AAOIFI Issues New Accounting Standard on Investment Accounts

29 December 2014 Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a new accounting standard on investment accounts - Financial Accounting Standard No. 27 (FAS 27) Investment Accounts.The new FAS 27 updates and replaces two of AAOIFI's previous accounting standards relating to investment accounts - FAS 5 Disclosure of Bases for Profit Allocation between Ow