Islamic finance reporting requirements need more harmonisation and consistency, according to a report by KPMG and ACCA. Guidance is needed on applying international financial reporting standards (IFRS) when accounting for some Islamic financial products. Further help is needed to deal with the reporting to stakeholders of information on an entity’s Sharia-compliant operations.
The calls follow a series of KPMG and ACCA roundtable discussions, which included representatives of Islamic finance experts, bankers and other finance professionals………………………………………..Full Article: Source