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February 13, 2017

IFRS gain slow momentum amongst Islamic Financial Institutions

By Stephanie Wix

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    

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