AAOIFI conducts a Public Hearing session for FAS on Waqf
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), held its first public hearing session for the year 2020 on its newly issued exposure draft on Financial Accounting Standard (FAS) “Financial reporting by Waqf Institutions” on 30 January 2020 at the AAOIFI head-office in the kingdom of Bahrain.
The exposure draft on FAS on Waqf aims to establish accountability and transparency of Waqf institutions in a manner suitable and in compliance with Shari’ah principles and rules and constitutes the final output in completion of the ‘AAOIFI Waqf project’.
The public hearings are one of the mandatory steps in the standards development process at AAOIFI, and an opportunity for AAOIFI and the experts in the related fields to interact with and benefit from the knowledge, experience and wisdom of professional individuals on the proposed standards.
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Press Release