During the outreach meeting, AAOIFI and IASB, the body that develops and issues International Financial Reporting Standards (IFRS), exhanged views with the international Islamic finance industry on issues relating to application of international accounting standards for Islamic finance. The meeting also discussed issued that Islamic financial institutions might need to address in applying IFRS 9 for their financial reporting, if they are required to adopt the same. IFRS 9 is a standard issued by IASB that deals with, amongst others, classification and measurement of financial assets.
Dr. Hamed Hassan Merah, Secretary General of AAOIFI, said "the meeting was extremely helpful in strenghthening cooperation between AAOIFI and the IASB towards better understanding of issues relating to accounting standards for the Islamic finance industry. It also reflected the increasing global role of AAOIFI in all areas pertaining to Islamic finance".---
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com