In continued pursuit to develop comprehensive financial accounting standards for the global Islamic finance industry, AAOIFI Accounting Board (AAB) decided to revisit existing financial accounting standards (FASs), with an aim to review and revise existing these standards, including a detailed analysis of each standard as well as benchmarking against other comparable standards and global best practices to identify and recommend areas of improvement or a complete overhaul, if required.

To this effect the Standards Review / Revision and Recommendation Committee (‘the committee’) was formed in May 2018, consisting of experts in the Islamic finance representing a number of jurisdictions.

The objective of this survey is to probe and explore views of financial statements preparers and users with regard to the practices in financial reporting for IFIs, thereby helping AAOIFI to better align its FASs to the requirements of its present and prospective stakeholders and to keep them close to global best practices and far from confusion and errors.

A compilation of the survey responses will be presented to the Committee and AAOIFI General Secretariat plans to develop a discussion paper seeking input and comments from the Committee on possible future projects and agenda items for AAB.

The survey can be accessed by CLICKING HERE

AAOIFI highly values your response and appreciates your time and effort in responding to this short survey.