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KPMG, ACCA: Islamic finance reporting needs improvement

After bringing together their experts in Islamic finance, KPMG and the Association of Chartered Certified Accountants (ACCA) have published a report aimed at further developing of financial reporting standards within the growing Islamic Finance industry.

In the report, Global alignment: bringing consistency to reporting of Islamic finance through IFRS, KPMG and ACCA call on the International Accounting Standards Board (IASB) and the Islamic Finance Institutes (IFIs) to work together to develop guidance and standards of financial reporting in order to improve comparability and transparency.

Samer Hijazi, a director in KPMG's financial audit practice, and co-author of the report, said that this would "benefit not only the IFIs but also the international banks which offer Islamic financial services around the world."

KPMG and ACCA advise the IASB to issue guidance on the application of IFRS to Islamic financial products and to work together with leading Islamic finance standard setters.

Some of the other recommendations are also for the IFIs to form an advisory group, which could contribute to the development of new standards, and to engage more with local regulators to understand their expectations of financial reporting.

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Association of Chartered Certified Accountants

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