PINS 8.4.2 Permitted bases of accounting

An insurer must adopt 1 of the following as the basis of its accounting:

(a) in the case of a takaful entity, the standards of the AAOIFI;
(b) in any other case:
(i) IFRS;
(ii) UK GAAP or US GAAP; or
(iii) any other accounting standards or principles prescribed in Rules made by the Regulatory Authority.
Amended by QFCRA RM/2015-3 (as from 1st January 2016).