Asian-Oceanian Standard-Setters Group (AOSSG)

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Financial Reporting relating to Islamic Finance

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Topic

Financial Reporting relating to Islamic Finance

Lead / Co-Lead

Malaysia

Working Group members

Australia, China, Dubai, Indonesia, Korea, Pakistan, Saudi Arabia

Project Description

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.

Papers

Title Issue date
Currently there are no papers available for the public. NA

Publications

Title                                                                                                         
Issue date
AOSSG Survey – Accounting and Islamic Finance in the Middle East and North Africa

Nov 2013

AOSSG Survey – Accounting for Islamic Financial Transactions and Entities

Dec 2011

Financial Reporting Issues relating to Islamic Finance

Oct 2010

Submissions to IASB

Title Issue date
Comments on IASB ED/2011/6 Revenue from Contracts with Customers AOSSG

20 Mar 2012

Comments on IASB’s Request for Views Agenda Consultation 2011

30 Nov 2011

Comments on IASB Exposure Draft ED/2011/1 Offsetting Financial Assets and Financial Liabilities

28 Apr 2011

Comments on IASB Supplement to Exposure Draft ED/2009/12 Financial Instruments: Impairment

1 Apr 2011

Comments on ED/2010/13 Hedge Accounting

9 Mar 2011

Comments on IASB ED/2010/9 Leases

14 Dec 2010

Comments on IASB ED/2010/8 Insurance Contracts

30 Nov 2010

Comments on IASB ED/2010/6 Revenue from Contracts with Customers

22 Oct 2010

Papers (Members Only)

Click here to access the Members Only section for this working group.