AAOIFI’s Accounting Board (AAB) Translation Committee has finalised and approved for issuance the Arabic version of Financial Accounting Standard (FAS) 36 ” First Time Adoption of AAOIFI Financial Accounting Standards”. The English version of this standard was issued in November 2020.

The objective of this standard is to prescribe principles applicable to an Islamic financial institution (the institution) adopting AAOIFI Financial Accounting Standards (FASs) or applying them for the first time with regard to the transition process, as well as, to specify financial reporting requirements applicable to the first financial statements.

This standard applies to an institution’s separate (stand-alone) financial statements, as well as, its consolidated financial statements.

The standard prescribe an immediate effective date, due to the immediate need for this standard, whereby there is no justification to have a deferred application date.

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