Questionnaire on accounting for Islamic finance transactions
The Islamic Finance Working Group of the Asian-Oceanian Standard Setters Group (AOSSG) is conducting a survey to collate information and receive feedback regarding the standards that would apply to the financial reporting of Islamic financial transactions in the standard-setting jurisdictions of Asia-Oceania.
Some entities involved in Islamic finance apply IFRS and some apply different standards, such as those issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) or national standards which may or may not be based on AAOIFI standards. The requirements of these other standards could either complement or contradict the IFRS. Given that many jurisdictions in Asia-Oceania have committed to converging with or adopting IFRS, as well as the rapid growth of Islamic finance, the study aims at establishing how Islamic financial transactions would be reported by constituents in the region.
Please click for access to the questionnaire (link to Malaysian Accounting Standards Board website). The questionnaire takes about 10 to 15 minutes to complete; the deadline is 31 July 2011.