MANAMA: Financial accounting standards (FAS) for Islamic financial institutions are being revised to make them more comparable with generally accepted accounting framework like International Financial Reporting Standards (IFRS), it has emerged.
The accounting board of Bahrain-based standard-setting body Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has said in June last year, it launched the FAS review and revision project to implement a review and revision process for all existing FAS .
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