2nd MASB Islamic Finance Master Class: Reporting Under IFRS
Following the success of the first Master Class for Malaysian university academicians that was held in 2011, the MASB Islamic Technical Unit hosted its second annual Master Class on accounting for Islamic financial transactions.
The Master Class, entitled “Reporting Under IFRS,” provided an overview of contemporary issues in reporting Islamic finance transactions under Malaysian Financial Reporting Standards (MFRS), which are fully compliant with the International Financial Reporting Standards (IFRS). In this 1-day session, MASB staff covered an introduction to financial reporting, ijarah, takaful, Shariah compliant sales contracts and profit sharing contracts.
Presentations were given by Pn. Mas Sukmawati (Islamic Research Director), Ms. Christine Lau (Project Director for Financial Instruments), Mrs. Emily Sheikh (Assistant Technical Manager of Islamic Technical Unit) and Pn. Oleen Zainal Abidin (Senior Technical Executive of Islamic Technical Unit). Dato' Mohammad Faiz Azmi (MASB Chairman) gave a welcome speech.
Representatives from 9 academic institutions of higher learning were in attendance. The Master Class was also telecasted live via webcast on MASB website. A recording is made available on the website for a limited time after the event.