Loading in 2 Seconds...
Loading in 2 Seconds...
The Impact of IFRS Adoption on Islamic Financial Institutions. 5 th IIUM International Accounting Conference (INTAC) 12-13 July 2011 Kuala Lumpur, Malaysia. Mohammad Faiz Azmi Chairman, Malaysian Accounting Standards Board (MASB). Agenda. Convergence with IFRS Role of AOSSG IF WG
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
5th IIUM International Accounting Conference (INTAC)
12-13 July 2011
Kuala Lumpur, Malaysia
Mohammad Faiz Azmi
Chairman, Malaysian Accounting Standards Board (MASB)
1997 - 2005
In Malaysia, convergence with IFRS means FULL compliance with IFRS as a basis for financial reporting.
Through December 31, 2011Starting January 1, 2012
Members comprised 24 standard setters:
Assists the AOSSG in providing input and feedback to the IASB on the adequacy and appropriateness of proposed and existing IFRSs to Islamic financial transactions and events.
Undertake to make recommendations within the framework of the IASB’s accounting standards.
MASB (WG Leader), AASB (Australia), ICAP (Pakistan), SOCPA (Saudi Arabia), DFSA (Dubai), KASB (Korea), Ministry of Finance, China
Work done to date
AOSSG Research Paper: Financial Reporting Issues relating to Islamic Finance, October 2010.
Commented on IASB EDs on Revenue, Leases, Insurance Contracts, Hedge Accounting, Offsetting FA and FL, and FI: Impairment
Available at www.aossg.org
Recognising a financing effect
Profit sharing contracts
Takaful accounting issues
Shariah related disclosures
for 2005 established
IASC restructured to IASBOur financial reporting framework milestones
MIA / MICPA
Rename standards to FRS in line with IFRS
First adoption of IAS
FRS made identical to IFRS
Parliamentary Act established MASB
Announced convergence with IFRS in 2012
Convergence with IFRS
Introduce 2-sets of financial reporting standards
Issue SOP i-1 Financial Reporting from an Islamic Perspective
- depending on how their current standards compare to IFRS
What should educators do?
What should students do?
The views expressed in this presentation are those of the presenter. Official positions of the MASB on accounting matters are determined only after extensive due process and deliberation.