AAOIFI to review and revise standards
31 Oct 2018
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has decided to revisit its existing financial accounting standards, with an aim to review and revise these standards, including a detailed analysis of each standard as well as benchmarking against other comparable standards and global best practices to identify and recommend areas of improvement or a complete overhaul, if required.
Stakeholders are invited to participate in a survey that is designed to explore views of financial statements preparers and users with regard to the practices in financial reporting for Islamic financial institutions, thereby helping AAOIFI to better align its standards to the requirements of its present and prospective stakeholders and to keep them close to global best practices and free of confusion and errors.
Please click to access the survey on the AAOIFI website.