AAOIFI is eyeing new reporting standards

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is eyeing revision of existing standards and the introduction of new ones. Thus, they hope to stay abreast of the challenging requirements of industry in financial reporting. This year they already issued a new standard for investment in real estate. It will take effect on January 1 and will ensure more detailed guidelines on the matter of accounting real estate investments.