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The accounting board of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has approved in principle a new financial accounting standard aimed at harmonising how direct costs are handled in Sharia-compliant transactions.
The decision on Financial Accounting Standard (FAS) 54, titled ‘Direct Costs: Determination, Attribution and Reimbursement,’ was made during the board’s 46th meeting held in Bahrain and via video conference, the global Islamic finance standard-setter said in a statement .
