DFSA to mandate IFRS for Islamic firms, replacing AAOIFI-based framework
The Dubai Financial Services Authority (DFSA) will need Islamic financial institutions to switch to International Financial Reporting Standards (IFRS), but with additional disclosure requirements unique to sharia-compliant firms.
It appears that the regulator is determined to move away from the standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to those mandated by the International Accounting Standards Board (IASB).
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