Certificate of Proficiency in Financial Accounting Standards (CPFAS)

About Certificate of Proficiency in Financial Accounting Standards (CPFAS)

CPFAS

ASPECTS	DETAILS
Launch Year	2022
Total No. of FASs covered	24
Module Examination	1
Self-study	Minimum 325 hours
Exam Centers	65+ Globally

Overview


CPFAS is an advanced-level certificate programme for Islamic finance accountancy professionals focusing on developing correct understanding, interpretation, and implementation skills of AAOIFI financial accounting standards. It emphasises practical technical knowledge for application at Islamic financial institutions (IFIs) and Islamic finance transactions.

Category	Details
Why obtain the CPFAS certificate?	– Combines powerful learning content with excellent career opportunities – Develops critical implementation skills for FASs – Enhances professional credibility in Islamic finance
Powerful learning content	– Based on AAOIFI standards developed by industry founders and practitioners – Focuses on understanding, interpreting, and implementing FASs requirements – Develops expertise in applying standards at IFIs and for Islamic finance transactions
Excellent career opportunities	– Growing demand from regulators adopting AAOIFI standards – Backed by AAOIFI’s global recognition in Islamic finance – Recognized by regulators, IFIs, and professional organizations worldwide – Validates expertise in FASs implementation
Language	Currently offered in English
2025 Exam Deadlines	– June Exam: Register by 22 May 2025 – December Exam: Register by 30 October 2025

Curriculum

Examinations

CPFAS Fellowship

Fee and Discount

Curriculum

Curriculum

Standard		Remarks	Weightage (2023)	Weightage (2024)
Part A: Conceptual framework:
	1- “AAOIFI Conceptual Framework for Financial Reporting (Revised 2020)”	No change	10%	No change
Part B: Core standards:
	1- FAS 01 “General Presentation and Disclosure in the Financial Statements of Islamic Banks and Financial Institutions” (Revised 2021)	Weightage changed	7%	6%
	2- FAS 03 “Mudaraba Financing”	No Change	3%	3%
	3- FAS 04 “Musharaka Financing”	Weightage changed	3%	3%
	4- FAS 07 “Salam and Parallel Salam”	Weightage changed	4%	3%
	5- FAS 10 “Istisna’a and Parallel Istisna’a”	Weightage changed	5%	4%
	6- FAS 12 “General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies”	FAS Removed	5%	0%
	7- FAS 21 “Disclosure on Transfer of Assets”	No change	2.5%	2.5%
	8- FAS 26 “Investment in Real Estate”	No change	2.5%	2.5%
	9- FAS 27 “Investment Accounts”	No change	5%	5%
	10- FAS 28 “Murabaha and other deferred payment sales”	No change	7%	7%
	11- FAS 30 “Impairment, Credit Losses and Onerous Commitments”	Weightage changed	5%	4%
	12- FAS 31 “Investment Agency (Al-Wakala Bi Al-Istithmar)”	Weightage changed	5%	4%
	13- FAS 32 “Ijarah”	Weightage changed	6%	5%
	14- FAS 33 “Investments in Sukuk, Shares and Similar Instruments”	Weightage changed	6%	5%
	15- FAS 34 “Financial Reporting for Sukuk-holders”	No change	2.5%	2.5%
	16- FAS 35 “Risk Reserves”	No change	2.5%	2.5%
	17- FAS 38 “Wa’ad, Khiyar and Tahawwut”	Weightage changed	3%	2.5%
	18- FAS 39 “Financial Reporting for Zakah”	No change	2.5%	2.5%
	19- FAS 40 “Financial Reporting for Islamic Financial Services Offered by Conventional Financial Institutions”	No change	2.5%	2.5%
	20- FAS 42 “Presentation and Disclosures in the Financial Statements of Takaful Institutions”	New FAS added	N/A	4%
	21- FAS 43 “Accounting for Takaful – Recognition and Measurement”	New FAS added	N/A	3%
	22- FAS 44 “Determining Control of Assets and Business”	New FAS added	N/A	3%
Part C: Supplementary standards:
	1- FAS 13 “Disclosure of Bases for Determining and Allocating Surplus or Deficit in Islamic Insurance Companies”	FAS removed	1%	0%
	2- FAS 14 “Investment Funds”	Weightage changed	2%	1.5%
	3- FAS 15 “Provisions and Reserves in Islamic Insurance Companies”	FAS removed	1%	0%
	4- FAS 19: “Contributions in Islamic Insurance Companies”	FAS removed	1%	0%
	5- FAS 23 “Consolidation”	No change	2%	2%
	6- FAS 24 “Investments in Associates”	No change	1%	1%
	7- FAS 36 “First Time Adoption of AAOIFI Financial Accounting Standards”	No change	1%	1%
	8- FAS 37 “Financial Reporting by Waqf Institutions”	No change	2%	2%
	9- FAS 41 “Interim Financial Reporting”	New FAS added	N/A	2%

Examinations

Examination

The 2025 examination schedule is as follows:

Diet 1	Diet 2	Duration (hrs)	Format
23 June 2025	1 Dec 2025	3	MCQs & scenario vignettes

CPFAS Fellowship

To become a fellow of the CPFAS, the candidate must:

CPFAS Certificate:

To obtain the CPFAS certificate, the candidate must take and pass one examination.

The CPFAS certificate provides the following benefits:

• Publication of the candidate’s name on the AAOIFI website;

• Recognition by IFIs and regulators;

• Career advancement;

• Complimentary seats and discounted rates for AAOIFI online workshops; and

• Free online access to AAOIFI standards.

*For latest information, visit
www.aaoifi.com

Fee and Discount

Fees & Discounts	Details
Program Fees	USD 750 (includes): – Registration fee – Study text – Mock exam – Examination sitting – CPFAS certificate (Discounted fee does not include certificate postal charges.)
I-MAC Group Discount	Register with I-MAC for discount as low as 50% For more info contact: info@i-mac.org

First Time Applicants

Applyinf For Remaining Module

Re-appearing Applicant

First Time Applicants

Applyinf For Remaining Module

Re-appearing Applicant