• 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

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    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.