The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), held a roundtable event, via video conferencing, on its exposure draft on Financial Accounting Standard (FAS) on “Financial reporting by Waqf institutions” on Thursday, 3 June 2020. The roundtable event, attended by around 30 online participants, culminated the public hearings phase for the standard where previous hearings had been conducted in Bahrain and Oman earlier in the year.

The agenda of the roundtable included a session with the presentation of a summary of the exposure draft which included the main objectives and concepts underlying financial reporting and the general presentation and disclosures in the financial statements of Waqfs. The second session held discussions on key accounting and financial reporting issues related to Waqf and their respective treatment as proposed in the exposure draft. The event concluded with an open floor discussion for further comments on the exposure draft by the participants.

The event was chaired by Dr. Omar Zohair Hafiz, associate professor of Islamic finance, Institute of Islamic Economics, King Abdulaziz University, Kingdom of Saudi Arabia. Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, presented the exposure draft and the discussion points, shedding particular light on understanding the accounting requirements, and discussing the key issues in accounting for Waqfs.

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—will be collated and taken back to the respective working group and thereafter will be raised to AAOIFIs Accounting Board (AAB) for further deliberation before issuance of the final standard which is expected by end of 2020.

Those who are interested in providing comments on the exposure draft  may still do so by sending their feedback to accounting@aaoifi.com.

The Exposure drafts can be accessed through CLICKING HERE