The Accounting Board (AAB / the board) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held its 29^th meeting on 25-26 September 2022 at Abu Dhabi Islamic Bank headquarters (ADIB), Cairo, Arab Republic of Egypt.

The meeting commenced with a presentation of standards development and implementation update undertaken by the board for the period January to September 2022, including the projects in the pipeline for the year. During the period, multiple working group meetings and short sub-committee and executive meetings had been held for a host of projects.

With respect to the revision of FAS 27 “Investment Accounts”, the standard on quasi-equity and standard on control were approved in principle in the previous board meetings while in this meeting, the third output, off-balance-sheet assets under management, has been approved in principle.

The board agenda included a review of the first version of the exposure draft of this standard, which aims to establish the principles of financial reporting related to off-balance-sheet assets under management in line with the AAOIFI Conceptual Framework for Financial Reporting (the conceptual framework). The review process entailed discussion on the recommendations received from the respective working group. Accordingly, the board adopted the draft and approved it for issuance in light of the proposed changes.

On this occasion, Mr. Hamad Al Oqab, Chairman, AAB, stated that “in this meeting, the board approved the exposure draft for issuance and also approved an updated list of projects and plans for the year. The board is keen, as always, to ensure that AAOIFI financial accounting standards keep pace with the industry’s emerging needs and best practices”.

The board plans to hold its next meeting in October 2022.

All AAOIFI standards can be accessed exclusively by subscribers to the digital version of AAOIFI standards, and free subscription can be attained on the AAOIFI website: www.aaoifi.com