• Register
Return to: Home > News > Standards > IFRS gain slow momentum amongst Islamic Financial Institutions

IFRS gain slow momentum amongst Islamic Financial Institutions

More Islamic Financial Institutions (IFIs) are compliant with IFRS in 2016 compared to 2014 but overall IFRS compliance remains low amongst IFIs, according to data from the Asian-Oceanian Standard-Setters Group (AOSSG).

AOSSG has published an update on a survey from 2014 on financial reporting standards used by IFIs. The updated data shows that the use of IFRS amongst 132 surveyed IFIs has increased by two points between 2014 and 2016 from 46% to 48%.

Suggesting that surveyed IFIs still predominantly comply with local GAAP (33%) or accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (17%).

The study is accessible here: Financial Reporting by Islamic Financial Institutions An update to the 2014 study of financial statements of Islamic financial institutions    

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.