AAOIFI Issues Two Drafts on Islamic Accounting
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Sharia'a standards for Islamic financial institutions and the industry. Recently, the AAOIFI has published an exposure draft (ED) and a consultation paper. The ED topic is about the proposed standard for a new investment in real estate. The consultation paper discusses the revision of two existing standards for investment accounts. Islamic financial transactions are particularly influenced by the consideration of the interest prohibition; conventional accounting standards are therefore sometimes difficult to apply to those financial transactions. Comments for both drafts are due 8 April 2012.
Start free ReadyRatios
reporting tool now!
Last Accounting News
- IASB Confirms One-year Delay for IFRS 17
- IFRS Foundation Publishes IFRS Taxonomy 2018
- IASB Urged to Improve Standards-setting Processes
- FSB Encourages Insurers to Act on the New Insurance Standard
- IFRS Foundation Trustees and the IASB Meets with the Japanese Stakeholders in the Wake of More Japanese companies Adopting IFRS Standards
- IASB Replaces IFRS 4 with the Issuance of a New Standard on Insurance Accounting
- IASB has Proposed Minor Amendments to IFRS 9 Relating to the Measurement of Financial assets with Prepayment Feature