The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), held its first public hearing session for the year 2020 on its newly issued exposure draft on Financial Accounting Standard (FAS) “Financial reporting by Waqf Institutions” on 30 January 2020 at the AAOIFI head-office in the kingdom of Bahrain.

The exposure draft on FAS on Waqf aims to establish accountability and transparency of Waqf institutions in a manner suitable and in compliance with Shari’ah principles and rules and constitutes the final output in completion of the ‘AAOIFI Waqf project’.

The public hearings are one of the mandatory steps in the standards development process at AAOIFI, and an opportunity for AAOIFI and the experts in the related fields to interact with and benefit from the knowledge, experience and wisdom of professional individuals on the proposed standards.

AAOIFI expressly appreciates the industry participants who attended physically and online to provide their views and opinions on the standards presented.

Multiple public hearings for the AAOIFI financial accounting standards are scheduled in different countries to obtain industry feedback on the newly issued exposure drafts. The details of future public hearings will be announced before the events for participation by the industry stakeholders.

All industry feedback received—in the form of questions, comments, suggestions, and recommendations—during the public hearings will be collated and taken back to the respective working groups and Boards to become subject of further discussion and deliberation before the final issuance of the standards.

Those interested in providing comments on the exposure drafts on may do so by emailing accounting@aaoifi.com.

The exposure drafts can be accessed BY CLICKING HERE