Existing Accounting Standards

Existing Accounting, Auditing and Governance Standards

Accounting Statements & Standards

SFA 1	Objectives of Financial Accounting for Islamic Banks and Financial Institutions
SFA 2	Concepts of Financial Accounting for Islamic Banks and Financial Institutions
FAS 1	General Presentation and Disclosure in the Financial Statements of Islamic Banks and Financial Institutions
FAS 2	Murabaha and Murabaha to the Purchase Orderer
FAS 3	Mudaraba Financing
FAS 4	Musharaka Financing
FAS 5	Disclosure of Bases for Profit Allocation between Owners’ Equity and Investment Account Holders
FAS 6	Equity of Investment Account Holders and Their Equivalent
FAS 7	Salam and Parallel Salam
FAS 8	Ijarah and Ijarah Muntahia Bittamleek
FAS 9	Zakah
FAS 10	Istisna’a and Parallel Istisna’a
FAS 11	Provisions and Reserves
FAS 12	General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies
FAS 13	Disclosure of Bases for Determining and Allocating Surplus or Deficit in Islamic Insurance Companies
FAS 14	Investment Funds
FAS 15	Provisions and Reserves in Islamic Insurance Companies
FAS 16	Foreign Currency Transactions and Foreign Operations
FAS 17	Investments
FAS 18	Islamic Financial Services Offered by Conventional Financial Institutions
FAS 19	Contributions in Islamic Insurance Companies
FAS 20	Deferred Payment Sale
FAS 21	Disclosure on Transfer of Assets
FAS 22	Segment Reporting
FAS 23	Consolidation (new)

Standards under development:

Investments in Associates

Accounting for Purification of Prohibited Income

Reviews of SFA 1, SFA 2, FAS 1, FAS 14

Auditing Standards

1	Objectives and Principles of Auditing
2	The Auditor’s Report
3	Terms of Audit Engagement
4	Testing for Compliance with Shari’a Rules and Principles by an External Auditor
5	The Auditor’s Responsibility to Consider Fraud and Error in an Audit of Financial Statements

Governance Standards

1	Shari’a Supervisory Board: Appointment, Composition and Report
2	Shari’a Review
3	Internal Shari’a Review
4	Audit and Governance Committee for Islamic Financial Institutions
5	Independence of Shari’a Supervisory Board (new)
6	Statement on Governance Principles for Islamic Financial Institutions (new)
	Corporate Social Responsibility

Ethics Standards

1	Codes of Ethics for Accountants and Auditors of Islamic Financial Institutions
2	Codes of Ethics for the Employees of Islamic Financial Institutions