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Talk Of Converging Islamic, IASB Accounting Standards

by Lorys Charalambous, Tax-News.com, Cyprus

20 November 2014


The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has indicated that it is now prepared to collaborate with the International Accounting Standards Board (IASB) on the possible convergence of their corporate and financial accounting standards.

The AAOIFI is an Islamic international, autonomous non-for-profit body that prepares accounting, auditing, governance, ethics, and Shari'a standards for Islamic financial institutions. It has gained increasing support for the implementation of its standards, both new and those being reviewed.

Any successful collaboration between the AAOIFI and the IASB to reduce the differences between the standards could reduce uncertainty, particularly for Islamic financial institutions and their valuation of securities and banking products.

It is also known, for example, that the IASB is itself studying the applicability of its accounting principles to Islamic products for the valuation of financial assets. as the payment or receipt of interest is banned under Islamic law.

In addition, the convergence of accounting standards was a topic of discussion at the AAOIFI/World Bank Annual Conference on Islamic Banking and Finance on November 17-18 in Manama, to which an IASB representative was invited.

TAGS: Finance | Institutions | tax | investment | business | law | accounting | banking | audit | International Accounting Standards Board (IASB) | financial reporting | standards | islamic finance | Banking

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