AAOIFI CPFAS Practice Questions - AAOIFI Certificate Of Proficiency In Financial Accounting Standards (CPFAS) Exam

Which underlying assumption is explicitly consistent with AAOIFI financial reporting for a going IFI?

Accrual basis and going concern, subject to Shari'ah-compliant recognition of rights and obligations Cash basis only for all income and expenses Liquidation basis for all participatory accounts every reporting date Recognition of interest receivable as a primary revenue stream

Correct Answer:

Accrual basis and going concern, subject to Shari'ah-compliant recognition of rights and obligations

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