2023 PUBLICATION

THE EMERGENCE OF AAOIFI AS A GLOBAL FINANCIAL ACCOUNTING STANDARDS-SETTING BODY: A REVIEW 

The emergence of AAOIFI as financial accounting standard-setting body with similar global outlook like IASB, FASB, IPSASB, etc. is a very welcomed development, especially for the Islamic Finance industry and the Islamic financial institutions. This paper is conducted on the emergence of AAOIFI as well as its roles and the processes it follows in financial accounting standard setting for Islamic financial institutions globally. It carries highlights on the provisions made in each of the 41 FASs, as well as the impact of the issued standards on quality financial reporting. The methodology adopted for paper is theoretical in nature. It is hoped that Accounting and Finance scholars and students in Nigeria would be attracted by this paper to further studies on the highlighted standards with a view to contributing to knowledge in the area of Islamic Accounting.

KEYWORDS: Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Islamic Financial Institutions (IFIs), Financial Accounting Standard (FAS), Financial Reporting

Authors:

Naja’atu Bala Rabi’u, (PhD.) 

Ali Akilu Muhammad Dama  

Kabiru Isa Dandago, (PhD.)

Maimuna Adamu Salihu, (PhD.)