WORLD - PUBLICATIONS - AOSSG Survey Accounting for Islamic Financial Transactions and Entities

The Asian-Oceanian Standard-Setters Group (AOSSG) was formed in 2009, and comprises national accounting standard-setters from Asia and Oceania. The purpose of the group is to discuss and share experiences in the adoption of International Financial Reporting Standards (IFRS) and to contribute to the development of a high-quality set of global accounting standards. Within the AOSSG, the AOSSG’s Islamic Finance Working Group (WG) aims to provide input and feedback to the International Accounting Standards Board (IASB) on the adequacy and appropriateness of proposed and existing IFRSs to Islamic financial transactions and entities.

Given the extent of the Islamic finance industry in the Asia-Oceania region and the number of regional jurisdictions committed to converging with or adopting IFRS, the AOSSG believes it is important to understand how Islamic financial transactions are reported by its constituents and how entities claiming to be Islamic would prepare their financial statements, in particular, what accounting standards would apply and the circumstances under which they would apply. The AOSSG also seeks to gain insight into the requirements of any differential “Islamic accounting standards”.
Towards that end, an on-line survey was initiated by the AOSSG’s Islamic Finance Working Group (WG). The purpose of the survey is to establish the significance of Islamic financial transactions and entities today, and accordingly, the importance of having the IASB consider Islamic-based transactions and entities when deliberating its on-going and future projects. (download report here)
Source:  http://www.aossg.org/docs/Publications/AOSSG_Survey_Report_2011_FINAL_CLEAN_29_12_2011.pdf