The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the 8^th meeting of its Public Interest Monitoring Consultative Committee (PIMCC) on 12 August 2024 via video conferencing.

The meeting commenced with opening remarks by the chairman of the PIMCC, Mr. Adnan Ahmed Yousif, President and CEO, LemrAir Consultancy who welcomed and thanked the respectable members for their attendance and active role.

The agenda of the meeting included review and presenting comments on four exposure drafts (EDs) of financial accounting standards (FASs) recently issued by AAOIFI Accounting Board (AAB), namely:

• [ED of] FAS _  on “Financial Reporting for Institutions Operating in Hyperinflationary Economies”;
• [ED of] FAS _ on “Participatory Ventures”;
• [ED of] FAS_ on “Financial Reporting for Islamic Investment Institutions (including Investment Funds)”; and
• [ED of] FAS _ on “Promotional Gifts and Prizes”;

At this occasion, Mr. Omar Mustafa Ansari, Secretary General, AAOIFI stated “We would like to express our sincere gratitude to the PIMCC members for their valuable feedback and insights on these exposure drafts”. He added that “PIMCC members provided valuable comments and suggestions aiming for further improvements of the quality of the exposure drafts”.

The PIMCC members highly appreciated the efforts of AAB and the respective working group for the development of these standards.