Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) organised a

focus group roundtable aiming to hold discussions on the illustrative financial statements in line with the Financial Accounting Standard (FAS) 1 (Revised 2021) “General Presentation and Disclosures in the Financial Statements” via video conferencing on Thursday, 10 March 2022.

The AAOIFI Technical Advisory and Interpretations Committee (TAIC), formed by the AAOIFI Accounting Board (AAB), has guided and steered the project of developing illustrative financial statements in line with FAS 1 “General Presentation and Disclosures in the Financial Statements”. The model statements, which are general-purpose financial statements, cover a wide range of products, services and transactions provided by and pertaining to Islamic banks and similar institutions.

The roundtable event hosted subject-matter and industry experts from various jurisdictions from around the world, who were requested to provide their valuable insights, particularly on the numerical accuracy of the draft illustrative financial statements.

Mr. Mohammad Majd Bakir, Director, Professional Standards Development AAOIFI, presented an overview and historical background of the developing [ED of] AAOIFI illustrative financial statements project.

Mr. Firas Hamdan, the chairman of TAIC, as well as the chairperson for this event, expressed his gratitude for the attendees, emphasizing the importance of their input as practical users of the standard and the draft illustrative financial statements. He acknowledged the significance of their views in finalizing the document with complete accuracy and correctness of presentation.

Mr. Omar Mustafa Ansari, AAOIFI Secretary General, also extended thank to the participants for identifying light on areas of improvement and providing expert feedback on the exercise.