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.

Publications

Title	Issue Date
AOSSG publishes a report on Reporting Islamic Financial Transactions under IFRS	January 2018
An Update to the 2014 Study of Financial Statements of Islamic Financial Institutions	January 2017
A Study of Financial Statements of Islamic Financial Institutions	March 2015
AOSSG Survey – Accounting and Islamic Finance in the Middle East and North Africa	November 2013
AOSSG Survey – Accounting for Islamic Financial Transactions and Entities	December 2011
Financial Reporting Issues relating to Islamic Finance	October 2010

Submissions to IASB

Title	Issue Date
Comments on IASB ED/2011/6 Revenue from Contracts with Customers AOSSG	March 20, 2012
Comments on IASB’s Request for Views Agenda Consultation 2011	November 30, 2011
Comments on IASB Exposure Draft ED/2011/1 Offsetting Financial Assets and Financial Liabilities	April 28, 2011
Comments on IASB Supplement to Exposure Draft ED/2009/12 Financial Instruments: Impairment	April 1, 2011
Comments on ED/2010/13 Hedge Accounting	March 9, 2011
Comments on IASB ED/2010/9 Leases	December 14, 2010
Comments on IASB ED/2010/8 Insurance Contracts	November 30, 2010
Comments on IASB ED/2010/6 Revenue from Contracts with Customers	October 22, 2010