AAOIFI issues new accounting standard

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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.

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