The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) met with IASB representatives on 16 December 2014 to discuss potential areas of cooperation. During the meeting, AAOIFI formally accepted membership in the IASB’s consultative group on Sharia’a-compliant instruments and transactions. AAOIFI has also offered to arrange the next meeting of the consultative group in the first quarter of 2015 in the Arabian Gulf region.