Accounting, Auditing and Governance Standards This publication contains 26 accounting standards, 5 auditing standards, 2 codes of ethics and 7 governance standards that AAOIFI has issued for the international Islamic finance industry. These standards give guidance on, amongst others, presentation of financial statements for Islamic financial institutions (IFIs), accounting treatment for specific Islamic finance products and mechanisms, external auditing of IFIs, and Shari’a compliance and supervision processes and framework for IFIs.
