COLL 5.6.1 Accounting Standards—All QFC Schemes

(1) The operator of a QFC scheme must prepare and keep the scheme's financial accounts and statements in accordance with IFRS, US GAAP or other accounting standards approved in writing by the Regulatory Authority.
(1A) If the operator decides to prepare and keep the financial accounts and statements in accordance with a standard other than the one it has previously used, it must notify the authority in writing before beginning to do so.
(2) If the scheme is an Islamic fund, the operator must prepare and keep all financial accounts and statements in accordance with the accounting standards of AAOIFI FAS 14.

Note Islamic fund is defined in r 1.3.11. AAOIFI is defined in the glossary.
(3) If the operator of an umbrella scheme operates 1 or more subschemes that are Islamic funds, it must prepare and keep all financial accounts and statements in accordance with IFRS, as supplemented by AAOIFI FAS 14.

Note 1 Umbrella scheme and subscheme are defined in r 1.2.11.

Note 2 AAOIFI FAS 14 sets out the accounting rules for conventional institutions that offer Islamic financial services.
(4) In this rule:

IFRS means International Financial Reporting Standards.

US GAAP means generally accepted accounting principles in the United States of America.
Amended by QFCRA RM/2016-1 (as from 19th September 2016)