The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held a focused training course on AAOIFI financial accounting standards versus international standards for a group of senior management officials hailing from the participation banking industry in the Republic of Turkey.
During the 2-day sensitization session at the headquarters of TKBB (Participation Banks Association Of Turkey) in Istanbul, attendees (including CFOs, finance managers, practitioners, etc.) extensively interacted with the trainers and raised and discussed a host of market-related practices and issues in light of these standards and other international standards.
The training session covered a host of financial accounting standards (FAS) developed and issued by AAOIFI, and highlighted the need for an accounting framework under different accounting regimes, especially that of AAOIFI. It also portrayed the defining characteristics of Islamic finance which necessitate the use of a unique set of financial statements and accounting treatments and disclosures, based on the specific information needs of preparers and users of financial statements of Islamic financial institutions.
Participants re-emphasized the interest of participation banking market in Turkey in a Turkish-translated version of AAOIFI’s accounting standards that will help further promulgate these standards in the local market, and will put them at the disposal of Turkish professionals and practitioners, prompting and facilitating advanced levels of application and adoption by regulators and supervisory bodies in the country.