AAOIFI issues “AAOIFI Conceptual Framework for Financial Reporting” officially in Arabic

AAOIFI’s Accounting Board (AAB) Translation Committee has finalised and approved for issuance the Arabic version of “AAOIFI Conceptual Framework for Financial Reporting”. The English version of this framework was issued in December 2020.

This comprehensive conceptual framework is meant to provide a frame of reference about the fundamental principles required for setting accounting standards and forms a basis for resolving accounting differences in a manner suitable and in compliance with Shari’ah principles and rules.

This revised conceptual framework brings significant changes from its predecessor conceptual framework, by introducing new definitions and incorporating the principles that are in line with recently issued AAOIFI Financial Accounting Standards (FASs).

This conceptual framework shall be applicable on the institutions in line with the authoritative status of the conceptual framework from the effective date of AAOIFI FAS 1“General Presentation and Disclosures in the Financial Statements” duly considering the transitional provisions provided by the said AAOIFI FAS, whose effective date is 1 January 2024 with early adoption being encouraged.

To view the Arabic version, please click on the following link: Link

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