ACCA and KMPG call for uniformity in Islamic financial reporting (By IFN)

GLOBAL: The Association of Chartered Certified Accountants (ACCA) and KPMG have called for greater co-operation between the International Accounting Standards Board (IASB) and Islamic finance regulators such as AAOIFI to ensure uniformity in financial reporting of Islamic financial institutions.

In a jointly published report, ACCA and KMPG also urged the global accounting authority and the Islamic finance industry to collaborate to develop guidance, standards and educate the investor community on key issues within the industry.

Samer Hijazi, a director at KPMG’s financial services practice said that: “The Islamic finance industry has reached a new stage of maturity. As the IASB seeks to establish IFRS (International Financial Reporting Standards) as a single high quality set of global financial reporting standards, now is the right time to consider how Islamic finance fits into this global framework.”

Tuesday 27^th November 2012