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The challenge of new/revised Islamic accounting standards

The challenge of new/revised Islamic accounting standards. Fawad Laique, Partner, Ernst & Young Bahrain 5th November 2010. The marketplace. Kal, The Economist, Kaltoons.com. A perspective on the economy. Kal, The Economist, Kaltoons.com. Current accounting standards in AAOIFI.

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The challenge of new/revised Islamic accounting standards

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  1. The challenge of new/revised Islamic accounting standards Fawad Laique, Partner, Ernst & Young Bahrain 5th November 2010

  2. Financial Reporting Outlook 2009 Welcome and opening remarks The marketplace Kal, The Economist, Kaltoons.com

  3. Financial Reporting Outlook 2009 Welcome and opening remarks A perspective on the economy Kal, The Economist, Kaltoons.com

  4. Current accounting standards in AAOIFI

  5. AAOIFI accounting standards by 2013

  6. Revised Conceptual Framework • Replaces the SFA No 1: Objectives of Financial Accounting and SFA No 2: Concepts of Financial Accounting for Banks and FIs • Effective 1 January 2011 • Key changes • Scope is broader. • Investment accounts – on versus off balance sheet treatment based on “authority to make decisions in relation to use of and deployment of funds” • Form and substance argument

  7. Revised Consolidation standard • Effective 1 January 2010 • Scope • Control • “The power to govern the financial and operating policies of an entity with the objective of obtaining benefits from its operations” • Not a strict legal form over substance assessment anymore. • Where control is temporary, no need to do a line by line consolidation. • Disclosures • Disclosures widened.

  8. THANK YOU!

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