The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), held a public hearing session on AAOIFI Financial Accounting Standard (FAS) exposure drafts on “Wa’ad, Khiyar and Tahawwut” and the newly the issued FAS on “First time adoption of AAOIFI financial accounting standards” on 29^th October 2019 in Riyadh, Kingdom of Saudi Arabia hosted by the Saudi Organization for Certified Public Accountants (SOCPA) for its exposure drafts on its financial accounting standards (FAS).

The public hearing event was conducted in the presence of Assistance Secretary General of SOCPA, Dr. Abdulrahman Alrazeen. The event attracted participants and members from the Islamic financial industry and from accounting and auditing firms, among others from the kingdom.

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

Multiple public hearings for AAOIFI accounting and governance and ethics standards are scheduled in different countries to obtain industry feedback on other issued exposure drafts.

Details of upcoming public hearings are scheduled to be held in different parts of the world to obtain industry feedback on other exposure drafts issued by AAOIFI. 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 “Wa’ad, Khiyar and Tahawwut”  and  “First time adoption of AAOIFI financial accounting standards” may do so by emailing accounting@aaoifi.com.

The exposure drafts can be accessed BY CLICKING HERE