The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held a public hearing, via video conferencing, on the exposure draft of its financial accounting standard (FAS) “Control (of Assets and Business)” on Tuesday, 16 May 2023.

Mr. Mohammad Majd Bakir, Director, Professional Standards Development, AAOIFI, delivered welcome remarks and a brief overview of the draft standard.

The exposure draft was presented by Mr. Omar Mustafa Ansari, AAOIFI Secretary General highlighting the content and structure of the exposure draft, the rationale for issuance and the need identified by the AAOIFI Accounting Board (the board) for a revision of FAS 27 “Investment Accounts”, particularly for the purpose of enhancing the financial reporting requirements in respect of relevant products and matters. The session was accompanied by an interactive Q&A round during which the participants raised specific questions and received answers and explanations on the same. They also provided comments and suggestions for improvement of the draft.

This session was attended by more than 150 experts, practitioners, and stakeholders in the areas of Islamic finance, Shari’ah, accounting, auditing, consulting, and academia. AAOIFI expressly acknowledges and appreciates the support of the industry and expert participants.

All industry feedback received — in the form of questions, comments, suggestions, and recommendations — will be collated and taken back to the respective working group and will be raised to the board for further deliberation and consideration.

The exposure draft can be accessed through this link:

• [ED of] “Control (of Assets and Business)” link