Accounting Board of AAOIFI Approves FAS on Interim Financial Reporting; Invites Industry Feedback

The Accounting Board (AAB) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has approved the issuance of the exposure draft on the Financial Accounting Standard (FAS) on Interim Financial Reporting and is inviting the public to provide industry feedback before the 30th of November 2021.

Why it Matters?

The AAB concluded that guidance is required for interim financial reports, to manage timeliness, cost considerations and avoid repetition of previously reported information, as the primary statements of an Islamic financial institution structurally differ from those prepared under an alternative accounting framework. According to Hamad Al Oqab, Chairman of AAB, the board has monitored the developments in the indust...