The Islamic Financial Services Act (IFSA) 2013 provides a comprehensive legal framework that is fully consistent with Shariah in all aspects of regulation and supervision. IFSA requires the financial statements of Islamic financial institutions to be reported in accordance with the Malaysian Financial Reporting Standards (MFRS). Among other, accountants need to understand the specific requirements on the application of the MFRS and the information to be disclosed in the financial statements including those arising from the Shariah contracts applied in Islamic banking transactions.
The main objectives of the conference are to provide useful insights of the latest development in the regulatory framework and reporting standard for Islamic finance. The conference will address issues that link both Islamic finance and accounting issues and which require the specialized and technical skillsets possessed exclusively by accountants, such as the harmonization of international accounting standards for Islamic finance, taxation for sukuk, shariah audits and shariah governance.
It will garner the creation of an ample, high-quality and ready supply Islamic Finance-competent accountants to support this high-growth sector.