The Islamic Technical Unit (ITU) is part of the MASB secretariat. The ITU supports the MASB by undertaking research and accounting issues which relate to Islamic finance, as well as co-ordinating meetings and work programmes of the Standing Committee on Islamic Financial Reporting.
The Standing Committee, which replaces Working Group 36 (WG36), is responsible for advising the MASB on the development and maintenance of a robust financial reporting framework for entities engaged in Islamic finance. The dissolution of WG36 and formation of the Standing Committee signifies that Islamic financial reporting has become more important which requires more thorough consideration. As such, the Standing Committee was established with an expanded scope as compared to its predecessor. The Standing Committee reports directly any IFRS issues on Islamic financial transaction to the MASB.
Click here to find out more about the Standing Committee on Islamic Financial Reporting.