Financial Reporting Issues Relating To Islamic Finance

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FINANCIAL REPORTING ISSUES RELATING TO ISLAMIC FINANCE

The objective of the Islamic Finance Working Group is to facilitate AOSSG members providing input and feedback to the IASB on the adequacy and appropriateness of proposed and existing International Financial Reporting Standards (IFRSs) to Islamic financial transactions and events. The Working Group will take into consideration that there may be variation in interpretations and practices of Islamic finance in different jurisdictions. Thus, to achieve the objective, the Working Group undertakes research on the conduct of Islamic financial transactions in various jurisdictions, and their financial reporting practices.

The short term objective is to produce a Paper on current concerns and issues regarding the financial reporting of Islamic financial transactions. The Paper will form the basis of the Working Group’s ongoing work on proposed and existing IFRSs that are relevant to Islamic Finance.

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