Accounting standards discussed.
MANAMA: Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the International Accounting Standards Board (IASB) held an outreach meeting with the international Islamic finance industry in Manama.
AAOIFI and IASB, the body that develops and issues International Financial Reporting Standards (IFRS), exchanged views with the international Islamic finance industry on issues relating to application of international accounting standards for Islamic finance.
The meeting also discussed issues that Islamic financial institutions might need to address in applying IFRS 9 Financial Instrument for their financial reporting, if they are required to adopt the same. IFRS 9 is a standard issued by IASB that deals with classification and measurement of financial assets.
The meeting was attended by senior representatives of AAOIFI, IASB, central banks and regulatory authorities, national accounting standards boards from a number of countries including Saudi Arabia, the UAE, Indonesia, Malaysia and Turkey. Financial experts from Islamic financial institutions, accounting and auditing firms, academics and Islamic finance industry stakeholders from more than 15 countries attended.
"The meeting was extremely helpful in strengthening co-operation between AAOIFI and the IASB towards better understanding of issues relating to accounting standards for the Islamic finance industry," AAOIFI secretary general Dr Hamed Hassan Merah said.
"It also reflected the increasing global role of AAOIFI in all areas pertaining to Islamic finance"
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