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A MAJOR new accounting standard aimed at boosting transparency and harmonising Sharia-compliant transactions across the global Islamic finance industry has been approved in principle by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
The AAOIFI Accounting Board (AAB) greenlit Financial Accounting Standard (FAS) 54, titled ‘Direct Costs: Determination, Attribution and Reimbursement,’ during its 46th meeting held at its headquarters in Bahrain and via video conference .
