links to the press releases on the AAOIFI website):

The three new IFSB standards are:

  • IFSB-20: Key Elements in the Supervisory Review Process of Takāful / Retakāful Undertakings [Islamic Insurance Segment];
  • IFSB-21: Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment]; and
  • IFSB-22: Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services (IIFS) [Banking Segment].

More information is available in the press release on the IFSB website.

In addition, the IFSB has published Frequently Asked Questions for its four standards on capital adequacy, liquidity risk management, Sharīʻah Governance and Solvency Requirements in Takāful. More information is available here.

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