AAOIFI’s Accounting Board (AAB) Translation Committee has finalised and approved for issuance the Arabic version of Financial Accounting Standard (FAS) 1 “General Presentation and Disclosures in the Financial Statements”. The English version of this framework was issued in September 2021.
This standard prescribes requirements for publishing periodic financial statements to satisfy the common information needs of the users, as described in the conceptual framework. This standard sets out the overall requirements for presentation of financial statements, the minimum requirements for the contents of the financial statements and a recommended structure of financial statements that facilitate faithful presentation in line with Shari’ah principles and rules and comparability with the institution’s financial statements of previous periods, and the financial statements of other institutions.
This standard introduces significant changes to its predecessor standard FAS 1 “General Presentation and Disclosures in the Financial Statements of Islamic Banks and Financial Institutions”.
This standard shall be effective on the financial statements of the Islamic finance institutions for the financial periods beginning on or after 01 January 2024. Early adoption of the standard is encouraged.
To view the Arabic version, please click on the following link: Click here