AOSSG Islamic Finance Working Group

The Asian-Oceanian Standard Setters Group (AOSSG) is a grouping of accounting standard-setters in the Asia-Oceania region.  Within the AOSSG are several working groups to provide input into topics that are of importance to the region.  MASB is the Leader of the AOSSG Islamic Finance Working Group, whose other members comprise standard-setters from Australia, China, Dubai, Korea, Pakistan and Saudi Arabia. The objective of the working group is to facilitate AOSSG members by providing input and feedback to the IASB on the adequacy and appropriateness of proposed and existing International Financial Reporting Standards (IFRSs) to Islamic financial transactions and events.

The Working Group's most recent publication is AOSSG Survey: Accounting for Islamic Financial Transactions and Entities. This report captures the findings from a survey of 24 national standard-setters regarding their views on accounting for Islamic financial transactions.

Other work produced by the Working Group include a Research Paper entitled Financial Reporting Issues relating to Islamic Finance which presents issues in accounting for Islamic financial transactions within an IFRS framework.  The Working Group has also commented on Exposure Drafts issued by the IASB.

Click here to view the publications and comment letters at the Islamic Finance Working Group page of the AOSSG website.