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MASB Public Forum: Financial Reporting from Islamic Perspective

25 June 2009

The forum was held with the main objective to create awareness of Islamic perspectives on financial reporting among key stakeholders and to obtain feedback on MASB’s DSOP i-1 as well as to identify emerging financial reporting issues for future research.

Background: In November 2008, MASB issued Draft Statement of Principles i-1 (DSOP i-1) Financial Reporting from an Islamic Perspective. The DSOP i-1 sets out the principles that MASB believes should underlie its future pronouncements on financial reporting from an Islamic perspective. This Statement complements, and is to be read in conjunction with, the Framework for the Preparation and Presentation of Financial Statements.

MASB is concerned with the display and presentation of information that, from an Islamic perspective, should form part of financial reporting. The deliberations at the forum will form the basis upon which future pronouncements on financial reporting from an Islamic perspective will be developed.

The forum’s panelists were MASB Chairman En Mohammad Faiz Azmi, Project Manager of the DSOPi-1 Pn Mas Sukmawati Abu Bakar, Dr. Syed Musa Al-Habshi and En Mustapha Hamat. The participants included industry stakeholders such as financial institutions, regulators and the academia.