The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) conducted an online public hearing session for its exposure drafts on Financial Accounting Standards (FAS) “Financial reporting for Zakah” on 16 November 2020.

The public hearing event was attended by around 50 online participants, and AAOIFI expressly acknowledges and appreciates the support of the industry and expert participants who included professionals and subject matter experts from various fields and backgrounds as well as academicians and Shari’ah scholars.

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 Board to become subject of further discussion and deliberation before the final issuance of the standards.

Multiple public hearings for AAOIFI accounting and governance and ethics standards are scheduled to obtain industry feedback on other issued exposure drafts. The details of the future public hearings will be announced before the events for participation by the industry stakeholders.

Those interested in providing comments on AAOIFI FAS may do so by emailing accounting@aaoifi.com.

The exposure drafts can be accessed by CLICKING HERE