SOCPA, represented by the Accounting Standards Committee, participated in the meeting of the Islamic Finance Consultative Group under the International Financial Reporting Standards Foundation, which was held remotely via Video conference call on Tuesday (30-11-2021). SOCPA was represented by member of the Accounting Standards Committee, Mr. Ahmed Al-shanibar.
The meeting agenda included discussion of the Post-implementation Review of IFRS 9―Classification and Measurement and considered its implications for Islamic finance instruments, as well as the most important features of IFRS No. 17, and its implications for the provision of Takaful Insurance. In addition to that, the meeting also discussed the proposal that the board should issue practical guidance to assist in the consistency of the application of the standard.
The meeting also included a discussion on how to develop the group's role and increase its interaction with IASB's projects and the Interpretations Committee to provide early advice on such projects, as well as Islamic finance tools, to see whether these pronouncement cover these tools and provide useful and relevant information to decision makers in that regard.
It is worth mentioning that SOCPA has a prominent presence in the relevant international forums, and actively participates in all activities related to accounting. It also works hard to make its own observations and perspectives heard through the various recurrent meetings in which it is keen to participate in directly.
You can see the Agenda items of the meeting and papers by visiting this page