Exploring the Reasons for the Low Level of Awareness and Knowledge of AAOIFI Accounting Standards in Nigeria

This study aims to explore the reasons for the low level of awareness and knowledge of AAOIFI accounting standards in Nigeria. The data were generated through documentary evidence and semi-structured interviews. The study established the non-integration of AAOIFI accounting standards into the Benchmark Minimum Academic Standards (BMAS) for Nigerian universities and almost all the accounting curricula of Nigerian universities and professional accounting examination syllabus. Besides, the standards were given little or no attention by the professional institutions in their Mandatory Continuing Professional Development (MCPD) programs. Lack of examination centers and an inadequate number of qualified members of AAOIFI in the country were also key reasons that contributed significantly to the low level of awareness and knowledge of these standards. Hence, the study recommended that AAOIFI should collaborate with the relevant Nigerian regulatory authorities, Nigerian professional accounting bodies, IFIs and Nigerian universities in order to enhance the awareness and knowledge of the standards as well as their level of adoption. This is because the adoption of the standards by IFIs would improve their accountability and transparency, which would attract more investors and customers into the industry, more especially in this COVID-19 pandemic when Islamic banking and finance are considered as the best alternative for the revival of the global economy.