Financial Reporting relating to Islamic Finance


Financial Reporting relating to Islamic Finance

Lead / Co-Lead


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.


TitleIssue 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

TitleIssue 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